GDW

• Beneish M-Score -0.5118 (91st percentile among Vietnamese peers; YoY change +1.66). The M-Score measures the likelihood of earnings manipulation signals relative to peers; the high peer percentile and positive YoY change indicate accounting metrics moving toward more aggressive patterns versus Vietnam peers.
• Days Sales Receivable Index (DSRI) = 2.4090. DSRI measures growth in receivables relative to sales; a value >1 indicates receivables have grown faster than sales and can signal revenue recognition or collection issues.
• AQI (Asset Quality Index) = 3.2902. AQI measures increases in non-current or unusual assets (prepayments, long-term receivables, capitalized costs); a value well above 1 suggests rising asset-side items that can be used to shift expenses off the income statement.
• Receivables quality score = 0.0/100 and Revenue quality = 21.6/100. These component scores point to weak revenue and receivable quality despite strong accrual and cash indicators.
• LVGI (Leverage Index for gross margin or related growth) = 1.2468 and DSRI/AQI combination. The combination of elevated AQI and LVGI together with the large DSRI suggests receivable/prepayment or non-trade receivable growth that is out of step with other operating metrics.

• Accruals quality 100.0/100 and Cash conversion 100.0/100. These indicate reported profits are being converted into cash and that accrual-based earnings metrics are not showing internal inconsistency.
• TATA (total accruals to total assets) = -0.0341. A small negative TATA suggests limited total accruals relative to assets in the period measured.
• SGI (Sales Growth Index) = 1.0010 and GMI (Gross Margin Index) = 0.9756. SGI close to 1 implies stable sales growth; GMI <1 indicates gross margins have slightly improved rather than deteriorated year-over-year.
• Altman Z-Score = 4.01 (safe zone). This measures statutory bankruptcy distance and places GDW in a zone historically associated with low short-term distress probability.
• Piotroski F-Score = 6/9. This is a neutral-to-favorable indicator of fundamentals (profitability, leverage/liquidity, and operating efficiency).

Ownership is highly concentrated: state/ institutional investors hold the majority—Tổng Công ty Cấp nước Sài Gòn 51.2%, Công ty TNHH Nước Sạch Ree 20.1%, and Ngân hàng TNHH MTV Số Vikki 10.0%—with a small individual stake (Hồ Lê Minh 3.6%). No director-deal registrations were provided in the input (no registered insider transactions noted).

• Compare the change in trade receivables and the DSRI driver: read the notes to the 2025 balance sheet for trade receivables and the receivables aging schedule to reconcile the DSRI = 2.4090 with reported sales.
• Inspect the ‘Other receivables / Long-term receivables / Prepayments’ line and related-party disclosures in FY2025 to account for the AQI = 3.2902 and the 1.4% of total assets reported as receivables outside the trade cycle.
• Reconcile cash flow from operating activities to net profit in the consolidated cash flow statement and the management discussion to verify the cash conversion (3-year OCF/Net profit = 1.25) and the Cash conversion quality 100/100.
• Review revenue recognition policies and significant contracts (sales contracts, progress billing, or construction/service contracts) in the revenue note to assess why Revenue quality scores are low (21.6/100) while margins and accrual metrics appear healthy.