GEE

• High Beneish percentile: M-Score -0.9568 at the 88th Vietnam-peer percentile — this indicates the company's combination of the eight manipulation-related ratios is more aggressive than 88% of Vietnamese peers (the YoY rise of +0.95 shows the metrics shifted materially year-over-year).
• Days Sales Receivable Index (DSRI) = 1.5694 — DSRI measures growth in receivables relative to sales; a value >1 suggests receivables grew faster than sales, consistent with a receivables build.
• Total Accruals to Total Assets (TATA) = 0.2379 — TATA measures accrual-based earnings relative to assets; a positive and sizable TATA indicates earnings contain a material accrual component (low cash earnings).
• Receivables outside trade cycle = 18.5% of total assets (89th percentile among Vietnamese non-financials) — this captures prepayments to suppliers, loans receivable and other long-term receivables; the company is in the top decile for such items versus peers.
• Cash conversion (operating cash flow / net profit, 3-year) = 0.40 (29th percentile) — only 40% of reported profit has converted to operating cash over three years, low relative to peers and consistent with the high accruals signal.
• Earnings-quality sub-scores: Cash conversion 0.0/100 and Receivables quality 0.0/100 — these extreme low scores reinforce concerns about profit-to-cash conversion and the nature of receivables.
• SGAI = 1.1232 and SGI = 1.2051 — selling, general & administrative expenses and sales growth indicators greater than 1 can signal rising overheads and revenue growth; if SGI>1 while margin quality is only 30.6/100, revenue growth may be accompanied by margin pressure or aggressive recognition.

• Altman Z-Score = 9.97 (safe zone) — this measures distance from bankruptcy using a multi-factor discriminant; a value near 10 places the company well within the non-distress zone on the classic Altman scale.
• Piotroski F-Score = 4/9 (neutral) — this composite of profitability, leverage/liquidity, and operational efficiency shows mixed fundamentals rather than clear deterioration.
• AQI = 0.5709 and DEPI = 0.7434 — the asset quality index (AQI) below 1 and DEPI below 1 suggest some relative improvement in asset composition and depreciation patterns versus prior period benchmarks used in Beneish components.
• No accumulated losses; owner's equity (excluding minority interest) positive; parent net loss count = 0 years up to FY2025 — the published statements show no statutory indicators of capital erosion and the company passes the statutory loss tests referenced.

Ownership is highly concentrated: Gelex holds 76.0% (institutional controlling shareholder). The next largest holders are institutional (4.9%, 4.7%, 2.5%) and one small individual at 0.2%. Director-deal registrations between 2025-10-30 and 2026-10-30 show 2 sale registrations (10,130,000 shares) and 1 purchase registration (10,000,000 shares) with net registered volume ≈ -0.02% of shares outstanding; these are registered intentions reported to the exchange, not necessarily executed trades.

• Compare the FY2025 schedule for 'Receivables and prepayments' (note) to revenue: quantify trade receivables versus 'loans receivable' and 'prepayments to suppliers' and disclose their maturities.
• Reconcile operating cash flow and net profit across FY2023–FY2025: inspect the cash flow statement and the notes to identify major non-cash items driving TATA = 0.2379.
• Examine related‑party balances and the 'other long-term receivables' note for counterparty, terms, and collateral where receivables outside the trade cycle make up 18.5% of assets.
• Review the depreciation and impairment notes supporting DEPI = 0.7434 and AQI = 0.5709 to see changes in useful lives, disposals, reclassifications, or write-downs affecting asset quality.