HAM

• Beneish M-Score -1.5566: measures a composite of eight accounting ratios to flag likely earnings manipulation; company sits at the 79th percentile among Vietnamese peers (higher = more aggressive accounting) and the M-Score increased by +1.73 year-over-year (the direction of change is a secondary signal).
• DSRI 1.3221: the Days' Sales Receivable Index compares receivables growth to sales growth; >1 suggests receivables are growing faster than sales, which can indicate revenue recognition timing or collection issues.
• GMI 1.1559: the Gross Margin Index >1 indicates gross margins worsened year-over-year, a condition that Beneish treats as increasing pressure to manage earnings.
• TATA 0.1063: Total Accruals to Total Assets of 0.1063 (10.63%)—a non-trivial accruals share of the balance sheet that feeds into the Earnings Quality score (Accruals quality 58.3/100) and can indicate earnings partly driven by accruals rather than cash.
• Earnings-Quality Cash conversion 0.0/100 and 3-year cash conversion (operating cash flow / net profit) = 0.61 (33rd percentile): operating cash flow is not converting reported profit well over three years (low percentile among VN peers).
• Receivables quality 0.0/100 and Receivables outside the trade cycle = 4.2% of total assets (63rd percentile): a material share of assets (prepayments, loans receivable, other long-term receivables) sits outside normal trade receivables, and the receivables-quality metric is poor.
• SGI 0.8826 and AQI 0.8703: Sales Growth Index <1 and Asset Quality Index <1 here reflect mix changes in sales and asset composition that contribute to the composite M-Score; changes in asset classification or capitalization policies can influence AQI.

• Altman Z-Score 3.90: measures distance to bankruptcy using profitability, leverage, liquidity and activity ratios; 3.90 is in the safe zone (lower immediate bankruptcy risk by that model).
• No accumulated losses and parent net loss in 0 consecutive years up to FY2025: undistributed earnings are not negative and the parent has not reported statutory net losses in the last reporting horizon.
• Owner's equity (excluding minority interests) positive: the balance sheet shows positive equity attributable to owners.
• Director-deal registrations: 13 purchase registrations and 0 sale registrations disclosed 2025-10-30 to 2026-10-30, net registered volume +1.46% of shares outstanding—registrations signal insider intent to buy rather than register sales in the period (registrations are not executed trades).
• Piotroski F-Score 4/9: a neutral score on fundamentals (profitability, leverage/liquidity, operating efficiency) rather than clearly poor.

Top shareholders are concentrated among individuals: Lê Hoàng Nam 7.4%, Vũ Thị Thủy 5.2%, Lương Văn Sĩ 4.7%, Trần Thị Phượng 4.0%, and Đào Thị Vững 3.8%. No single dominant state or corporate block reported; director-deal registrations show insiders registered net purchase intentions (13 purchase registrations, 0 sales).

• Compare the line items for 'prepayments to suppliers', 'loans receivable' and 'other long-term receivables' in the FY2025 balance sheet and the related-party disclosures to the 'receivables outside the trade cycle' 4.2% of total assets figure.
• Reconcile consolidated operating cash flow (cash flow from operating activities) to consolidated net profit for FY2023–FY2025 to verify the 3-year cash conversion ratio of 0.61 and inspect the notes explaining major timing differences or non-cash items.
• Review the notes on revenue recognition and the trade receivables schedule to confirm the composition behind the DSRI = 1.3221 (days-sales receivable growth vs sales growth).
• Check the audited statement of changes in equity and the parent company profit (parent profit / loss) note to confirm there are no accumulated losses and that the parent had 0 consecutive years of net loss up to FY2025.
• Open the exchange disclosures for the director-deal registrations (dates, registrants, volumes) to confirm the 13 purchase registrations, 0 sale registrations, and the reported net registered volume of +1.46% of shares outstanding.