ECI

• Beneish M-Score = -0.4412 (measures likelihood of earnings manipulation patterns); company is at the 92nd percentile among Vietnamese peers (higher = more aggressive accounting relative to VN peers) and the M-Score increased by +2.93 YoY (the trajectory is a secondary signal). Note: the -1.78 cutoff is US-calibrated and less applicable in Vietnam.
• DSRI = 3.2362 (Days Sales Receivable Index measures growth in receivables relative to sales — a value >1 suggests receivables are growing faster than revenue; 3.2362 is high and is consistent with receivables growth or sales timing differences).
• SGAI = 4.1891 (Sales, General & Administrative Expenses Index measures rapid change in SG&A relative to sales; >1 indicates SG&A is rising faster than sales; 4.1891 is very elevated).
• GMI = 2.0622 (Gross Margin Index compares gross margin deterioration; >1 indicates worsening margins; 2.0622 suggests material margin pressure).
• TATA = 0.1999 (Total Accruals to Total Assets measures accrual intensity; 0.1999 indicates sizeable accruals relative to assets, consistent with weaker accruals quality — accruals quality subscore 33.4/100).
• Earnings-Quality subcomponents at or near zero: Cash conversion = 0.0/100, Receivables quality = 0.0/100, Margin quality = 0.0/100 (these measure cash-generation vs profits, collectibility and margin sustainability respectively; all three being zero is concerning for earnings convertibility and revenue quality).
• Receivables outside the trade cycle = 13.4% of total assets (84th percentile among Vietnamese non-financials). The company reports prepayments to suppliers, loans receivable and other long-term receivables in this bucket — a large proportion relative to assets that can distort operating-working-capital signals.
• Net loss (parent profit) in two consecutive years up to FY2024 (a factual result in the audited statements).

• AQI = 0.3558 (Asset Quality Index measures the proportion of non-current assets and other potentially discretionary items; values <1 can indicate lower asset-quality deterioration — here AQI is below 1).
• DEPI = 0.8246 (Depreciation Index <1 suggests depreciation expense has risen relative to prior period book values, not a deferred-depreciation signal).
• LVGI = 0.8805 (Leverage Index <1 indicates relative leverage has not increased versus prior year; it suggests leverage is not worsening).
• SGI = 0.1875 (Sales Growth Index well below 1 indicates sales are not rapidly increasing; low SGI reduces some manipulation pressure that often accompanies very rapid top-line growth).
• Piotroski F-Score = 4/9 (measures nine fundamentals; a middling score indicates neutral operating/fundamental signals rather than clear financial deterioration).
• No statutory loss test (Decree 155/2020 Art.120(1)(e), amended) was met in the audited annual statements (this is an explicit filing outcome).
• Owner's equity excluding minority interest is positive and there are no accumulated losses (undistributed earnings are not negative) — both are factual balance-sheet strengths in the published statements.

Shareholding is concentrated: three institutional/individual blocks together control a large portion (Công ty TNHH MTV Nhà Xuất Bản Giáo Dục Việt Nam 21.0%, Mya Capital 18.0%, Đỗ Thị Thu Trang 18.0%), with two additional individuals at 10.2% and 9.4%. Director-deal registrations over the past year show 0 sale registrations and 1 purchase registration (one trader registered, one registration without volume) — these are registered intentions disclosed to the exchange, not executed trades.

• Compare the FY2024 schedule or note for receivables and prepayments to suppliers with the related-party/loans receivable note to confirm composition of the 13.4% of total assets classified as receivables outside the trade cycle.
• Reconcile total accruals / profit in the cash-flow statement and the notes to arrive at the TATA figure (Total Accruals to Total Assets = 0.1999) and inspect the components driving accruals in the notes (provisions, deferred revenue, other non-cash adjustments).
• Review the revenue and accounts-receivable ageing/disclosure to assess the drivers behind DSRI = 3.2362 and the Receivables quality = 0.0/100 (check for long-dated receivables, related-party receivables or reclassifications).
• Check the parent company profit/loss line and the statutory-workpaper disclosures for FY2023–FY2024 to confirm the two consecutive years of net loss at the parent and the absence of any statutory loss triggers in the auditor’s report or the notes (the published statements meet none of the statutory loss tests).