H11

• Beneish M-Score -1.4059: measures a combination of eight ratios associated with earnings manipulation; at the 81st Vietnam peer percentile this company shows more aggressive accounting metrics than about 80% of listed Vietnamese non-financial peers. Year-over-year M-Score change +1.30 indicates accounting metrics have been moving toward greater aggressiveness relative to last year.
• GMI (Gross margin index) 1.5809: GMI > 1 signals deteriorating gross margins year-over-year, which contributes to a higher M-Score and can indicate pressure on reported profits.
• SGI (Sales growth index) 1.4370: SGI > 1 shows strong sales growth (1.437x), which can create incentives to manage earnings and is one of the components pushing the M-Score up.
• TATA (Total Accruals to Total Assets) 0.1042: positive TATA indicates sizeable accruals (about 10.4% of assets) which reduces earnings quality and is consistent with the low cash-conversion signal.
• Cash conversion (operating cash flow / net profit, 3-year) -5.16 (5th percentile): measures whether reported profits convert to cash; a strongly negative ratio at the 5th percentile indicates profits have not converted into operating cash over three years.
• Altman Z-Score 0.82 (distress zone): measures distance to bankruptcy; 0.82 places the company in the classic distress zone used by Altman’s model.
• Piotroski F-Score 3/9: measures nine fundamental signals (profitability, leverage/liquidity, operating efficiency); a score of 3 indicates weak fundamentals overall.
• Earnings Quality overall 40.8/100 with Cash conversion 0.0/100 and Margin quality 0.0/100: the composite score and component lows show poor cash-realisation and margin sustainability.
• Receivables outside the trade cycle 5.5% of total assets (70th percentile): indicates material non-trade receivables (prepayments, loans receivable or long-term receivables) that are higher than many peers and can obscure true trade working capital.

• Receivables quality 100.0/100: measures the quality and proportion of trade receivables; this component scores perfectly, suggesting trade receivables themselves are not an immediate concern.
• AQI (Asset quality index) 1.0000 and DEPI (Depreciation index) 1.0000: AQI = 1 indicates no deterioration in the ratio of non-current to total assets versus prior year in the Beneish inputs, and DEPI = 1 indicates no change in the effective depreciation pattern captured by Beneish's DEPI component.
• DSRI (Days Sales in Receivables Index) 0.8323: DSRI < 1 implies receivables are not growing faster than sales in the Beneish formulation, consistent with the high receivables-quality component.
• LVGI (Leverage index) 1.0344: modest increase in leverage (about 3.4%) rather than a large jump; not an extreme leverage signal within the M-Score drivers.

Control is concentrated: HU1 (Công ty Cổ phần Đầu tư và Xây dựng HUD1) holds 51.0% (control as of 2025-12-31). A large individual shareholder (Lê Văn Bá) holds 12.0%; remaining named individuals hold 4.5% and smaller stakes. Director-deal disclosures show 2 purchase registrations and 0 sale registrations (registrations disclosed between 2025-10-30 and 2026-10-30), which are intentions registered with the exchange, not executed trades.

• Compare the company's statement of cash flows (operating cash flows) for FY2023–FY2025 with the profit (parent profit) lines to verify the three-year operating cash flow / net profit ratio that produced -5.16.
• Inspect the notes and schedules for receivables, prepayments and loans receivable to identify the composition and ageing of the 5.5% of total assets classified as receivables outside the trade cycle.
• Review the fixed-asset and depreciation notes to confirm the inputs behind AQI = 1.0000 and DEPI = 1.0000 (changes in non-current asset composition and depreciation policies).
• Check the related-party and balances table to see amounts, terms and counterparty identity for any loans to/from related parties or intra-group balances given the 51.0% parent HU1 ownership.