HLD

• Beneish M-Score = 5.7692 (measures likelihood of earnings manipulation patterns); this is at the 99th percentile among Vietnamese peers (higher = more aggressive accounting relative to VN peers) and rose by +6.59 year-over-year (the trajectory is a secondary concern). Note: the usual -1.78 US cutoff is not directly transferable to VN, so peer percentile and YoY change are emphasized.
• Earnings-Quality Score = 20.1/100 (measures overall quality of reported earnings). Subcomponents: Accruals quality = 0.3/100 (very poor accrual quality) and Cash conversion = 0.0/100 (operating cash flow not supporting reported profits).
• Three-year cash conversion (operating cash flow / net profit, FY2023–FY2025) = -65.15 (0th percentile among VN non-financials), indicating profits are not being converted into operating cash.
• Altman Z-Score = 1.22 (measures bankruptcy distance; this is in the 'distress' zone).
• SGI (Sales Growth Index) = 9.5662 in the Beneish components (measures revenue growth; a high SGI can be associated with pressure to manage earnings), and SGAI = 2.7571 (sales, general & admin growth index) — both contribute to the elevated M-Score.
• TATA (total accruals to total assets) = 0.3979 (measures accrual intensity of earnings) and AQI = 0.6317 (asset quality index), both signalling aggressive accruals/asset treatment versus peers.

• Receivables outside the trade cycle = 1.7% of total assets (46th percentile among VN peers) — not unusually large relative to peers; this figure captures prepayments, loans receivable and long-term receivables outside normal trade receivables.
• Receivables quality subscore = 100.0/100 in the Earnings-Quality components (measures whether revenues are supported by receivables behaviour).
• No accumulated losses and owner’s equity (excluding minority interest) is positive — the statements do not show statutory loss triggers under the cited decrees.
• Piotroski F-Score = 5/9 (measures fundamental financial health; a neutral score rather than strongly negative).

A single institution, Tổng Công ty Đầu tư Phát triển Nhà và Đô thị, holds 51.0% (majority control). Other named shareholders are materially smaller (largest individuals: 5.1%, 3.1%, 1.2%; a mutual fund at 0.4%). This indicates concentrated control via an institutional majority owner (consistent with many listed groups or state-influenced structures in Vietnam).

• Compare the operating cash flow line in the cash flow statement (FY2023–FY2025) with parent net profit to verify the reported three-year cash conversion ratio of -65.15.
• Inspect the notes/schedules for receivables, 'loans and receivables to related parties' and 'prepayments to suppliers' to confirm the 1.7% of total assets labeled as receivables outside the trade cycle.
• Examine the notes on accruals, depreciation and other non-cash adjustments (the consolidated statement of cash flows and accounting policies) to reconcile TATA = 0.3979 and accruals-quality = 0.3/100.
• Check the audited balance-sheet equity reconciliation and the auditor’s report to confirm there are no accumulated losses and that the statutory loss tests cited (Decree 155/2020 Art.120(1)(e), as amended) are not met in the published audited statements.