HAD

• Beneish M-Score -1.5469 (measures the likelihood of earnings manipulation patterns) — at the 79th percentile vs Vietnamese peers, indicating more aggressive accounting than most peers; year-over-year change +1.15 shows the M-Score moved materially this year.
• AQI (Accruals Quality Index) = 2.2687 (measures unusual accruals behavior) — elevated and a contributor to the M-Score increase.
• DSRI (Days’ Sales in Receivables Index) = 1.1918 (measures growth in receivables relative to sales) — suggests receivables are growing faster than sales.
• DEPI (Depreciation Index) = 1.2227 (measures changes in depreciation policy or useful lives) — above 1.0, consistent with slower depreciation or asset-life extensions that can boost reported profit.
• TATA (Total Accruals to Total Assets) = 0.0747 (measures total accruals relative to assets) — positive accruals indicating earnings partly driven by non-cash items.
• Earnings-quality sub-scores: Cash conversion = 0.0/100 and Revenue quality = 0.0/100 (these measure how profit converts to cash and whether revenue patterns look high quality) — both at the bottom of the scale.
• Cash-conversion check (three-year operating cash flow / net profit) = 0.55 (32nd percentile) — profits are not converting to cash as well as most Vietnamese peers.

• Altman Z-Score = 4.21 (measures bankruptcy risk using balance-sheet and earnings factors) — in the 'safe' zone and indicates distance from financial distress.
• Piotroski F-Score = 4/9 (measures nine fundamental signals of improving performance) — neutral; not showing strong deterioration in fundamentals.
• Receivables outside the trade cycle = 0.2% of total assets (14th percentile) — a low proportion of assets tied up in non-trade receivables such as long-term loans or prepayments.
• No accumulated losses and no parent net-loss years in the last period (0 years up to FY2025) — retained earnings and reported parent profit are positive.

Majority control is concentrated: BHN (Tổng Công ty Cổ phần Bia - Rượu - Nước giải khát Hà Nội) holds 55.0% (control, position disclosed as of 2026-06-30). The listed parent also controls or significantly influences multiple sister companies in the same group (several subsidiaries with majority stakes), which can create intra-group related-party flows and influence accounting and operating decisions.

• Compare the year-over-year change in ‘Accounts receivable’ and the receivables ageing note with the DSRI drivers — reconcile the receivables growth to reported revenue growth in the income statement.
• Inspect the notes to property, plant and equipment for changes in useful lives, depreciation methods, and the schedule that supports DEPI = 1.2227.
• Reconcile the consolidated cash-flow from operating activities to consolidated net profit (cash-conversion = 0.55) and review the reconciliation of non-cash items in the cash-flow statement.
• Review related-party disclosures and the schedule of loans/advances to/from related parties (prepayments, long-term receivables) given the group structure and the low receivables-outside-trade-cycle ratio (0.2% of assets).