GTD

• Beneish M-Score -1.1709 (86th percentile among Vietnamese peers; YoY change +1.65): the absolute M-Score is above the US -1.78 manipulator cutoff, but the Vietnam peer percentile (86th) and the material YoY rise (+1.65) indicate relatively aggressive accounting metrics versus local comparators and a notable year-on-year shift.
• Gross Margin Index (GMI) = 10.0000: this index measures deterioration in gross margin (values >1 suggest margin deterioration); a value of 10 is an extreme reading and signals meaningful gross-margin pressure or reclassification effects.
• SGA Index (SGAI) = 2.0085: SGAI measures growth in selling, general and administrative expenses relative to sales (values >1 indicate SGA rising faster than sales); a 2.0085 reading shows SGA increased much faster than sales.
• Cash conversion 2.0/100 and Margin quality 0.0/100 in the Earnings Quality Score: these measure operating cash generation relative to profits (cash conversion) and stability of margins across periods (margin quality); both are very weak, indicating poor conversion of reported profits into cash and volatile or deteriorating margins.
• Altman Z-Score 1.99 (grey zone): this distance-to-distress metric places the company in an intermediate risk band for bankruptcy distance rather than a clear safe zone.
• Three consecutive years of net loss to FY2025 and accumulated losses 1.14x paid-in capital; owner's equity (excluding minority interest) is negative: the statements show losses in each of the latest 3 years and accumulated losses greater than paid‑in capital — facts that meet the statutory loss conditions referenced in Decree 155/2020 Art. 120(1)(e) (amended) for cancellation of a HOSE/HNX listing, though UPCoM trading is not subject to that cancellation rule.
• Receivables outside the trade cycle = 0.9% of total assets (33rd percentile): although not large in absolute terms, this line aggregates prepayments, loans receivable and long-term receivables and indicates some off-cycle receivables are present in the balance sheet.
• Director-deal registrations (2025-10-30 to 2026-10-30): 10 sale registrations by 7 registrants (6,405,666 shares aggregate, but 6 registrations lacked a volume) and 7 purchase registrations by 6 registrants (2,235,040 shares aggregate, with 6 lacking a volume). These are registered intentions (not executed trades) and show net registered selling volume exceeds registered buying volume in disclosed totals.

• Accruals quality 100.0/100: this score (and TATA = -0.5228 measuring total accruals to assets) indicates reported profits are supported by conservative or low accruals activity in the period measured.
• Receivables quality 100.0/100 and DSRI = 0.4300: DSRI measures receivables growth relative to sales; a DSRI well below 1 (0.4300) and a perfect receivables quality score indicate receivables did not expand relative to sales and the receivables profile appears high quality on the metrics used.
• AQI = 1.0121 and DEPI = 0.9385 near parity: AQI measures shifts into high‑risk asset categories and DEPI measures changes in depreciation rates; both are close to 1, suggesting no large one‑off asset‑quality reclassifications or aggressive depreciation changes captured by these indices.
• Piotroski F-Score 4/9: while neutral, this score shows some positive but limited operating or profitability signals among the nine F‑Score criteria rather than uniformly weak fundamentals.

Ownership is concentrated: three institutional/strategic holders (VCG, An Quý Hưng Holding, and Long Hải Development) each hold about 24.0%, a fourth institution holds 15.5%, and an individual holds 12.0%. VCG (24.0%) is a listed state‑linked group with related listed subsidiaries noted; no single controller above 50% is shown, but substantial block holdings imply significant influence and typical group-related related‑party and operational linkages.

• Compare the FY2025 line for 'prepayments to suppliers, loans receivable and other long-term receivables' in the balance-sheet schedule to the note that breaks down receivables by related party and by term (to verify the 0.9% of total assets classification).
• Reconcile the consolidated statement of cash flows to the parent profit (loss) note and the cash-conversion note to substantiate the Cash Conversion Score of 2.0/100 (check operating cash flows, changes in working capital and cash items supporting reported profit).
• Inspect the equity note and the audited accumulated-losses and paid-in capital lines to confirm accumulated losses = 1.14x paid-in capital, the three-year net-loss history, and the negative owner's equity (excluding minority interest) disclosed in the statutory statements.
• Review the director/insider transaction register filings and the exchange disclosure schedules for the period 2025-10-30 to 2026-10-30 to verify the 10 sale and 7 purchase registrations, the listed registrants, and the disclosed aggregate volumes and volume‑omissions.