CKA

• Beneish M-Score = -1.1655 (86th percentile vs Vietnamese peers). The M-Score combines eight ratios to screen for earnings manipulation; being at the 86th percentile means the company scores more aggressively on these ratios than 86% of Vietnamese non-financial listed peers.
• Year-over-year change in M-Score = -0.85. A large YoY move indicates a recent shift in the underlying accounting ratios (note: consecutive-year M-Scores correlate only weakly, so the trend is a secondary cue).
• DSRI (Days' Sales Receivable Index) = 1.1525. DSRI > 1 signals receivables (or the relationship of receivables to sales) are increasing relative to prior year, which can indicate earlier revenue recognition or slower collection.
• SGAI (Sales, General & Administrative index) = 1.0521. SGAI > 1 indicates SG&A rising faster than sales, a possible pressure on margins or discretionary expense recognition.
• Revenue quality = 0.0/100 and Cash conversion (earnings-quality subscore) = 9.7/100. Revenue-quality at 0 and very low cash conversion (operating cash flow / net profit over three years = -0.14, 20th percentile) show profits are not translating into cash and recorded revenues have low quality by the applied metrics.

• TATA (Total Accruals to Total Assets) = 0.2778. A low TATA (here materially below 1) indicates reported accruals are not large relative to total assets, which reduces one class of earnings-management concern.
• AQI (Asset Quality Index) = 0.9281 and DEPI (Depreciation Index) = 0.9092. AQI < 1 and DEPI < 1 suggest limited upward revaluation of asset bases or aggressive capitalization/depreciation changes that often inflate earnings; both indices here are below 1.
• LVGI (Leverage Index) = 0.9852 and Altman Z-Score = 4.63 (safe zone). Leverage index just under 1 and a Z-Score of 4.63 indicate the company has distance from bankruptcy risk under the Altman model used here.
• Piotroski F-Score = 5/9. A midrange F-Score signals neutral/average fundamentals rather than clear deterioration in profitability, liquidity or operating efficiency.

Top shareholder is Tổng Công ty Máy động lực và Máy nông nghiệp Việt Nam (institution) holding 47.4%, indicating a concentrated ownership structure with a dominant institutional owner; the next largest individual holders are Lê Thanh Vân 3.1%, Trần Văn Thái 1.8%, Huỳnh Văn An 1.6% and Tạ Hán Beo 1.4%. The large institutional stake implies control concentration and potential group or state-linked influence in corporate decisions (as reported ownership percentages are registrations of holdings in the shareholder list).

• Compare the three-year operating cash flow / net profit reconciliation in the cash-flow statement and the notes to the applying accounting policy for revenue recognition (verify which line items or adjustments drive the FY2023–FY2025 cash conversion ratio of -0.14).
• Inspect the receivables and prepayments note (and the related-party transactions schedule) to quantify the 1.4% of total assets classified as receivables outside the trade cycle and to break down amounts into prepayments to suppliers, loans receivable and long-term receivables.
• Reconcile total accruals to total assets using the balance-sheet and cash-flow statement: verify components behind TATA = 0.2778 by locating changes in working capital, provisions and non-cash adjustments in the notes.
• Read the revenue recognition disclosure and segment/sales schedules to understand what factors produce the Revenue quality = 0.0/100 score (e.g., one-off sales, timing of revenue, returns/allowances, or related-party sales) and review the notes for any significant unusual or non-recurring revenue items.