DC2

• Beneish M-Score = -1.18 (measures the probability of earnings manipulation using eight financial ratios); at the 86th Vietnam peer percentile this company ranks as more aggressive than most Vietnamese peers, and the M-Score increased by +2.15 year-over-year (the YoY direction is an additional cue).
• AQI (Accruals Quality Index) = 2.4162 (measures the change in accruals relative to assets; a high value signals low accruals quality).
• DSRI (Days’ Sales Receivable Index) = 1.2433 (measures growth in receivables relative to sales; >1 indicates receivables growing faster than sales).
• SGAI (Sales, General & Administrative Index) = 1.4001 (measures growth in SG&A relative to sales; >1 indicates SG&A rising faster than sales).
• TATA (Total Accruals to Total Assets) = 0.1891 (measures the level of accruals in relation to assets; elevated positive number implies earnings driven by accruals rather than cash).
• Earnings Quality overall = 11.3/100 with sub-scores: Accruals quality 36.3/100, Receivables quality 11.3/100, Cash conversion 0.0/100, Margin quality 0.0/100, Revenue quality 0.0/100 (these measure cash vs accruals, receivable collectibility, ability to convert profit to cash, margin stability and revenue sustainability — many are very weak or zero).
• Altman Z-Score = 0.77 (measures bankruptcy risk; this value is in the distress zone, indicating shortfalls in profitability, liquidity and solvency metrics relative to healthy peers).
• Piotroski F-Score = 2/9 (measures nine signals of operational and accounting strength; a score of 2 indicates weak fundamentals).
• Cash conversion (3-year operating cash flow / net profit) = 1.51 and ranked at the 64th percentile among Vietnamese non-financials (the low position indicates profit is not turning into cash as well as many peers).
• Receivables outside the trade cycle = 5.2% of total assets (68th percentile among Vietnamese companies; this includes prepayments, loans receivable and other long-term receivables and signals material non-trade receivables).

• No accumulated losses; undistributed earnings are not negative (a basic solvency/retained-earnings signal in the published statements).
• Statutory loss tests under Decree 155/2020 Art.120(1)(e) as amended by Decree 245/2025: none met (the audited annual statements do not meet the statutory criteria for listing cancellation under that rule).
• Owner's equity (excluding minority interest) is positive (simple balance-sheet solvency indicator).
• DEPI = 1.0000 and LVGI = 1.1161 (DEPI near 1 suggests depreciation policies not materially changing in the period measured; LVGI slightly >1 indicates modest change in leverage growth index).

The company is majority-controlled by a listed parent: DIG holds 50.1% (control) as of 2026-06-30, and DIG also controls related listed subsidiaries DC1 (51.7%) and DC4 (25.3%). Top external shareholders include D2 CAPITAL 15.2% and two individuals at 9.8% and 2.9%. Director-deal disclosures show registrations (not executed trades): between 2025-10-30 and 2026-10-30 there were 2 sale registrations (2 registrants; both without disclosed volume) and 4 purchase registrations (3 registrants; total 350,000 shares; 2 without volume).

• Compare the 2025 schedule/note for 'Receivables' and 'Other long-term receivables' to the balance-sheet line items: quantify the components that sum to the 5.2% of total assets flagged as receivables outside the trade cycle.
• Reconcile the 3-year operating cash flow and net profit in the cash-flow note (statement of cash flows and related management discussion) to confirm the inputs that produce the 3-year cash conversion ratio of 1.51.
• Inspect the notes on 'Prepayments to suppliers' and 'Loans to related parties' in FY2025 to see maturity, counterparties and disclosures that explain the high DSRI (1.2433) and the receivables-quality score.
• Review the accounting-policy and fixed-asset notes for depreciation and useful lives to verify the components behind DEPI = 1.0000 and any recent changes that could affect accruals (TATA = 0.1891) and AQI = 2.4162.