GIL

• Beneish M-Score = -1.3455, Vietnam peer percentile = 82nd; the score is above the US -1.78 cutoff but that cutoff is US-calibrated — in Vietnam ~28% exceed -1.78, so the high peer percentile and the YoY change (+1.54) are the stronger cues that accounting measures have become more aggressive recently.
• DSRI (Days Sales Receivable Index) = 1.3287, which measures increases in receivables relative to sales; a DSRI >1 indicates receivables growing faster than sales and can signal revenue recognition or credit-extension pressure.
• AQI (Asset Quality Index) = 1.5077, which measures growth in non-current/long-term assets relative to total assets; AQI >1 suggests increased capitalization of costs or growth in long-term receivables/prepayments.
• TATA (Total Accruals to Total Assets) = 0.1683, indicating relatively high accruals (the measure of accruals-based earnings); higher positive TATA can signal earnings managed through accruals.
• LVGI (Leverage Index) = 1.4096, indicating rising leverage (long-term liabilities or debt increasing relative to assets) compared with the base year.
• Earnings-quality components: Cash conversion 0.0/100 and Receivables quality 0.0/100 — both score at the bottom of the scale, and the three-year cash-conversion metric is -12.19 (3rd percentile among Vietnamese non-financials), showing profits have not converted into operating cash flow.
• Receivables outside the trade cycle = 5.0% of total assets (67th percentile) — a non-trivial share of assets held as prepayments, loans receivable or long-term receivables that sit outside normal trade receivables.
• Altman Z-Score = 2.10 (grey zone) — intermediate distance from bankruptcy risk, not in the safe zone.
• Year-over-year M-Score change = +1.54; Beneish scores have low year-to-year correlation (0.06), so a large positive change is a meaningful secondary signal of changing accounting behaviour.

• GMI (Gross Margin Index) = 0.9031 (below 1). GMI <1 indicates gross margins have improved versus the base year, which is a stabilizing sign for margin-related pressure.
• DEPI (Depreciation Index) = 0.8929 (below 1) — depreciation expense has not been reduced relative to the base year; DEPI <1 implies no apparent slowing of depreciation to inflate earnings.
• SGAI (Sales, General & Administrative Index) = 0.8068 (below 1) — operating overheads have not expanded relative to sales, which reduces one common pressure point for manipulation.
• SGI (Sales Growth Index) = 1.0038 (≈1) — nil-to-low sales growth removes an obvious motive to aggressively manage revenue to show growth.
• Margin quality = 83.9/100 and Piotroski F-Score = 5/9 (neutral) — margins look comparatively healthy and fundamentals are neither strongly positive nor strongly negative.

Top shareholders are concentrated among individuals and one listed corporate: Lê Hùng 8.9%, ABT (Bến Tre fishing exporter) 7.5%, Lê Anh Thư 7.1%, Pxp Vietnam Fund 4.9%, and Nguyễn Phương Đông 4.7%. No director-deal registrations were provided in the data; the ownership mix shows meaningful insider/related-party stakes plus a corporate strategic shareholder (ABT), which can be associated with related-party transactions in VAS-context group structures.

• Compare the FY2025 notes on ‘Receivables and prepayments’ with the trade receivables schedule — reconcile the 5.0% of total assets classified as receivables outside the trade cycle and identify counterparty and related-party flags in the note.
• Reconcile operating cash flow to reported net profit across the last three years in the cash-flow statement and management discussion to confirm the three-year cash-conversion metric of -12.19 and to see drivers of negative conversion (changes in working capital, one-off items, etc.).
• Review the fixed-asset and intangible-asset notes and the depreciation policy to confirm why DEPI = 0.8929 and whether there have been changes in capitalization or useful lives that feed the AQI = 1.5077 and TATA = 0.1683 accrual level.
• Examine the related-party transactions and loans/advances note (including any schedules to the financial statements) for material prepayments, loans receivable or other long-term receivables that explain the elevated DSRI (1.3287) and the receivables-outside-trade-cycle balance.