CKD

• Beneish M-Score = -1.2079 (85th percentile vs VN peers). The M-Score combines eight ratio-based signals of earnings manipulation; at this level the company is more aggressive than ~85% of Vietnamese peers. The M-Score rose by +1.95 year-over-year, showing a notable one-year shift in the underlying ratios.
• DSRI (Days Sales Receivable Index) = 1.4575. This measures whether receivables are growing faster than sales (a value >1 suggests receivables rising relative to sales); here it indicates receivables growth outpacing revenue.
• DEPI (Depreciation Index) = 2.5419. This measures whether reported depreciation expense has fallen relative to prior periods (a value >1 can indicate slower depreciation or changes to useful lives that inflate profit); the very high DEPI suggests potential non-standard depreciation patterns.
• TATA (Total Accruals to Total Assets) = 0.1283. This measures the accrual component of earnings; a positive value of 12.83% of assets indicates sizeable accruals relative to asset base (earnings less cash flows).
• Earnings-Quality Score = 20.7/100, with Cash conversion = 0.0/100 and Receivables quality = 0.0/100. The three-year operating cash flow / net profit (cash conversion) = 0.18 (25th percentile), meaning profit has not translated into cash (only 0.18 VND of cash per 1 VND of profit on a three-year basis).
• Revenue quality = 0.0/100 and Revenue-related Beneish components (SGI = 1.0297, SGAI = 0.7328) show mixed signals: slight sales growth (SGI ~1.03) but a low SGAI and zero revenue-quality score indicate concerns about the sustainability/quality of reported sales.
• Altman Z-Score = 1.88 (grey zone). This places the company between healthy and distressed classification for bankruptcy distance, indicating elevated insolvency risk metrics versus safe-zone firms.
• Piotroski F-Score = 2/9. Low score on profitability, leverage/liquidity, and operating efficiency tests, consistent with weak fundamentals.

• AQI (Asset Quality Index) = 0.8103. AQI <1 suggests asset quality has not deteriorated via reclassification of expenses to assets; this component does not indicate aggressive capitalization in the Beneish decomposition.
• SGI (Sales Growth Index) = 1.0297. Sales grew modestly (≈2.97% indexed), which is not an aggressive rapid-growth signal that sometimes accompanies manipulation.
• SGAI (Sales, General & Admin Index) = 0.7328. A SGAI <1 indicates selling/admin expenses did not rise faster than sales, which can be a favorable operating-cost signal.
• Receivables outside the trade cycle = 4.9% of total assets (67th percentile). This level is moderate among Vietnamese firms—present but not among the highest shares of off-cycle receivables or related-party prepayments.

The largest shareholder is Tổng Công ty LICOGI (institution) with 89.1% ownership, indicating very high ownership concentration and control by a single (likely state-related) parent. Individual shareholders hold only small stakes (largest individual 0.3%). No director-deal registrations were supplied in the data provided.

• Compare the movement in 'Accounts receivable' and 'Other receivables / loans receivable' line items between FY2023–FY2025 and reconcile to the receivable ageing and related-party receivable notes.
• Inspect the fixed-asset note for changes in useful lives, depreciation methods or significant revaluations to explain DEPI = 2.5419 and the reported depreciation expense.
• Reconcile 'Operating cash flows' and 'Net profit' in the cash flow statement and notes to explain three-year cash conversion = 0.18; check the reconciliation of profit to cash from operations and major non-cash adjustments.
• Examine the revenue recognition note (including contracts with customers, timing of recognition and any significant contract balances such as contract assets or contract liabilities) to address revenue quality = 0.0/100 and the DSRI = 1.4575.