ECO

• Beneish M-Score -1.3624 (measures the likelihood of earnings manipulation using eight financial ratios); at the 82nd Vietnam peer percentile this score is higher (more aggressive) than ~82% of Vietnamese non-financial listed firms and rose by +0.46 year-over-year.
• Days Sales / Receivables signal: DSRI = 1.5370 (measures growth in receivables relative to sales), consistent with rising receivables pressure.
• Asset quality deterioration: AQI = 1.9219 (measures change in the proportion of non-current/illiquid assets), indicating material growth in non-trade receivables, prepayments or long-term assets.
• Large proportion of receivables outside the trade cycle: 18.7% of total assets (90th percentile among Vietnamese peers) — a high share of prepayments, loans receivable or other long-term receivables.
• Very poor cash conversion: three‑year operating cash flow / net profit = -2.14 (10th percentile) (measures whether reported profits convert to operating cash), indicating profits are not generating operating cash.
• Earnings-quality composite: 26.5/100 (overall weak), with accruals quality 52.2/100 and TATA = 0.1291 (total accruals / total assets), showing material accruals presence.
• Piotroski F-Score 3/9 (measures nine aspects of operational and financial improvement) — a low score implying weak recent operating fundamentals.

• Altman Z-Score = 4.30 (measures distance-to-bankruptcy using working capital, retained earnings, EBIT, market value of equity and sales; falls in the safe zone), indicating low bankruptcy risk by that model.
• Margin quality = 82.1/100 (measures stability and plausibility of reported margins), suggesting reported profitability margins are relatively consistent with peers or historically.
• DEPI = 0.6554 (depreciation index; measures whether depreciation rates have been slowed to inflate profits) below 1, which typically indicates no across-the-board slowing of depreciation expense.
• SGI = 1.0292 and LVGI = 1.6038: modest sales growth index and leverage growth index — SGI indicates only slight sales growth pressure, while LVGI shows some leverage growth to monitor but not an immediate solvency breach.

Ownership is concentrated: an individual, Nguyễn Văn Bình, holds 20.0% and the next largest holders are individuals with 4.9% and smaller stakes; this indicates significant single‑owner influence but not state control. Director-deal registrations in the year show 0 sale registrations and 5 purchase registrations totaling 2,864,750 shares (net registered volume +9.55% of shares outstanding) — these are registered intentions to trade disclosed to the exchange, not executed trades.

• Compare the FY2025 balance sheet line(s) for "Receivables" and the notes on "Prepayments to suppliers / Loans receivable / Other long-term receivables" to confirm the 18.7% of total assets figure and the composition of those receivables.
• Reconcile FY2023–FY2025 consolidated operating cash flows (cash flow statement) with consolidated net profit to verify the three‑year cash conversion ratio of -2.14 and identify which years and items (working capital changes, non-cash adjustments) drive the divergence.
• Inspect the related-party transactions note and the schedule of receivables/payables to see whether a material portion of receivables or prepayments are with related parties and the contractual terms (maturities, interest, collateral).
• Read the auditor’s report and the management discussion & analysis (MD&A) / directors’ report for any commentary on asset quality, collectability of receivables, and explanations for changes in accruals or non-current asset mixes that underlie AQI = 1.9219 and DSRI = 1.5370.