HTP

• Beneish M-Score 3.4794 (measures likelihood of earnings manipulation patterns); company is at the 98th percentile versus Vietnamese peers and M-Score rose by +5.85 year-over-year (a meaningful shift compared with low year-to-year correlation).
• DSRI (Days Sales Receivable Index) = 10.0000 (measures unusual growth in receivables relative to sales), indicating receivables grew far faster than revenue.
• SGAI (Sales, General & Administrative Index) = 10.0000 (measures abnormal growth in SGA relative to sales), which can signal expense deferral or reclassification.
• GMI (Gross Margin Index) = 2.2975 (measures deterioration in gross margin) — a reading >1 suggests worsening margins year-over-year.
• Receivables quality = 0/100 and 'Receivables outside the trade cycle' = 18.4% of total assets (89th percentile among VN non-financials) (measures level of receivables/prepayments/long-term receivables that are not normal trade receivables).
• Margin quality = 0/100 and Revenue quality = 0/100 (measures persistence/quality of margins and revenue recognition patterns).
• Altman Z-Score = -0.14 (measures distance to bankruptcy; this is in the distress zone).
• TATA (Total Accruals to Total Assets) = -0.1234 (measures accruals; negative large accruals can reflect one-off adjustments or cash/earnings disconnects to investigate).
• Piotroski F-Score = 4/9 (measures nine fundamental signals; a middle/low score indicating mixed operational and profitability signals).
• Accumulated losses = 0.12x paid-in capital (measures cumulative retained losses relative to equity base).

• Accruals quality = 100/100 (measures the quality of accruals; here accruals appear high quality by the metric used).
• LVGI = 0.9437 (leverage-growth index close to 1 suggests leverage did not spike abnormally relative to asset growth).
• SGI = 0.0149 (sales growth index near zero indicates little revenue growth, reducing some risks associated with aggressive growth accounting).
• Owner's equity excluding minority interest: positive (measures solvency on the parent’s balance sheet).
• Statutory loss tests: company is on UPCoM where the HOSE/HNX statutory cancellation test does not apply (a factual statement about listing venue and applicable rule).

Ownership is concentrated in individuals: the top three natural persons hold 21.8%, 11.4% and 10.2% respectively, giving substantial insider control. Institutional ownership is small (largest institution 4.9%); director-deal disclosures show one sale registration and no purchase registrations in the last year (registrations are intentions filed with the exchange, not executed trades).

• Compare the FY2024 breakdown of 'receivables and prepayments' in the notes to the statement of financial position and quantify the 18.4% of total assets classified as prepayments/loans/long-term receivables.
• Reconcile revenue by product/segment with trade receivables and days-sales-outstanding in the management discussion or revenue note to understand the DSRI = 10.0000 signal.
• Inspect the SGA note and the SGA line in the income statement to track items causing SGAI = 10.0000 (look for one-off reversals, reclassifications or capitalized expenditures).
• Review the audit report, retained earnings/movements schedule and note on accumulated losses to confirm the 0.12x paid-in-capital figure and the single-year parent net loss disclosure.