HHS

• Beneish M-Score = 3.8359 (measures likelihood of earnings manipulation using eight ratios); this is at the 99th percentile versus Vietnamese peers and rose by +6.34 year‑over‑year (the YoY move suggests a recent shift in accounting signals). Note: the -1.78 cutoff is US‑calibrated and is only a secondary reference for Vietnamese firms.
• Days’ sales receivable index (DSRI) = 5.4275 (measures relative growth in receivables vs. sales) — a very large value consistent with receivables or revenue recognition changing faster than sales.
• Gross margin index (GMI) = 4.3205 (measures deterioration in gross margin) — a large number indicating margin deterioration versus the prior year.
• Depreciation index (DEPI) = 4.1076 (measures changes in depreciation policy or estimates) — a value above 1 suggests depreciation expense decreased relative to prior year or useful lives/extensions.
• Leverage/volatility index (LVGI) = 1.7788 (measures changes in leverage and volatility) — an elevated reading signaling increased leverage or balance-sheet volatility.
• SG&A index (SGAI) = 1.5126 (measures growth in selling/general/admin relative to sales) — faster SG&A growth than sales.
• TATA (total accruals / total assets) = 0.0658 (measures accruals intensity) — a positive accruals contribution to profit, though accruals quality score is relatively better.
• Earnings Quality overall = 38.8/100 (composite measure of cash, accruals, receivables and margin quality).
• Receivables quality = 0.0/100 and Revenue quality = 31.3/100 (measures suggesting revenue and receivables are weak signals of sustainable cash generation).
• Cash conversion (operating cash flow / net profit, 3 years) = 0.56 (32nd percentile among Vietnamese non-financials) — profit is not being converted into cash at an industry‑typical rate.
• Altman Z-Score = 2.14 (in the 'grey zone' for bankruptcy distance) — not an immediate insolvency signal, but less cushion than firms with higher Z-scores.
• Piotroski F-Score = 4/9 (neutral to weak fundamentals) — mixed signals on profitability, operational efficiency and leverage/ liquidity.

• Accruals quality = 73.7/100 (measure of how much reported profit is explained by accruals rather than cash; reasonably strong).
• AQI = 0.1705 (Beneish AQI component — relatively low compared with extreme values in the M‑Score components), which by itself is not an outlier in the suite of Beneish inputs.
• No accumulated losses and owner’s equity (excluding minorities) positive — balance-sheet equity is intact and undistributed earnings are not negative.
• Statutory loss tests under Decree 155/2020 (as amended) — none met in the audited FY2025 statements (this is a factual result reported by the auditors/statements).
• Director-deal registrations are limited: 0 sale registrations and 1 purchase registration (covering 1 registrant, 1 without a volume) reported between 2025-10-30 and 2026-10-30 — few registered insider intentions to trade were disclosed.

Ownership is highly concentrated: Công ty Cổ phần Đầu tư Dịch vụ Tài chính Hoàng Huy (institution) holds 58.3% (control-level concentration). The listed group holds 35.3% of CRV (influence). Other significant holders are the ton poh fund (4.9%), two individuals Nguyễn Phương Đông (4.6%) and Đinh Quang Chiến (4.4%), and a small listed holder NTL at 0.6%. Concentration and group links increase the importance of checking related‑party disclosures and intra‑group flows.

• Compare the 1.8% of total assets reported as 'receivables outside the trade cycle' with the related‑party receivables and prepayments note to see counterparty, maturities and interest terms.
• Reconcile operating cash flow and net profit in the cash flow note (verify components of the three‑year cash conversion ratio = 0.56) and inspect the reconciliation of profit to cash provided by operating activities.
• Inspect the revenue note and sales‑by‑segment schedule for large customers, concentration, sales returns, and the ageing of trade receivables (to validate DSRI = 5.4275).
• Review the fixed‑asset and depreciation policies and the movement schedule (note and table) to understand drivers of DEPI = 4.1076 (changes in useful lives, salvage values, or capitalization policy).