DPG

• Beneish M-Score = -1.3074 (measures likelihood of earnings manipulation; company ranks at the 83rd percentile versus Vietnamese peers and the score rose +0.34 year-over-year, indicating accounting metrics have become more aggressive relative to peers and to last year).
• Earnings-Quality = 37.0/100 (composite measure of accruals, cash, revenue and margin quality; low overall score signals weak earnings quality).
• Cash conversion component = 0.0/100 and 3-year operating cash flow / net profit = -0.45 (company is in the 17th percentile among Vietnamese non-financials; profits are not translating into cash).
• Revenue quality = 5.2/100 (measures reliability of reported revenue; very low score suggests revenue recognition or sustainability concerns).
• Altman Z-Score = 1.72 (distance-to-bankruptcy model; this value sits in the distress zone and signals higher insolvency risk by that model).
• Piotroski F-Score = 3/9 (measures nine accounting/fundamental signals; a low score indicates weak recent fundamentals and financial-score deterioration).
• Total Accruals TATA = 0.1508 (measures discretionary accruals; a positive value of 15.08% of assets indicates accruals contributed materially to earnings).
• AQI (Asset Quality Index) = 1.5282 (measures proportion of non-current assets and potential write-offs; value >1.0 suggests rising asset-quality pressure).
• SGAI = 0.8069 (selling, general & admin expense index <1 does not indicate immediate upward SG&A pressure, but when interpreted with weak margins (Margin quality 49.4/100) it can mask margin strain).

• Receivables quality = 86.3/100 (measures collectibility and alignment with revenue; the company scores highly on this component).
• Receivables outside the trade cycle = 5.9% of total assets (71st percentile among Vietnamese non-financials; while present, this level is not extreme relative to peers).
• DEPI = 0.9413 (depreciation index <1 suggests depreciation policies are not unusually conservative relative to prior year).
• LVGI = 1.0797 (leverage index modestly above 1; not an extreme leverage shift year-over-year).
• No accumulated losses and owner’s equity (excluding minority interest) positive; statutory loss tests under Decree 155/2020 and its amendment: none met (the published statements do not meet the statutory loss criteria listed).

Ownership is moderately concentrated in individuals: the largest shareholder, Lương Minh Tuấn, holds 15.9%, with three other individuals holding 6.6%, 5.8% and 4.2%. An institutional holder (Vietnam Enterprise Investments Limited) holds 4.2%. Director-deal activity shows 4 sale registrations and 7 purchase registrations by insiders/related persons between 2025-10-30 and 2026-10-30 (these are registered intentions, not executed trades).

• Compare the FY2025 statement of cash flows operating cash flow line with the consolidated net profit (note or consolidated statement) to verify the -0.45 three-year cash conversion ratio.
• Review the notes to the financial statements for the composition of 'receivables and prepayments' and the related-party schedule to identify the 5.9% of assets classified as receivables outside the trade cycle (prepayments, loans receivable, long-term receivables).
• Examine the auditor’s report and the asset impairment or fixed-asset notes for disclosures supporting AQI = 1.5282 and any impairment provisions or revaluations.
• Check the consolidated statement of changes in equity and the parent’s profit/loss note to confirm there are no accumulated losses and that owner’s equity (excluding minority interest) is positive; also confirm that the statutory loss tests in the published statements are not met.