DDV

• Beneish peer percentile 86th: the M-Score -1.1843 ranks at the 86th percentile among Vietnamese peers, indicating more aggressive accounting relative to most listed Vietnamese companies.
• Year-over-year M-Score change +2.08: the M-Score has moved upward by +2.08 from the prior year, showing a notable trajectory change (Beneish M-Scores have low serial correlation, so the change is a secondary cue).
• High AQI 3.4428: the Asset Quality Index (AQI = 3.4428) measures the relative growth in non-operating and long-term assets; a value well above 1 can signal rising investment in asset categories that historically associate with earnings manipulation risk.
• DEPI 1.6168 and LVGI 1.2402: DEPI (depreciation index = 1.6168) > 1 indicates slower reported depreciation relative to prior year (possible change in useful lives or depreciation policies), and LVGI (leverage index = 1.2402) > 1 indicates rising leverage.
• SGI 1.6711: sales growth index = 1.6711 shows material revenue growth; combined with Revenue quality = 0.0/100 and Margin quality = 4.5/100, the composition of revenue and margins deserves scrutiny.
• Revenue quality 0.0/100 and Margin quality 4.5/100: these very low component scores measure how much reported revenue and margins reflect persistent, high-quality performance; the figures indicate weak signals on whether reported top-line and margins are sustainable.
• Cash-conversion (3-year OCF / net profit) = 1.95 (74th percentile): operating cash flow is almost twice reported profit over three years, and the position in the 74th percentile indicates the company is relatively less effective than peers at converting profit into cash.

• TATA 0.0252: total accruals to total assets (TATA = 0.0252) is small and positive, indicating low measured aggregate accruals in the period (TATA measures the extent of accrual-based earnings versus cash-based earnings).
• DSRI 0.7119: days sales receivable index < 1 (DSRI = 0.7119) indicates receivables are not growing faster than sales; consistent with Receivables quality = 100.0/100 and the low reported receivables outside the trade cycle (2.8% of assets).
• GMI 0.6461 and SGAI 0.6998: gross margin index (GMI = 0.6461) < 1 and SGA index (SGAI = 0.6998) < 1 suggest improving gross margins and proportionally lower selling/general/admin expenses relative to sales versus prior year.
• Altman Z-Score 6.82: the Z-Score of 6.82 places the company in the 'safe' zone on bankruptcy-distance metrics, indicating distance from conventional distress signals.
• Piotroski F-Score 6/9: a F-Score of 6 indicates generally neutral-to-healthy operating/fundamental performance across profitability, leverage/liquidity, and operating efficiency checks.

Tập đoàn Hóa chất Việt Nam (a state-owned chemical conglomerate) holds 64.0% of shares, giving a dominant controlling stake; other institutional and individual holdings are small (The Golden Group 1.7%; largest individuals 0.3%, 0.3%, 0.2%). Director-deal registrations were not supplied in the data provided (director registrations are intentions recorded with the exchange when present).

• Compare the FY2025 note on ‘long-term receivables / prepayments’ to the balance-sheet line for ‘receivables outside the trade cycle’ (reported 2.8% of total assets) and reconcile related-party counterparties if any are named.
• Reconcile the consolidated operating cash flow (cash-flow statement) for the last three years against consolidated net profit to confirm the 3-year cash-conversion ratio = 1.95; trace major non-cash and working-capital adjustments in the cash-flow notes.
• Read the accounting-policy note for depreciation and useful lives to understand the drivers of DEPI = 1.6168 (changes in depreciation rates, method, or asset reclassifications).
• Check the revenue-recognition note, schedules of sales by segment/customer and the related-party-transactions disclosure to investigate why Revenue quality = 0.0/100 despite strong sales growth (SGI = 1.6711).