HD6

• Beneish M-Score = 0.5322 (measures probability of earnings manipulation patterns; the company ranks in the 95th percentile among Vietnamese peers and the M-Score increased by +1.73 year-over-year).
• DSRI = 5.3495 (Days-Sales-in-Receivables Index; a very large value indicating receivables and revenue growth are unusually decoupled).
• AQI = 2.5388 (Asset Quality Index; elevated value suggesting rising non-current or other atypical asset balances such as capitalized costs, prepayments or long-term receivables).
• Receivables outside the trade cycle = 13.5% of total assets (measures prepayments, loans receivable and other long-term receivables; at the 86th percentile among VN non-financials).
• Earnings-quality: Receivables quality = 0/100 and Revenue quality = 0/100 (these scores indicate weak evidence that reported revenue and receivables convert into sustainable, high-quality earnings).
• Cash conversion (3-year operating cash flow / net profit) = 3.25 (86th percentile; low cash conversion indicates profit is not being converted into operating cash flow).
• Altman Z-Score = 0.87 (puts the company in the 'distress' zone for bankruptcy-distance metrics; Z-Score synthesizes liquidity, profitability and leverage).
• SGAI = 1.6297 and GMI = 1.1772 (SG&A Index and Gross Margin Index above 1 indicate rising SG&A expense pressure and deteriorating gross margins relative to prior period).
• TATA = -0.1558 (Total Accruals to Total Assets is negative, which in isolation can reflect accrual management patterns; interpret together with other signals).

• Accruals quality = 100/100 (this metric measures the extent that accruals, as estimated from the balance sheet and cash flow statement, do not appear to be the primary driver of reported profit).
• Cash conversion score = 100/100 (despite the three-year cash-conversion ratio being poor in the peer ranking, the earnings-quality module flags short-term accrual behaviour as high quality — this is a mixed signal requiring closer reading of timing).
• LVGI = 1.0755 (Leverage/Voluntary Growth Index modestly above 1; not an extreme leverage-growth mismatch).
• No accumulated losses and positive owner's equity (undistributed earnings are not negative; statutory accumulated-loss tests in the listed-market rules are not triggered in UPCoM).

Ownership is moderately concentrated: an individual, Lê Quốc Bình, holds 19.4% and a state-owned enterprise, Tổng Công ty Đầu tư và phát triển nhà Hà Nội, holds 16.3%; several small insiders and a brokerage (SHS) hold the next largest stakes. Director-deal disclosures show one sale registration (124,229 shares; net registered volume -0.82% of shares outstanding) between 2025-10-30 and 2026-10-30 (registrations are intentions filed with the exchange, not confirmed trades).

• Compare the FY2025 breakdown of trade receivables, loans receivable and other receivables in the notes to the balance sheet to quantify the 13.5% of total assets labelled 'receivables outside the trade cycle.'
• Reconcile profit before tax and operating cash flow in the cash flow statement and the notes: reproduce the three-year cash-conversion ratio (operating cash flow / net profit) to confirm the 3.25 figure and identify major non-cash items.
• Inspect related-party disclosures and the note on prepayments/advances: identify any large prepayments to suppliers, loans to related parties or long-term receivables that feed the AQI and DSRI signals.
• Review the directors' and large-holders' registration filings on the exchange (the disclosure that lists the 124,229-share sale registration) and the share register/note to confirm whether the registered volumes correspond to repeated registrations by the same holder.