CIG

• Beneish M-Score = 1.6721 (measures likelihood of earnings manipulation using eight ratios); company ranks in the 97th percentile among Vietnamese peers (high relative to VN sample) and M-Score rose by +2.88 year-over-year (a notable trajectory cue).
• SGI (Sales Growth Index) = 4.8409 (measures sales growth; very large growth can strain controls and inflate M-Score contribution).
• TATA (Total Accruals to Assets) = 0.1551 (measures accruals as a share of assets; positive value indicates accrual-based earnings rather than cash).
• DEPI (Depreciation Index) = 1.0822 (measures changes in depreciation policy/estimates; >1 suggests slowing depreciation expense or longer useful lives which can boost profit).
• Cash conversion (operating cash flow / net profit, 3-year) = -1.32 (12th percentile among Vietnamese non-financials; indicates profits have not translated into operating cash).
• Receivables outside the trade cycle = 49.4% of total assets (98th percentile; large balance of prepayments, loans receivable and other non-trade receivables).
• Altman Z-Score = 0.96 (distress zone; measures bankruptcy distance using profitability, leverage, liquidity and activity ratios).

• Receivables quality = 100.0/100 (measures likelihood receivables are collectible; score indicates strong quality on that dimension).
• DSRI (Days Sales Receivable Index) = 0.7198 (measures receivables growth relative to sales; <1 implies receivables growing less than sales, which can be a positive on turnover).
• AQI (Asset Quality Index) = 0.8009 (measures shift to non-current or other non-operating assets; <1 indicates no large switch into non-operating asset base).
• SGAI (Sales, General & Admin Index) = 0.2146 (measures change in SGA relative to sales; <1 implies SGA has not risen faster than sales).
• Receivables outside the trade cycle are explicitly quantified (49.4% of assets) rather than hidden; statutory loss tests: none met (the audited statements do not meet the listed-exchange statutory loss triggers under Decree 155/2020 as amended).

Ownership is concentrated in five individuals: top five shareholders hold 55.6% (15.0%, 11.0%, 11.0%, 10.8%, 7.8%), indicating concentrated insider control. No director-deal registrations were provided in the data (registrations would be intentions recorded with the exchange rather than executed trades).

• Compare the line items and notes for 'receivables', 'loans receivable' and 'prepayments to suppliers' in the FY2025 balance sheet and related-party disclosures to reconcile the 49.4% of total assets classified as receivables outside the trade cycle.
• Reconcile the operating cash flow statement (cash from operations) with the income statement to verify the components producing the three‑year cash conversion of -1.32 (inspect reconciling items: changes in working capital, non-cash expenses, and one-off items).
• Review the fixed-asset reconciliation and depreciation policy note to assess the drivers behind DEPI = 1.0822 (check useful lives, change in depreciation methods, and additions/disposals schedules).
• Inspect the detailed accrual and reconciliation notes (including 'other receivables' and provisions) and the auditor’s report to validate TATA = 0.1551 and the 100/100 receivables-quality score (look for evidence of write-offs, provisioning policy, and subsequent collections).