CTX

• Beneish M-Score 7.6787 (measures statistical likelihood of earnings manipulation using eight ratios); company ranks at the 100th percentile among Vietnamese peers (higher = more aggressive accounting relative to peers) and the M-Score rose by +9.54 year-over-year (the YoY trajectory is a secondary cue because consecutive-year M-Scores correlate weakly).
• GMI (gross margin index) 6.1685 (measures deterioration in gross margins) and SGI (sales growth index) 10.0000 (measures rapid sales growth); both are large contributors to the M-Score and indicate sizable margin pressure alongside very high sales growth, which can stress revenue recognition and margin reporting.
• Revenue quality 0.0/100 (measures the likelihood that reported revenue is high quality); combined with Margin quality 11.1/100 this suggests reported top-line and profit margins may be of low quality versus peers.
• Cash-conversion component: Earnings Quality Score 44.4/100 and Cash conversion 16.1/100 (measures the extent to which reported profit converts to operating cash flow); Vietnamese three-year cash-conversion ratio is 0.84 (39th percentile), indicating profits have converted to cash less reliably than many peers.
• TATA (total accruals to total assets) 0.0627 (measures the proportion of accruals in earnings) and AQI (accruals quality index) 0.6116 — while accruals-quality subscore is relatively better (Accruals quality 74.9/100), non-cash components still materially contribute to reported earnings.

• Altman Z-Score 3.53 (measures bankruptcy risk from financial statement ratios) — positioned in the 'safe' zone, indicating distance from typical bankruptcy thresholds.
• Piotroski F-Score 6/9 (measures nine fundamental signals of financial health) — a neutral-to-favorable score suggesting some positive operating/fundamental metrics.
• Receivables quality 100.0/100 and DSRI 0.0280 (days-sales-receivables index, measures changes in receivables relative to sales) — receivables metrics indicate few immediate concerns about revenue recognized via trade receivables.
• No accumulated losses and owner’s equity (excluding minority interest) positive; net parent profit shows 0 years of parent net loss up to FY2025 (these are objective balance-sheet and parent-profit facts).

Ownership is concentrated among a small group of institutional holders and one significant individual: Thăng Long Fundings 19.2%, Hòa Bình Fundings 15.0%, AMAI 14.9%, FTM 14.5%, and Lê Quang Bình 13.6%. Director-deal registrations in the last year show five sale registrations (4 traders; 1,621,621 shares) and one purchase registration (1 trader; 3,800,000 shares); net registered volume is +2.17% of shares outstanding. Note that these are exchange-registered intentions, not confirmed executed trades.

• Compare the FY2025 note for 'Receivables and other long-term receivables' (or the related-party receivables schedule) with the 6.5% of total assets figure labelled 'receivables outside the trade cycle' to identify composition (prepayments, loans receivable, related-party balances).
• Reconcile the operating cash flow line on the consolidated cash-flow statement with consolidated net profit (parent) to verify the 3-year cash-conversion ratio (reported 0.84) and identify any large non-cash adjustments (see the 'adjustments for non-cash items' schedule).
• Inspect the revenue recognition policy note and the revenue breakdown (segment or product schedules) to assess drivers behind Revenue quality = 0.0/100 and SGI = 10.0000 (very high sales growth).
• Review the related-party transactions note and the register of transactions by key management/major shareholders to contextualize the director-deal registrations and any large intra-group balances reported in the balance sheet.