DLG

• Beneish M-Score = -1.6956 (measures a composite likelihood of earnings manipulation; this is above the US -1.78 cutoff but the Vietnam peer percentile 75th and the YoY change +0.19 are the more relevant cues in the Vietnamese context).
• DSRI = 1.6638 (Days' Sales Receivables Index; elevated DSRI suggests receivables or revenue recognition are growing faster than sales).
• AQI = 1.4977 (Asset Quality Index; higher AQI indicates a rising proportion of intangible, non-current or other non-trade assets which can signal capitalisation or classification changes).
• Receivables outside the trade cycle = 46.7% of total assets (measures prepayments to suppliers, loans receivable and other long-term receivables; 98th percentile among Vietnamese non-financials).
• Cash conversion (3-year operating cash flow / net profit) = 6.32 (measures how profit converts to cash; 93rd percentile, i.e., profit is not turning into cash).
• Earnings-quality subcomponents: Receivables quality = 0.0/100 and Margin quality = 0.0/100 (these scores indicate weak quality in receivables realization and margins).
• Altman Z-Score = -0.07 (measures financial distress / distance to bankruptcy; this level is in the distress zone).

• Piotroski F-Score = 7/9 (measures nine fundamentals of profitability, leverage/liquidity and operating efficiency; a 7 indicates several healthy fundamental signals).
• TATA (Total Accruals) = 0.0742 and Accruals quality = 70.3/100 (measures accruals-based earnings; these figures indicate accruals are present but not extreme and accrual quality is moderate).
• SGI = 0.6604 and GMI = 0.6541 (Sales Growth Index and Gross Margin Index; these show sales growth and gross margin trends are not accelerating in a way that would typically indicate aggressive expansion).
• LVGI = 0.9232 and DEPI = 0.7064 (Leverage/Volatility and Depreciation Index; not showing extreme asset write-up or sudden drop in depreciation that would be a clear manipulation cue).

Ownership is concentrated: an individual, Bùi Pháp, holds 24.8% and three other named individuals/institutions hold smaller stakes (Nguyễn Đăng Quang 3.9%, Đức Long Gia Lai investment company 2.1%). No director-deal registrations were supplied; registrations (if present) are declarations of intent to transact, not executed trades.

• Compare the FY2025 schedule of 'Receivables and other long-term receivables' (note or schedule) to the related-party disclosures and the reconciliation of trade vs non‑trade receivables.
• Reconcile operating cash flow to net profit in the cash flow statement and the notes to identify major adjustments that produce the 3‑year cash conversion ratio of 6.32.
• Inspect the 'Prepayments to suppliers' and 'Loans and advances to related parties' notes to quantify the 46.7% of assets classified as receivables/out-of-cycle items.
• Verify the accumulated losses line and paid-in capital in the equity note to confirm the reported 0.70x accumulated losses / paid-in capital, and confirm which statutory loss tests are reported as not met in the auditor's report or management discussion.