HMR

• Beneish M-Score = -1.2767 (measures likelihood of earnings manipulation using eight ratios). This is above the US -1.78 cutoff and sits at the 84th percentile among Vietnamese peers, indicating more aggressive accounting relative to peers; the M-Score rose by +0.99 year-over-year (an exception trajectory).
• DSRI = 1.3133 (Days Sales Receivable Index; >1 indicates receivables grew faster than sales). This suggests receivables/credit terms or recognition timing have loosened relative to sales.
• AQI = 1.3368 (Asset Quality Index; >1 signals greater capitalisation of non-current or unconventional costs or shifts in asset mix that can inflate profits).
• LVGI = 0.6719 (Leverage Index; <1 indicates leverage decreased). While lower leverage can be benign, a falling leverage index combined with an AQI >1 and rising M-score can indicate reclassification of items off the income statement into assets.
• Cash conversion (operating cash flow / net profit, 3-year) = 0.65 (34th percentile among Vietnamese non-financials). This is low — reported profits are not being converted to operating cash at the same rate as peers.
• Receivables outside the trade cycle = 41.8% of total assets (98th percentile). A very large proportion of assets are prepayments, loans receivable or long-term receivables rather than trade receivables; such balances deserve scrutiny for related-party terms, collectability and classification.
• Earnings-Quality overall = 29.1/100 with Revenue quality = 0.0/100, Receivables quality = 0.0/100 and Cash conversion = 0.0/100. These component zeros flag concerns about the quality and sustainability of reported revenue and receivables recognition as measured by the applied scoring rules.
• Piotroski F-Score = 3/9 (measures nine fundamental signals of financial strength; 3 is weak).

• Altman Z-Score = 5.79 (measures distance to bankruptcy using liquidity, profitability and capital structure; this value places the company in the safe zone).
• Accruals quality = 81.2/100 (measures how much reported earnings are explained by accruals; a higher score here indicates accruals are relatively consistent/transparent).
• TATA = 0.0471 (total accruals to total assets; a low positive number suggests total accruals are small relative to assets, i.e., not dominated by large one-off accruals).
• SGI = 0.8899 (Sales Growth Index; <1 means sales decreased year-over-year, which can reduce pressure to inflate sales compared with high-growth peers).
• DEPI = 0.9075 (Depreciation Index; <1 typically indicates depreciation expense increased relative to prior year, which works against earnings inflation).

RCC (Công ty Cổ phần Tổng Công ty Công trình Đường sắt Việt Nam) holds 54.8% (control as of 2026-06-30), indicating majority control by a single listed entity; the remaining shareholders are dispersed (largest individual 3.2%). This is a group-controlled/majority state-linked holding structure under Vietnamese context (control threshold >50%). Director-deal disclosures (registrations) show 1 sale registration and 2 purchase registrations (totaling 1,250,000 shares registered to buy) filed between 2025-10-30 and 2026-10-30 — these are registered intentions, not executed trades.

• Compare the FY2025 note(s) that detail 'receivables and prepayments' with the related-party transactions note: identify the split between trade receivables, loans to related parties, and prepayments and report the terms/tenors.
• Reconcile the cash-flow statement (operating cash flow) to profit for FY2023–FY2025: show the components of working-capital changes and any large adjustments to reconcile profit to cash from operations.
• Inspect the fixed-asset and depreciation policy note for FY2025: confirm depreciation methods, useful lives and any changes that would explain DEPI = 0.9075.
• Review the auditor’s report and the statutory schedules referenced under Decree 155/2020 Art.120(1)(e) / Decree 245/2025 to confirm the company does not meet any statutory loss conditions (the published statements show none met).