DIH

• Beneish M-Score = -1.4408 (80th percentile vs VN peers): measures a composite likelihood of earnings manipulation; 80th percentile indicates more aggressive accounting than ~80% of Vietnamese peers and the M-Score rose by +1.76 year-over-year, indicating an accounting trajectory away from prior years.
• Earnings-quality Revenue quality = 0.0/100: measures the quality and sustainability of reported revenue; a 0/100 score is an outlier against otherwise high quality sub-scores and warrants scrutiny of revenue recognition patterns and disclosures.
• Altman Z-Score = 1.67 (distress zone): measures distance to bankruptcy using balance-sheet and earnings items; 1.67 falls into the distress zone rather than the safe zone.
• Cash conversion (3-year operating cash flow / net profit) = 13.33 (97th percentile): measures how well reported profits convert into cash over three years; this low ratio (high percentile means poor relative performance) indicates profits have not been turning into cash compared with peers.
• AQI (Accounts quality index) = 6.8122: measures changes in receivables, inventory and other asset components relative to sales; a high AQI can signal aggressive asset recognition or slower collection patterns.

• Earnings Quality total = 82.7/100 with Accruals quality = 100.0/100: accrual-based distortions appear low according to the accruals sub-score.
• Cash conversion sub-score = 100.0/100 despite the low 3-year ratio noted above: the earnings-quality framework’s cash-conversion metric itself rates the company highly on the internal measures used.
• Receivables quality = 100.0/100 and Receivables outside the trade cycle = 5.4% of total assets (69th percentile): receivables appear largely within normal parameters for Vietnamese peers, with only moderate exposure to prepayments/loans outside the trade cycle.
• Piotroski F-Score = 7/9: measures financial-strength signals (profitability, leverage/liquidity, operating efficiency); a 7 indicates generally strong fundamentals.

Ownership is concentrated in individuals: the largest shareholder holds 19.1% (Trần Đình Huy) and the top five individual holders together control a majority stake concentration pattern (other notable holdings 8.8%, 5.7%, 4.8%, 4.5%). Director-deal registrations in 2025–10–30 to 2026–10–30 show 1 sale registration and 1 purchase registration (registrations, not executed trades).

• Compare FY2025 revenue recognition notes to the disclosure lines supporting Revenue quality = 0.0/100; examine contracts, timing of revenue, and percent-of-completion or delivery criteria.
• Reconcile operating cash flow and net profit for the last three years in the cash-flow statement and the management discussion to explain the 3-year cash-conversion ratio of 13.33.
• Inspect the notes/schedule for receivables and other long-term receivables to verify the 5.4% of total assets described as receivables outside the trade cycle (look for related-party loans, prepayments to suppliers, and long-term receivables).
• Review the statutory and auditor notes for FY2025 to confirm that none of the statutory loss-test triggers (Decree 155/2020 Art.120(1)(e), as amended by Decree 245/2025) are met and to trace any auditor emphasis or subsequent-event disclosures.