CRV

• Beneish M‑Score = 1.2049 (96th percentile among Vietnamese peers; YoY change +3.12). The M‑Score aggregates eight ratios to flag earnings manipulation risk; the high percentile and large YoY rise indicate the company’s pattern of accruals and other ratios is more aggressive versus most Vietnamese companies.
• DSRI (days‑sales receivables index) = 7.2203. DSRI measures whether receivables are growing faster than sales; a value well above 1 signals receivables expansion relative to sales and can indicate early revenue recognition or collection deterioration.
• Receivables quality = 0.0/100 and Revenue quality = 0.0/100 (Earnings‑quality breakdown). These scores indicate the model finds very weak support that reported revenues and receivables are high quality.
• LVGI (leverage growth index) = 2.7051. LVGI >1 indicates balance‑sheet leverage rose materially year on year; a value this large flags an increase in leverage or financing that can affect sustainability of earnings.
• SGAI (sales, general & admin index) = 1.6128 and DEPI (depreciation index) = 1.5297. SGAI >1 indicates SG&A growing faster than sales; DEPI >1 suggests depreciation policies or asset base changes that reduced reported depreciation expense relative to prior periods—both can inflate reported margins.
• Earnings‑quality cash conversion discrepancy: accruals quality 100/100 and model cash‑conversion 100/100 vs Vietnam three‑year cash conversion (operating cash flow / net profit) = -1.12 (13th percentile). The published three‑year cash conversion ratio shows profits have not turned into operating cash over three years, which conflicts with the 'cash conversion' element of the other earnings‑quality score and warrants reconciliation in the filings.

• Altman Z‑Score = 3.56 (safe zone). The Altman Z aggregates liquidity, profitability and leverage proxies; 3.56 is in the range typically interpreted as distant from bankruptcy risk.
• Piotroski F‑Score = 4/9 (neutral). The F‑Score shows mixed operational and profitability signals rather than clear deterioration.
• Accruals quality = 100.0/100 and model cash conversion component = 100.0/100. The Beneish/Earnings‑quality components indicate reported earnings are not driven by simple accrual buildups per those specific measures (TATA = -0.1611 also indicates net total accruals measure is modestly negative).
• No accumulated losses; owner's equity (excluding minority interest) is positive and the statutory loss tests under the cited decrees are not met. The published statements therefore do not meet the statutory criteria for listing cancellation under Decree 155/2020 Art.120(1)(e) as amended.

Ownership is concentrated: the top institutional holder (Công ty Cổ phần Đầu tư Dịch Vụ Tài Chính Hoàng Huy) holds 38.2%, and the listed group entity HHS (Công ty Cổ phần Đầu tư Dịch vụ Hoàng Huy) holds 35.3% (disclosed 2026‑06‑30), indicating a single group has significant influence (35.3%) and the top institutions together control a very large stake. Director‑deal registrations (0 sales, 2 purchase registrations totalling 12,314,398 shares; net registered volume +1.79% of shares outstanding between 2025‑10‑30 and 2026‑10‑30) are intentions to trade and show net insider registration to buy rather than sell over the year.

• Compare the year‑end trade receivables and 'other receivables / loans receivable / prepayments' lines in the FY2025 balance sheet with the related‑party transactions note and the revenue note to reconcile DSRI = 7.2203 and the 3.5% of total assets 'receivables outside the trade cycle.'
• Reconcile operating cash flow and net profit across the last three years in the cash flow statement and management discussion to explain the 3‑year cash conversion = -1.12 (operating cash flow / net profit) versus the accruals/cash‑conversion elements in the earnings‑quality model.
• Examine the fixed‑assets note (additions, disposals, depreciation policy) and the depreciation expense schedule to explain DEPI = 1.5297 and any change in useful lives or revaluations that affect reported depreciation.
• Review the SG&A and revenue schedules and any related‑party service or management‑fee disclosures to understand SGAI = 1.6128 and whether SG&A growth or allocation contributed to margin changes (margin quality = 36.2/100).