DTA

• Beneish M-Score -1.5613: measures the likelihood of earnings manipulation signals; at the 78th percentile versus Vietnamese peers this is more aggressive than most local peers (note: the -1.78 cutoff is US-calibrated and ~28% of VN stocks exceed it). Year-over-year change +0.62 indicates the accounting profile has moved materially in the last year.
• DSRI 1.9814: Days Sales in Receivables Index ~1.98, measuring faster growth in receivables relative to sales (suggests receivables growth outpacing revenue).
• AQI 1.1199 and SGAI 1.1956: Asset quality index 1.1199 measures growth in non-current assets and other potentially subjective items; SGAI 1.1956 shows selling, general & admin expenses growing faster than sales — both can signal aggressive recognition or cost capitalization choices.
• TATA 0.0394: Total accruals to total assets of 0.0394 measures accrual amount relative to the balance sheet; while not extreme, accruals are positive and non-zero.
• Altman Z-Score 0.05: measures distance to bankruptcy; 0.05 is in the distress zone and indicates balance-sheet and earnings weakness on the Z model scale.
• Piotroski F-Score 3/9: measures simple fundamental health across profitability, leverage/liquidity, and operating efficiency; a score of 3 indicates weak fundamentals.
• Earnings-Quality sub-scores: Cash conversion 0.0/100, Receivables quality 0.0/100, Margin quality 0.0/100, Revenue quality 0.0/100 — these zeros indicate very poor measured quality in converting profit into cash, the composition of revenue, margins and receivables behaviour as captured by the framework.

• Accruals quality 84.2/100: this sub-score indicates that reported accruals (as measured by the applied accrual-quality metric) appear relatively reliable.
• LVGI 0.9930 and DEPI 0.9137: Leverage/volatility and depreciation indices are close to 1 (LVGI 0.9930 measures changes in leverage and volatility; DEPI 0.9137 measures changes in depreciation policy), suggesting no dramatic changes in leverage volatility or depreciation policy in the year-on-year indices used by Beneish.
• SGI 0.8073: Sales Growth Index below 1 (0.8073) indicates sales contracted rather than rapidly expanding, which can reduce some incentives to aggressively inflate revenue (but must be read with the DSRI and other indicators).
• No statutory loss tests met (Decree 155/2020 Art. 120(1)(e) as amended): the published audited statements do not meet the exchange-listed criteria that would trigger the specific statutory loss test referenced.

Ownership is concentrated among individuals: the top five named shareholders hold 10.1%, 5.6%, 5.4%, 4.9% and 4.8% respectively, with the largest single holder (Phạm Thị Kim Xuân) at 10.1%. Director-deal registrations show 0 sale registrations and 2 purchase registrations disclosed between 2025-10-30 and 2026-10-30 (these are registered intentions, not executed trades).

• Compare the FY2025 operating cash flow line in the cash-flow statement with parent net profit to verify the 3-year cash conversion ratio (reported -5.14); check the note to cash-flow reconciliation for adjustments.
• Inspect the note(s) to trade receivables and 'other receivables / long-term receivables / prepayments' to confirm the 3.6% of total assets labelled as receivables outside the trade cycle and the composition (prepayments, loans to related parties, long-term receivables).
• Review the fixed-asset and intangible-asset schedules and the related-party transactions note to reconcile the Asset Quality Index drivers (AQI 1.1199) — look for additions, reclassifications or capitalization policies that changed year-on-year.
• Check the audited parent and consolidated statements for retained earnings / undistributed earnings and the statutory-loss disclosures to confirm accumulated losses are absent and that no statutory loss test (per Decree 155/2020 Art.120(1)(e) as amended) is triggered.