DP1

• Beneish M-Score = -1.6724 (75th Vietnam peer percentile; +0.66 YoY). The M-Score is above many Vietnamese peers and the increase shows accounting measures became more aggressive year-over-year.
• DSRI = 1.1545. Days-sales-in-receivables index above 1 suggests receivables are growing faster than sales, a signal that revenue recognition or collection may be weakening.
• GMI = 1.1350. Gross margin index above 1 indicates gross margins deteriorated year-over-year, which can pressure management to manage earnings.
• LVGI = 1.0964. Leverage index above 1 shows leverage increased year-over-year, which can amplify earnings-management incentives.
• Cash-conversion (operating cash flow / net profit, 3-year) = -0.45 (17th percentile among Vietnamese non-financials). Profits have not converted into cash; this is a significant working-capital / cash quality concern.
• Earnings Quality Score = 26.2/100 with Revenue quality = 0.0/100 and Cash conversion = 0.0/100. These sub-scores indicate very low quality of reported revenue and poor cash backing of earnings.
• Piotroski F-Score = 2/9. Weak fundamental score (few quality signals from profitability, leverage/liquidity, and operating efficiency tests).

• TATA = 0.1325. Total accruals to assets are relatively low, which reduces one common mechanism of earnings manipulation.
• AQI = 0.8700. Asset quality index below 1 suggests no large increase in non-current asset reclassifications or write-ups relative to sales in the period measured.
• SGAI = 0.9688. Selling, general & administrative expenses scaled to sales are slightly lower year-over-year, not showing an immediate expense-classification inflation.
• Receivables outside the trade cycle = 0.5% of total assets (23rd percentile). The absolute amount of non-trade receivables/prepayments/long-term receivables is small relative to peers.

The share register is concentrated: Tổng Công ty Dược Việt Nam (a large institutional/state-related owner) holds 65.4%, with four individuals holding the next largest stakes (8.1%, 7.2%, 5.8%, 3.7%). No director-deal registrations were provided in the input. The dominant institutional shareholder implies potential group or state influence on financial reporting and related-party transactions.

• Compare the break-down of 'Receivables and prepayments' in the FY2025 notes to the 0.5% of total assets figure to identify amounts classified as prepayments, loans to related parties or other long-term receivables.
• Reconcile operating cash flow to reported net profit in the consolidated cash flow statement and the profit-and-loss note to understand drivers of the three-year cash conversion ratio = -0.45.
• Inspect the related-party transactions note for sales, purchases, loans and balances with Tổng Công ty Dược Việt Nam and other large shareholders to see if sizeable intra-group items could explain receivables or cash patterns.
• Review the auditor’s report and any explanatory notes about going concern, accounting estimates, and revenue recognition policies to contextualise the Revenue quality = 0.0/100 and DSRI = 1.1545.