DXV

• Beneish M-Score -1.2286 (measures the composite likelihood of earnings manipulation based on eight ratios); company is at the 84th Vietnam peer percentile (higher = more aggressive accounting vs VN peers) and M-Score increased by +1.71 year-over-year (shows a notable shift in the accounting signal).
• AQI (Asset Quality Index) = 4.9267 (measures the proportion of non-current and potentially low-quality assets such as intangible assets, receivables outside the trade cycle, and other long-term items); this high AQI suggests rising or elevated asset-quality items that can mask operating performance.
• SGI (Sales Growth Index) = 1.1639 (measures sales growth); elevated SGI can make smoothing or one-off recognition more likely in fast-growing firms and here revenue growth is material.
• Margin and Revenue quality = 0.0/100 each (the earnings-quality composite flags poor persistence or reliability of margins and revenue composition), which contrasts sharply with high scores elsewhere and points to potential earnings volatility or one-off revenue items.

• Accruals quality = 100.0/100 and TATA = -0.0295 (TATA measures total accruals to total assets); a very high accruals-quality score and a small negative TATA indicate accruals are low or of good quality in the most recent year.
• Cash conversion = 100.0/100 and Receivables quality = 100.0/100; these measure the company’s ability to convert sales to cash and the composition/aging of receivables respectively and both scores indicate strong short-term cash-realisation and receivables behaviour.
• Altman Z-Score = 3.21 (measures distance to default/bankruptcy using five balance-sheet and income measures) — this sits in the ‘safe’ zone, suggesting no immediate bankruptcy signal.
• Piotroski F-Score = 8/9 (measures nine signals of improving fundamentals such as profitability, leverage, liquidity and operating efficiency) — a high score indicates generally strong fundamental performance.

Ownership is highly concentrated: Tổng Công ty Xi măng Việt Nam holds 65.8% (state-related large institutional shareholder) and one individual, Nguyễn Duy Diễn, holds 20.0%; several smaller institutional holders follow. Such concentration indicates dominant block control and potential for related-party transactions consistent with common group and SOE patterns in Vietnam.

• Compare the FY2025 breakdown of ‘prepayments to suppliers’, ‘loans receivable’ and ‘other long-term receivables’ in the notes to the receivables/outside-trade-cycle reconciliation (receivables outside the trade cycle = 1.9% of total assets).
• Inspect the asset-quality note or schedule that explains movements in intangible assets, other non-current receivables and long-term prepayments to reconcile the AQI = 4.9267.
• Review the revenue-recognition note and segment disclosures for one-off sales or related-party revenue given SGI = 1.1639 and Revenue quality = 0/100.
• Confirm the statutory-loss related lines (accumulated losses = 0.19x paid-in capital; owner's equity excluding minority interest positive; zero statutory loss tests met) in the audited balance sheet and the auditor’s report, including any management commentary on solvency or going-concern.