CLM

• Beneish M-Score = -0.2038 (measures likelihood of earnings manipulation using eight ratios); company ranks in the 92nd percentile among Vietnamese peers (higher percentile = more aggressive accounting compared with peers) and the M-Score rose by +5.19 year-over-year (the YoY trajectory is an additional cue).
• DSRI = 1.9435 (days’ sales receivable index; large increase can indicate revenue recognition or collection timing changes that lengthen receivables).
• DEPI = 2.5268 (depreciation index; values >1 indicate lower depreciation expense or longer useful lives relative to prior year, which can inflate profit).
• SGAI = 1.3802 (selling, general & administrative index; an increase >1 shows S,G&A growing slower than sales or changing expense recognition patterns, which can be consistent with expense management).
• TATA = 0.3348 (total accruals to total assets; a positive non-trivial TATA signals accrual-based earnings components — part of the low accruals quality score of 8.7/100).
• Earnings Quality overall = 5.5/100 with Cash conversion = 0.0/100 and Receivables quality = 0.0/100 (measures of how profit converts to cash and the composition/timing of receivables are very weak).
• Three-year cash conversion (operating cash flow / net profit) = -0.35 (18th percentile among Vietnamese non-financials; low percentile means profits have not reliably converted into cash over three years).

• Altman Z-Score = 11.32 (measures distance to bankruptcy using working capital, retained earnings, EBIT, market value and sales; value well inside the safe zone).
• Piotroski F-Score = 4/9 (measures nine fundamental signals for improving vs deteriorating performance; a middle/neutral score).
• Receivables outside the trade cycle = 0.8% of total assets (30th percentile among Vietnamese peers), indicating that non-trade receivables, prepayments and long-term receivables are present but not unusually large relative to peers.
• No accumulated losses, owner's equity (excluding minorities) positive, and zero consecutive years of parent net loss up to FY2025 — these are balance-sheet and statutory outcomes consistent with ongoing solvency.

The largest shareholder is Tập đoàn Công nghiệp Than - Khoáng sản Việt Nam (state-affiliated industrial group) with 55.4% (majority control). The next largest individual holders are 4.6%, 2.4%, 1.9% and 1.1%; insider director-deal registrations show 2 purchase registrations (70,000 shares) and 0 sale registrations between 2025-10-30 and 2026-10-30 (registrations are intentions disclosed to the exchange, not executed trades).

• Compare the year-over-year change in trade receivables and the notes to receivables with the DSRI drivers—check the schedule or note that reconciles receivables by aging and related-party balances.
• Reconcile depreciation and useful-life disclosures in the fixed-asset note with the DEPI movement and the company’s depreciation policies (look for changes in useful lives or depreciation methods).
• Inspect the cash-flow statement and the operating cash-flow reconciliation to net profit for the three-year period to confirm components producing the -0.35 cash-conversion ratio.
• Examine the related-party transactions note and the prepayments/loans schedules to verify the composition of the 0.8% 'receivables outside the trade cycle' and whether those balances are long-dated or current.