FRM

• High DSRI (Days Sales Receivable Index) = 2.3380: this ratio measures growth in receivables relative to sales and a reading above 1 suggests receivables are growing faster than sales.
• M-Score percentile 87th among Vietnamese peers and YoY change +2.15: while the absolute -1.107 is above the US -1.78 benchmark, the high peer percentile and the sizable year-over-year rise indicate accounting metrics are more aggressive relative to peers and trending away from prior years.
• Very poor cash-conversion diagnostics: three-year operating cash flow / net profit = -0.67 (15th percentile among VN non-financials) and Earnings Quality cash conversion 0.0/100, indicating profits have not been converting into operating cash over the lookback window.
• Receivables outside the trade cycle = 0.7% of total assets (29th percentile): this measures prepayments, loans receivable and other long-term receivables outside normal trade terms; while the absolute percent is small, its low percentile versus peers flags it as relatively higher than many peers.
• SGAI = 1.2347 (Sales, General & Administrative expenses Index >1): measures faster growth in S,G&A relative to sales, which can reflect cost pressure or discretionary expense recognition.

• Altman Z-Score = 4.24 (safe zone): this distance-to-distress metric combines liquidity, profitability and leverage and places FRM well into the non-distress band.
• Piotroski F-Score = 5/9 (neutral): this score reflects a mix of improving and weakening fundamentals across profitability, leverage/liquidity, and operating efficiency.
• Accruals quality = 55.9/100: suggests accrual-based earnings are neither clearly high-quality nor highly suspect versus the scoring universe.
• DEPI = 1.0000 and LVGI = 0.8325: DEPI (Depreciation Index) = 1.0000 indicates depreciation expense relative to gross PPE is stable year-over-year; LVGI (Leverage Index) <1 signals leverage did not increase materially according to this component.

Top shareholders are concentrated among institutions: Tổng Công ty Nông Nghiệp Sài Gòn 26.2% and Công ty Cổ Phần Nông Nghiệp Tlk 22.7%; the two institutions together hold 48.9%. Two named individuals hold 4.5% and 4.4% respectively. No director-deal registrations were provided in the supplied data (registrations are intentions filed with the exchange, not executed trades).

• Compare the movement in trade receivables in the FY2025 balance-sheet line to the notes on related-party receivables and the schedule of prepayments to suppliers to reconcile the high DSRI = 2.3380.
• Reproduce operating cash flows and net profit from the consolidated cash-flow statement and income statement to confirm the three-year cash-conversion ratio = -0.67 and trace any major non-cash adjustments in the notes.
• Inspect the fixed-asset and depreciation note to confirm DEPI = 1.0000 (check gross PPE opening vs closing and depreciation expense lines).
• Review the schedule of loans and advances to/from related parties and the long-term receivables note to validate the 0.7% of total assets classified as receivables outside the trade cycle.