CPC

• Beneish M-Score -0.0785 (93rd percentile vs VN peers; YoY change +2.00) — measures a composite likelihood of earnings manipulation; high percentile and positive YoY indicate movement relative to peers.
• DSRI 2.2438 — measures Days-Sales-Receivable growth relative to sales growth; a value above 1 suggests receivables (or recorded sales) are growing faster than sales, a common early signal of revenue recognition pressure.
• SGAI 1.1877 — measures growth in selling, general & admin expenses relative to sales; above 1 indicates S,G&A are growing faster than sales, which can signal expense capitalization or aggressive overhead allocation.
• LVGI 1.2075 — measures leverage (debt) growth; above 1 shows rising leverage which can pressure earnings management choices.
• Earnings-quality components: Accruals quality 9.5/100, Cash conversion 0.0/100, Receivables quality 0.0/100, Revenue quality 0.0/100 — these low scores measure respectively the reliability of accruals, the conversion of reported profit into cash, the composition/aging of receivables, and the persistence/quality of reported revenue.
• Piotroski F-Score 3/9 — measures nine fundamental signals (profitability, leverage/liquidity, operating efficiency); a 3 indicates weak fundamental checks across those dimensions.

• TATA 0.3285 — total accruals to total assets is relatively low (measures accrual intensity); a low TATA can indicate earnings are less driven by accruals.
• DEPI 1.0000 — depreciation index approximately 1 (measures changes in depreciation policies/estimates); a value near 1 suggests no large change in depreciation practices between periods.
• AQI 0.8450 and Margin quality 50.0/100 — accruals quality and margin measures show at least some stability versus the weakest possible scores (AQI <1 can be mixed depending on direction), and a 50/100 margin quality indicates middling stability of reported margins.
• Altman Z-Score 3.21 — measures bankruptcy risk/distance to default; a score in the safe zone indicates the company is not close to insolvency under the Altman model.
• No accumulated losses and owner's equity (without minority interest) positive — the financial statements show retained earnings are not negative and equity is positive.

Ownership is fairly concentrated: an institutional holder Công ty TNHH Thương Mại-dịch Vụ Thanh Sơn Hóa Nông holds 20.3%, and two individuals hold 13.4% and 8.4% respectively. Concentrated ownership and presence of large individual shareholders can correlate with related-party transactions or group-level flows in the Vietnamese context; director-deal registrations were not provided in the data.

• Compare the growth in trade and non-trade receivables in the notes to receivables with the revenue breakout to assess what drives DSRI = 2.2438 (check bad-debt provisioning and ageing schedules).
• Reconcile operating cash flow and net profit across the cash-flow statement and auditors' notes to verify the three-year cash conversion ratio of -0.03 (check exceptional items, working-capital movements, and related-party cash flows).
• Inspect the related-party transactions, loans and prepayments note for amounts classified as 'receivables outside the trade cycle' to confirm the 0.9% of total assets figure and their contractual terms.
• Review the auditors' report and equity/retained-earnings schedule to confirm there are no accumulated losses and that the statutory loss tests show none of the Decree 155/2020 (Art.120(1)(e) as amended) criteria are met.