CFV

• Beneish M-Score 3.3693 (measures likelihood of earnings manipulation based on eight ratios) — the company's score sits at the 98th percentile among Vietnamese peers, indicating far more aggressive accounting indicators than most local companies.
• Year-over-year M-Score change +9.24 (measures the trajectory of the manipulation signal) — a large increase year-over-year, which is a secondary cue that accounting indicators have recently shifted.
• DSRI 4.8137 (days-sales-in-receivables index; measures whether receivables are growing faster than sales) — this very high value suggests receivables or revenue recognition have expanded much faster than sales.
• GMI 2.2875 (gross margin index; measures deterioration in gross margins) — >1 indicates gross margins have worsened, which can create pressure to manage earnings.
• LVGI 1.7648 (leverage index; measures growth in leverage) — >1 shows rising leverage, which can incentivize earnings management.
• TATA 0.3523 (total accruals to total assets; measures the magnitude of accruals) — positive accruals of 35.23% of assets indicate earnings include sizeable accrual components.
• Earnings Quality score 1.6/100 with several sub-scores at 0/100 (cash conversion 0/100; receivables quality 0/100; margin and revenue quality 0/100) — these figures measure cash-flow and component quality of reported profits and show that reported profits are not supported by high-quality cash flow or revenue drivers.
• Piotroski F-Score 2/9 (measures nine fundamental health signals) — a low score indicates weak operating and balance-sheet fundamentals.
• Altman Z-Score 2.92 (measures distance to bankruptcy) in the grey zone — indicates an intermediate level of financial stress rather than clear safety.
• Cash conversion (3-year operating cash flow / net profit) = -0.02 (22nd percentile among VN non-financials) — profits are not converting to operating cash flow, which is a concern for earnings quality.

• Receivables outside the trade cycle = 0.1% of total assets (10th percentile) — measures prepayments, loans receivable and other long-term receivables; the absolute level is very small, which reduces concerns about off-cycle receivable buildup.
• DEPI 1.0000 (depreciation index; measures changes in depreciation policy) — at 1.0, this suggests no evident change in depreciation rates that would artificially inflate profit.
• Accumulated losses: none — undistributed earnings are positive, a straightforward balance-sheet fact.
• No parent-level net loss in the last three years (0 consecutive years of parent net loss up to FY2025) — the company has not reported parent-company net losses in the period under review.

Ownership is highly concentrated: an individual, Phạm Thị Linh, holds 53.4% and the Đắk Lắk provincial government holds 36.0%. This combination gives clear dominant control by a single individual together with a substantial state stake, which can influence related-party flows, intra-group transactions and governance outcomes.

• Compare the notes to the financial statements showing trade receivables, loans to related parties and prepayments with the revenue and receivables lines to reconcile the components behind DSRI = 4.8137.
• Reconcile operating cash flow in the cash-flow statement to reported net profit and the TATA calculation (total accruals / total assets = 0.3523) to see which accrual items drive the gap between profit and cash.
• Review the related-party/other receivables schedules and the 'long-term receivables' note to verify the 0.1% of assets reported as receivables outside the trade cycle.
• Check the auditors' report and the accounting-policy disclosures for depreciation (DEPI = 1.0000) and any changes in revenue recognition policies that could explain the sudden M-Score shift (+9.24).