CTP

• Beneish M-Score trajectory: M-Score -2.8085 with a year-over-year change of +3.70; the negative absolute score is below the US -1.78 threshold but the 22nd percentile among Vietnamese peers indicates relatively more aggressive accounting versus most domestic peers and the YoY increase signals a move in that direction.
• GMI (Gross Margin Index) = 1.6985: measures whether gross margins are declining year-over-year (a GMI >1 suggests margins deteriorated); such a high value points to material margin pressure relative to the prior year.
• AQI (Asset Quality Index) = 1.8708: measures increases in asset components that can be associated with earnings manipulation (e.g., capitalized costs, intangible/intensive assets); AQI >1.0 at 1.8708 indicates material increases in non-current/less-liquid assets relative to sales.
• SGI (Sales Growth Index) = 1.3897: measures the company’s sales growth; SGI >1 indicates sales grew (at ~38.97% year-over-year), which can increase pressure to sustain growth numbers.
• Margin and revenue quality = 0/100 each: these components indicate weak underlying margin sustainability and revenue quality despite strong cash and accrual metrics.
• Receivables outside the trade cycle = 5.5% of total assets (70th percentile): non-trade receivables/prepayments/loans are a material 5.5% of assets, which is elevated versus many peers and merits scrutiny of composition and collectibility.
• Director-deal registrations: seven sale registrations (four traders; 5,068,000 shares; two registrations without a volume) and four purchase registrations (two traders; 1,500,000 shares; two registrations without a volume) filed between 2025-10-30 and 2026-10-30 — registrations are intentions disclosed to the exchange, not executed trades, but the registered sell volume exceeds the registered buy volume.

• Accruals quality = 100/100 and TATA = -0.1470: total accruals to total assets (TATA) is negative, and accruals-quality scoring is perfect, indicating reported profit is not driven by large positive accruals in the period and accruals behavior looks clean by the score’s criteria.
• Cash conversion (operating cash flow / net profit, 3-year) = 238.58 (100th percentile): this metric measures how much reported profit is converted into operating cash flows over three years. A value of 238.58 and ranking at the 100th percentile versus Vietnamese peers indicates very strong cash conversion relative to peers.
• Receivables quality = 100/100 and DSRI = 0.1015: DSRI (Days' Sales Receivable Index) at 0.1015 measures changes in receivables relative to sales; the low DSRI and perfect receivables-quality score suggest receivables are not expanding relative to revenue and the company’s trade receivables behavior is strong by those measures.
• Altman Z-Score = 15.80 (safe zone): measures bankruptcy distance; 15.80 places the company well within a low short-term bankruptcy-risk zone by the Altman model.
• No accumulated losses / owner’s equity positive / 0 consecutive years of parent net loss up to FY2025: the balance-sheet and statutory-loss indicators are healthy — undistributed earnings are not negative and equity (excluding minority interest) is positive.
• Statutory loss tests (Decree 155/2020 Art.120(1)(e), as amended) — none met: the audited statements do not meet the exchange’s statutory loss criteria for delisting under the cited decree.

Top ownership is somewhat concentrated: an institutional shareholder (Công ty Cổ Phần Quốc Tế Justwin) holds 12.4%, and four individuals hold between 4.9% and 8.1% (Lê Trọng Tuấn 8.1%, Đào Đức Diễn 5.1%, Đinh Văn Anh Tuấn 5.0%, Thái Trần Như Uyên 4.9%). Director-deal registrations show more registered sells (by count and registered volume) than buys in the last 12 months, but these are registered intentions disclosed to the exchange and not executed trades.

• Compare the three-year operating cash flow / net profit reconciliation in the cash-flow note to the headline 238.58 figure — verify the line items that drive operating cash flow (changes in working capital, depreciation, provisions).
• Inspect the receivables, prepayments and other receivables schedules (notes on trade receivables, loans to related parties, long-term receivables) and reconcile the 5.5% of total assets classified as "receivables outside the trade cycle."
• Review the fixed-asset and intangible-asset movement table and the notes supporting capitalized costs to understand the components behind AQI = 1.8708 (asset quality changes).
• Compare the turnover of gross margin and cost-of-sales detail in the profit-and-loss note to the GMI = 1.6985 to identify drivers of the gross-margin deterioration (price, mix, cost inflation, exceptional items).