DCF

• Beneish M-Score -1.0033 (88th percentile vs Vietnamese peers; the -1.78 US cutoff is not directly applicable—use the peer percentile and the YoY move of -0.38 as context).
• Days Sales Receivable Index (DSRI) = 1.2978 (measures growth in receivables relative to sales; >1 can indicate receivables are growing faster than sales).
• Three-year cash conversion (operating cash flow / net profit) = -3.78 (7th percentile among Vietnamese non-financials; indicates profits are not converting into cash).
• Receivables outside the trade cycle = 27.1% of total assets (94th percentile; a large share of assets are prepayments, loans receivable or long-term receivables rather than trade receivables).
• Total Accruals (TATA) = 0.1950 (measures accruals relative to assets; higher values indicate lower accruals quality).
• Earnings Quality score 23.4/100 with accruals quality 34.7/100, cash conversion 0.0/100 and receivables quality 0.4/100 (these component scores point to weak earnings persistence and collectability concerns).

• Altman Z-Score = 3.61 (classifies the company in the 'safe' zone for bankruptcy distance, suggesting low immediate financial distress).
• Revenue quality = 61.8/100 and sales growth index (SGI) = 1.4850 (SGI >1 shows sales growth; revenue quality above 50% suggests some of the revenue appears supported by underlying drivers).
• AQI (asset quality index) = 0.6371 (measures rise in intangible and other non-current assets; <1 here reduces one common manipulation signal), and SGAI = 0.7925 (selling, general & administrative expense growth below revenue growth).
• No accumulated losses and zero consecutive years of parent net loss up to FY2025; owner's equity (excluding minority interest) is positive (these are favorable statutory and balance-sheet facts).

Ownership is moderately concentrated in institutions and individuals: two institutional shareholders hold 16.2% and 11.1%, while three named individuals together hold 17.9% (largest individual 8.5%). No state ownership is indicated; this mix suggests a group/insider presence but not a single dominant majority.

• Compare the 2025 breakdown of 'Receivables and other receivables' with the related-party note and the prepayments/disclosures to identify the composition of the 27.1% of total assets classified as receivables outside the trade cycle.
• Reconcile operating cash flows to reported net profit in the cash-flow statement and the notes to verify items driving the three-year cash conversion ratio of -3.78 (look for large non-cash gains, timing of receipts, or related-party cash movements).
• Inspect the schedule for loans to/from related parties, advances to suppliers and long-term receivables in the 2025 notes to check contributors to AQI and TATA (TATA = 0.1950).
• Review revenue recognition policies and the revenue note (including cutoff and contract terms) to assess components behind SGI = 1.4850 and revenue quality = 61.8/100.