DTI

• Beneish M-Score = -1.1566 (measures likelihood of earnings manipulation); ranked 86th percentile versus Vietnamese peers, indicating more aggressive accounting than most peers (the -1.78 US cutoff is not decisive in Vietnam).
• Year-over-year M-Score change = -2.26 (the trajectory shows the accounting profile moved materially year-over-year; consecutive-year M-Scores correlate weakly, so this is a secondary but notable cue).
• Graham-style earnings drivers: GMI = 3.4216 (measures worsening gross margin trends), LVGI = 1.4601 (large relative change in leverage), and TATA = 0.0742 (total accruals to total assets — non-negligible accruals).
• Cash conversion (operating cash flow / net profit, 3 years) = -54.90 (1st percentile among Vietnamese non-financials) — profits have not converted to cash over the three-year window.
• Altman Z-Score = 1.49 (falls in the distress zone; this metric gauges bankruptcy distance using working capital, retained earnings, EBIT, market value of equity, and sales), and Piotroski F-Score = 3/9 (weak fundamentals across profitability, leverage/liquidity, and operating efficiency checks).
• Earnings-quality sub-scores: Revenue quality = 36.4/100 and Margin quality = 32.8/100 (these measure the persistence and cash-supported nature of reported revenues and margins and are low).

• Accruals quality = 70.3/100 (measures how much earnings are driven by accruals versus cash; a relatively stronger score here suggests reported income is not overwhelmingly accrual-driven).
• Receivables quality = 75.0/100 (measures how receivables growth relates to sales growth and collectibility; a reasonably strong score).
• AQI = 0.5491 and DEPI = 0.8326 (AQI measures asset quality changes; DEPI <1 indicates depreciation pattern not skewed toward extending useful lives — not a classic red flag here).
• SGI = 0.9669 (sales growth index below 1 indicates sales are not accelerating abnormally year-over-year).
• No accumulated losses and owner's equity (excluding minority interest) is positive; parent reported no consecutive-year net loss up to FY2025 (statutory loss tests for HOSE/HNX cancellation are not triggered on UPCoM where the company trades).

Major shareholders are individuals rather than a single dominant corporate or state owner: top holders are Trần Đăng Quân 8.3%, Phạm Văn Minh 4.7%, Đoàn Thị Quỳnh Trang 4.7%, Tạ Thị Dinh 4.6% and Tạ Ngọc Phúc 2.9% (top five ≈ 25.2%). No controlling state or corporate block is evident from these figures; no director-deal registrations were provided in the supplied data.

• Compare the three-year operating cash flow totals against consolidated net profit in the cash-flow statement and the auditor's note to reconcile why cash conversion = -54.90 (look at the operating cash flow line and explanations in the cash-flow statement).
• Inspect the notes supporting 'receivables, prepayments and other long-term receivables' (disaggregated schedules) to verify the composition that makes up 5.3% of total assets (the 'receivables outside the trade cycle' metric) and identify related-party balances or long-term loans.
• Review the revenue recognition policy note and the sales ledger / trade receivables aging to assess drivers behind low Revenue quality (36.4/100) and low Margin quality (32.8/100); compare year-over-year revenue and gross-margin line items to the auditor's emphasis paragraphs, if any.
• Examine the statement of changes in equity and the retained earnings / accumulated losses line to confirm there are no accumulated losses and to reconcile the positive owner's equity (excluding minority interest) reported for FY2025.