DAD

• High relative Beneish M-Score: 1.6319 at the 97th Vietnam peer percentile and a year-over-year increase of +4.32 — the M-Score measures statistical signals associated with earnings manipulation tendencies; note the -1.78 US cutoff is not directly calibrated to Vietnam, so peer percentile and trend matter here.
• Very high DSRI (Days Sales Receivable Index = 4.3308) — DSRI measures whether receivables are growing faster than sales (a large DSRI can indicate revenue recognition or collectability issues).
• Very low cash-conversion and receivables-quality component scores (Cash conversion = 0.0/100; Receivables quality = 0.0/100; Accruals quality = 10.8/100; Revenue quality = 0.0/100) — these metrics measure how reported profits convert to cash, the composition/aging of receivables and the implied reliability of revenue and accruals.
• Three-year cash conversion (operating cash flow / net profit) is -0.64 and ranks at the 16th percentile among Vietnamese non-financials — this measures that reported profits have not translated into operating cash over three years.
• Low Piotroski F-Score = 3/9 — Piotroski scores recent profitability, leverage/liquidity and operating efficiency; a 3/9 is in the weaker range for fundamentals.
• LVGI = 1.2230 and SGAI = 1.0696 — these indices (long-term vs short-term growth and SG&A growth) show relative increases that feed into the M-Score and could reflect aggressive expense or growth recognition patterns.

• Altman Z-Score = 3.66 (safe zone) — this measures distance from bankruptcy using profitability, leverage, liquidity and activity ratios and places the company in the structural ‘safe’ zone.
• TATA (total accruals to total assets) = 0.3188 — TATA measures total accrual intensity; a relatively low TATA reduces one component of the Beneish signal associated with large discretionary accruals.
• No accumulated losses and owner’s equity (excluding minority interest) is positive; parent net loss count = 0 years up to FY2025 — these are direct balance-sheet and parent-profit facts showing retained earnings are not negative.
• Statutory loss tests under Decree 155/2020 (amended) are not met — the published audited statements do not meet the regulatory criteria that would trigger an exchange delisting review under those specific rules.

Ownership is concentrated: a state-owned publisher entity (Công ty TNHH MTV Nhà Xuất Bản Giáo Dục Việt Nam) holds 41.5%, and two institutional funds together hold ~22.7% (afc vietnam fund 18.9%, Công ty Cổ phần Đầu tư tài chính Thiên Hóa 3.8%). Individuals hold small stakes (largest individual 1.3%). The large controlling institutional stake indicates potential group or state-related influence and a high ownership concentration.

• Compare the FY2025 and FY2023–FY2025 operating cash flow and parent net profit lines in the cash-flow statement and the notes explaining significant differences (to verify the -0.64 three-year cash-conversion ratio).
• Inspect the receivables, prepayments and other receivables notes (including related-party schedules) to locate the items that constitute the 0.7% of total assets reported as receivables outside the trade cycle and to check their maturities and counterparties.
• Reconcile the revenue and trade-receivable schedules to sales-disclosure notes to see what drives DSRI = 4.3308 (e.g., large one-off sales, bill-and-hold, or delayed collections) and review any revenue recognition policy notes under VAS.
• Confirm that the audited balance sheet and retained-earnings schedules show no accumulated losses and that statutory loss-test calculations (per Decree 155/2020 as amended) are disclosed and show none met.