DSH

• Beneish M-Score -1.4495 (80th percentile among Vietnamese peers): measures likelihood of earnings manipulation relative to peers; the company is more aggressive than most Vietnamese firms while the M-Score has moved by -0.89 year-over-year (the change itself is a separate signal).
• DSRI = 1.5265: the Days’ Sales in Receivables index above 1 indicates receivables are growing faster than sales, consistent with weakened receivables quality.
• DEPI = 10.0000: unusually high Depreciation Index implying slowing depreciation expense (DEPI >1 measures a reduction in the rate of depreciation relative to prior period), which raises earnings-quality questions.
• SGAI = 1.7750: Selling, general & administrative expenses growing faster than sales (SGAI >1), a potential margin pressure or management choice affecting reported profitability.
• Altman Z-Score = 0.48 (distress zone): measures distance to bankruptcy using balance-sheet and earnings items; 0.48 indicates low bankruptcy distance under the Altman model.
• Piotroski F-Score = 2/9: weak nine-point score of fundamental signals (profitability, leverage/liquidity, and operating efficiency).
• Earnings Quality 37.8/100 with Receivables quality 0.0/100 and Margin quality 0.0/100: indicates material weakness in how reported earnings map to sustainable cash flows and margins.
• Cash-conversion (3-year OCF / Net profit) = 0.27 (27th percentile vs VN peers): operating cash is only 27% of reported profits over three years, suggesting profits are not converting to cash.
• Director-deal registrations: 5 sale registrations (3 traders; 3,500,000 shares; 4 without a volume) and 6 purchase registrations (6 traders; 5,625,000 shares; 1 without a volume) recorded between 2025-10-30 and 2026-10-30 — these are registered intentions with the exchange, not executed trades.

• Accruals quality 87.1/100: high accruals-quality score indicates reported accruals are relatively consistent with cash flows, which mitigates some earnings-quality concerns.
• AQI = 0.0975 and TATA = 0.0324: low total accruals (TATA) and a small discretionary accruals signal (AQI) reduce the immediate evidence of aggressive discretionary accrual manipulation.
• Receivables outside the trade cycle = 5.8% of total assets (71st percentile): a meaningful but not extreme level of non-trade receivables (prepayments, loans receivable, long-term receivables) relative to peers — shows some concentration but not among the very highest in the sample.
• No accumulated losses; owner's equity positive and parent profit not negative in recent years: balance-sheet capital remains positive and statutory loss tests for exchange cancellation are not met (per Decree 155/2020 as amended).

Top ownership is moderately concentrated in individuals: Nguyễn Thị Minh Huệ holds 10.0%, followed by state-owned Tổng Công ty 319 Bộ Quốc Phòng at 4.3%; other individuals hold smaller stakes (2.9%, 1.4%, 1.0%). Several director-deal registrations were filed in the past year, which are registered intentions rather than executed trades.

• Compare the change in trade receivables and notes receivable (line items) in the FY2025 balance sheet to the receivables disclosure or receivables schedule; reconcile any large increases to the related-party or long-term receivables notes.
• Review the depreciation policy note and the fixed-asset schedule to verify the cause of DEPI = 10.0000 (changes in estimated useful lives, method, or additions/disposals) and quantify the effect on profit.
• Reconcile operating cash flow (cash-flow statement, line 'cash flows from operating activities') with reported net profit for FY2023–FY2025 to reproduce the 3-year cash-conversion ratio (0.27) and identify major non-cash adjustments.
• Examine the notes for selling, general & administrative expenses and revenue recognition policies to understand the SGAI = 1.7750 and DSRI = 1.5265 drivers (e.g., promotional timing, extended credit terms, or reclassification).