DRI

• High Beneish peer percentile: M-Score 0.8594 at the 95th Vietnam peer percentile — the company ranks among the top 5% most aggressive-accounting firms versus Vietnamese peers (the absolute -1.78 US cutoff is less relevant in the VN context).
• Sharp year-on-year M-Score rise: M-Score increased by +4.27 year-over-year, indicating a notable recent shift in the combined manipulative/earnings-quality indicators (consecutive-year M-Scores have low auto-correlation, so the trajectory is a separate warning cue).
• Large DSRI (days’ sales receivables index): DSRI = 3.6875, indicating receivables (or revenue timing) have grown much faster than sales — consistent with the receivables and revenue-quality failures below.
• Very weak receivables and revenue-quality measures: Receivables quality = 0.0/100 and Revenue quality = 0.0/100, signalling the model finds patterns (size, growth or composition) in receivables and reported revenue that erode confidence in reported sales and collectibility.
• Low cash conversion and cash-based earnings quality: Cash conversion (operating cash flow / net profit, three-year) = 0.89 and Earnings Quality score = 33.3/100, with Cash conversion component = 22.7/100 — profits are not being converted into cash at a strong rate.
• Elevated off-cycle receivables/prepayments: ‘Receivables outside the trade cycle’ = 8.7% of total assets (78th percentile among VN non-financials), suggesting material prepayments, loans receivable or long-term receivables relative to peers.

• Margin stability: Margin quality = 100.0/100, indicating reported margins are consistent with the model’s expectations and not the main source of concern.
• Accruals not extreme: Accruals quality = 54.9/100 — neither a very strong accruals-quality signal nor an extreme accruals warning.
• Profitability/solvency buffers: Altman Z-Score = 4.45 (classified in the safe zone for bankruptcy distance) and Piotroski F-Score = 6/9 (a neutral-to-favourable fundamentals score).
• No accumulated losses and positive equity: accumulated losses = none; owner’s equity (without minority interest) is positive, and the parent reported 0 years of net loss through FY2025 — these are governance/balance-sheet positives.

Ownership is highly concentrated: Công ty Cổ phần Cao su Đắk Lắk (an institutional shareholder) holds 45.0% of shares; the next largest institutional holder is 0.7% and individual holdings are each around 0.1–0.2%. No director-deal registrations were provided in the data set (registrations are separate disclosures and would be listed on the exchange).

• Compare the increase in trade and non-trade receivables: reconcile the DSRI (3.6875) with the receivables schedule and the related-party receivables / prepayments note in the FY2025 audited financial statements.
• Inspect the revenue recognition notes and contract schedules: verify timing of revenue and any changes in accounting policies that could explain SGI = 1.4527 and Revenue quality = 0.0/100.
• Reconcile cash flow to profit: compare the three-year operating cash flow to net profit trend in the cash-flow statement and the cash-flow-footnote to understand the Cash conversion ratio = 0.89 and the low Cash conversion component (22.7/100).
• Examine the composition of ‘receivables outside the trade cycle’ line: check the balance-sheet note that disaggregates prepayments to suppliers, loans receivable and long-term receivables so you can verify the 8.7% of total assets figure and any related-party counterparties.