HPI

• Beneish M-Score 0.3471 (94th Vietnam peer percentile): measures a composite of eight ratios used to detect earnings manipulation; a high percentile indicates more aggressive accounting versus Vietnamese peers.
• Year-over-year M-Score change +2.86: measures the change in the same composite; a large positive move is an additional cue that accounting behaviour has shifted materially.
• GMI (Gross Margin Index) = 6.1001: part of the M-Score family, this measures deterioration in gross margins (values >1 indicate margins worsening); a very large value here is a concern for margin weakness or margin-related adjustments.
• SGI (Sales Growth Index) = 1.7220: measures sales growth; values >1 indicate growing sales (high growth can stress quality of revenue recognition).
• DEPI (Depreciation Index) = 1.1382: measures changes in depreciation policy/estimates; >1 suggests slower depreciation (potentially boosting reported profits).
• TATA (Total Accruals to Total Assets) = 0.0175: measures the contribution of accruals to earnings; small but positive accruals alongside other M components merit attention.
• Altman Z-Score 0.35 (distress zone): a multivariate score estimating distance to bankruptcy; 0.35 indicates low buffer per the Altman test.
• Earnings-quality sub-scores of 0.0/100 for cash conversion, margin quality and revenue quality: these specific measures indicate profits are not being converted to cash, and there are severe weaknesses in margin and revenue-related metrics.
• Vietnam cash conversion (3-year operating cash flow / net profit) = -0.77 (15th percentile): measures whether reported profits convert into operating cash; negative and low percentile indicates profits did not translate into cash over three years.
• Accumulated losses = 0.50x paid-in capital: measures cumulative losses relative to equity contributed; half of paid-in capital in accumulated losses is a balance-sheet concern versus peers.

• Accruals quality = 93.0/100: measures the extent to which accruals appear reliable; a high score indicates reported earnings are not driven by unusual accruals.
• Receivables quality = 100.0/100 and receivables outside the trade cycle = 0.5% of total assets (24th percentile): the first is a direct earnings-quality metric and the second shows low exposure to related-party/prepayment/long-term receivables as a share of assets, which supports collectability and normal trade-cycle treatment.
• Piotroski F-Score = 5/9 (neutral): a mixed but not dire set of fundamentals (profitability, leverage/liquidity, and operating efficiency measures).
• Owner's equity (excluding minority interest) is positive and the parent has zero consecutive years of parent net loss up to FY2025: these are explicit facts from the statements showing the company is not reporting statutory parent-year net losses in sequence and has positive equity.

Ownership is highly concentrated: Công ty TNHH MTV Phát triển Công nghiệp Tân Thuận holds 40.5% and Công ty Cổ Phần Đầu Tư Xây Dựng Tuấn Lộc holds 33.3%, combining for 73.8% institutional control. The top two holders are institutional entities (one is an industrial development company, which in Vietnam may have state or quasi-state links), and there are no director-deal registrations listed in the provided data (director-deal registrations are registered intentions with the exchange, not executed trades).

• Compare FY2025 operating cash flow and the cash-flow-from-operations note to the net profit line to verify the components driving the 3-year cash-conversion ratio (operating cash flow / net profit = -0.77).
• Inspect the receivables and other receivables/relation-party transactions notes to confirm the composition of the 0.5% of total assets classified as receivables outside the trade cycle (prepayments, loans receivable, long-term receivables).
• Review the fixed-asset and depreciation policy note to assess whether the change implied by DEPI = 1.1382 arises from altered useful lives or depreciation methods and the related impact on profit.
• Examine the revenue recognition policy and disaggregated revenue/sales notes (and any related-party revenue schedules) to understand drivers of SGI = 1.7220 and the revenue-quality score of 0.0/100.