DIG

• Beneish M-Score -1.144, Vietnam peer percentile 86th and YoY change +1.02: the M-Score is moving toward more aggressive accounting relative to peers (percentile and positive YoY change are the emphasized cues).
• Revenue quality 0.0/100: the revenue-quality component is the weakest element of the earnings-quality assessment.
• Cash conversion (three-year operating cash flow / net profit) = 5.48, 92nd percentile among Vietnamese non-financials: reported profits are not converting into operating cash as quickly as most peers (high percentile = worse cash conversion).
• DEPI = 1.4004 (Beneish component measuring depreciation rate changes): value above 1 suggests a slowing of depreciation or other changes in depreciation policies that can increase reported profits.
• SGI = 3.6262 (sales growth index): very high sales growth can increase the risk of aggressive recognition; high SGI is a common contributor to elevated M-Scores.
• TATA = -0.0824 (total accruals to total assets): negative but small; while accruals-quality sub-score is high, shifts in TATA combined with the other Beneish components merit attention.

• Earnings Quality Score 77.4/100 with Accruals quality 100/100, Cash conversion 100/100, Receivables quality 100/100: these sub-scores indicate clean accruals measures and receivables patterns by the scoring methodology.
• Piotroski F-Score 8/9: the company has many strong fundamental signals (profitability, leverage/liquidity, and operating efficiency indicators).
• Altman Z-Score 2.06 (grey zone): not in the distress zone (<1.8) but not a strong safe zone (>2.7); indicates moderate distance from classic bankruptcy thresholds.
• Receivables outside the trade cycle = 1.9% of total assets (48th percentile): not unusually large in the Vietnamese peer set for items such as prepayments, loans receivable or long-term receivables.
• No accumulated undistributed losses; owner's equity (excluding minority interest) is positive; statutory loss tests under Decree 155/2020 (as amended) are not met: the published statements do not trigger the listed-company statutory loss criteria.

The listed group holds controlling stakes in two subsidiaries (51.7% of DC1 and 50.1% of DC2) and a 25.3% stake in DC4, indicating a typical group control structure with consolidated reporting considerations. Top outside shareholders are relatively dispersed (largest listed institutions 5.0% and 4.7%); director-deal registrations show 38 sale registrations (4 traders; 1,693,557 shares; 36 registrations without volume) and 17 purchase registrations (13 traders; 31,337,547 shares) recorded between 2025-10-30 and 2026-10-30 — these are registered intentions and not executed trades.

• Compare the year-over-year revenue note and the revenue recognition policy (VAS note) to the elements that produce Revenue quality = 0/100 and SGI = 3.6262.
• Reconcile the depreciation policy and fixed-asset schedules (notes and movement tables) with DEPI = 1.4004 to see whether depreciation methods, useful lives, or revaluations changed.
• Review the cash-flow statement and the operating cash flow / net profit reconciliation (the cash-flow note) to understand the drivers of Cash conversion = 5.48 (three-year measure).
• Examine the related-party and other receivables schedules for the 1.9% of total assets classified as receivables outside the trade cycle (prepayments, loans receivable, long-term receivables) and any disclosure of terms or impairments.