HU1

• Beneish M-Score = -1.0162 (measures likelihood of earnings manipulation; Vietnamese peer percentile 87th means this company’s score is more aggressive than 87% of VN peers; year-over-year change +1.21 shows the accounting profile has shifted materially).
• Cash conversion (operating cash flow / net profit, 3 years) = -28.91 (measures whether reported profits convert into cash; this is at the 1st percentile among VN non-financials — very low, meaning profits have not turned into operating cash over three years).
• Altman Z-Score = 0.79 (measures distance from bankruptcy; 0.79 is in the distress zone, indicating low cushion versus insolvency metrics).
• DEPI = 9.9097 (Depreciation Index; measures changes in rate of depreciation — a value this large implies material change in depreciation policy or useful lives which can inflate reported profits).
• TATA = 0.1032 (Total Accruals to Assets; measures accrual component of earnings — a positive accruals signal combined with very poor cash conversion raises concern about earnings quality).
• Earnings-quality sub-scores: Cash conversion = 0.0/100, Margin quality = 0.0/100, Revenue quality = 0.0/100 (these score components measure respectively the cash conversion of profits, stability/quality of margins, and sustainability/recurrence of revenue; zeros indicate weaknesses in those areas).
• Receivables outside the trade cycle = 9.5% of total assets (measures non-trade receivables such as prepayments, loans receivable and other long-term receivables; at the 80th percentile among VN peers this is elevated and may reflect related-party prepayments or financing).

• Receivables quality = 100.0/100 (measures how conservatively receivables are reported relative to peers; a high score suggests receivables aging, allowances or composition are not showing classic signs of revenue-stretching).
• DSRI = 0.6354 (Days Sales Receivable Index; below 1 typically implies receivables are shrinking relative to sales, reducing a common manipulation channel).
• GMI = 0.9431 (Gross Margin Index; below 1 indicates gross margins improved year-over-year, which is not a typical signal of distress-driven manipulation).
• SGAI = 0.6280 (Sales, General & Admin Index; below 1 shows SG&A fell relative to sales, which can support higher reported profits without obvious accruals).
• LVGI = 0.9832 (Leverage Index; slightly below 1 indicates leverage did not increase materially year-over-year).
• Piotroski F-Score = 5/9 (measures nine accounting-based fundamentals; a neutral score suggests mixed operating and profitability signals rather than clear deterioration).
• No accumulated losses; owner's equity (ex-minority) positive; parent net loss years = 0 (the statements do not show statutory indicators of repeated parent losses or negative equity).
• Statutory loss tests (Decree 155/2020 Art. 120(1)(e) as amended) = none met (the audited annual statements do not meet the listed-exchange statutory loss criteria as published).

Ownership is concentrated: Công ty Cổ Phần Đầu Tư Đô Thị Hà Nội holds 60.0% and there are two other sizable individual holders (20.4% and 5.3%). The listed group holds 51.0% of H11 (control). This control concentration (major institutional 60% holder and group control of subsidiary) means related-party transactions, intra-group balances and policies set by a controlling owner are material to the company’s reported results. Director-deal disclosures show one purchase registration and zero sale registrations between 2025-10-30 and 2026-10-30 (registrations are intentions reported to the exchange, not executed trades).

• Compare the line(s) for 'Prepayments to suppliers', 'Loans and advances to customers/others' and 'Other long-term receivables' in the FY2025 statement of financial position to the related-party note and explain any large balances (receivables outside the trade cycle = 9.5% of total assets).
• Reconcile operating cash flow to net profit in the consolidated cash flow statement and the notes; quantify the components of the three-year shortfall that produce operating cash flow / net profit = -28.91 (show the exceptional items, changes in working capital, and non-cash adjustments).
• Review the notes on property, plant & equipment and depreciation policy (useful lives, changes in estimates) to explain DEPI = 9.9097 and any year-over-year change in depreciation expense or useful-life assumptions.
• Check revenue recognition and trade receivables notes: verify days sales outstanding, allowance for doubtful debts, and revenue cut-off disclosures in FY2025 to corroborate DSRI = 0.6354 and revenue-quality = 0.0/100.