HUT

• Beneish M-Score = -1.2118 (measures likelihood of earnings manipulation using eight financial ratios); Vietnamese peer percentile = 85th (higher = more aggressive accounting than most VN peers) and YoY change = +0.63 (the M-Score moved materially year-over-year).
• DSRI = 2.2351 (Days Sales Receivable Index; elevated DSRI can indicate revenue recognition issues or slow collections).
• DEPI = 1.4287 (Depreciation Index >1 measures slower depreciation or capitalization changes; can inflate reported profits).
• TATA = 0.0208 (total accruals to total assets measure of real accrual magnitude; although small, combined with other signals it needs context).
• Cash conversion (3-year operating cash flow / net profit) = 3.23 (86th percentile among Vietnamese non-financial firms) — profits are not converting into cash relative to peers.
• Receivables outside the trade cycle = 9.8% of total assets (80th percentile) — a material share of assets are prepayments/loans/other non-trade receivables that can obscure earnings quality.
• Altman Z-Score = 1.27 (measures distance to bankruptcy; this level is in the distress zone).
• Earnings-quality sub-scores: overall 31.1/100 with Revenue quality 12.5/100 and Margin quality 23.4/100 (weak indicators for the sustainability and reliability of reported revenues and margins).

• Accruals quality = 91.7/100 (measures the extent accruals reflect normal, high-quality earnings processes: high score indicates low abnormal accruals).
• Piotroski F-Score = 4/9 (neutral fundamentals; not strongly deteriorated on the nine-point operational/financial checklist).
• No accumulated losses and owner's equity (excluding minority interest) is positive (these are simple balance-sheet facts that indicate the company is not reporting cumulative statutory losses).
• Statutory loss tests (Decree 155/2020 Art.120(1)(e), amended) — none met in the audited FY2025 statements (the published statements do not trigger the exchange cancellation criteria listed in that rule).

Ownership is concentrated: Tasco Holding holds 30.0% (institutional). Several individuals hold meaningful stakes (Phạm Quang Dũng 7.5%; three others each ~5.0%). Director-deal registrations in the past year show one sale registration of 3,500,000 shares (registered volume = -0.33% of shares outstanding) and no purchase registrations; these are registered intentions disclosed to the exchange, not executed trades.

• Compare the FY2025 "Receivables and prepayments" note to the total assets to verify the 9.8% share and read the breakdown between related-party loans, advances to suppliers and long-term receivables.
• Reconcile FY2023–FY2025 cash-flow statements with the income statements to confirm the three-year operating cash flow / net profit ratio (3.23) and identify major timing or non-cash adjustments.
• Inspect the fixed-asset and depreciation notes to reconcile the DEPI = 1.4287 figure (check changes in useful lives, capitalization policy or revaluation that affect depreciation expense).
• Check the auditor’s report and the statutory reporting notes for any disclosures tied to the Decree 155/2020 (amended) loss triggers and the statements that support the statement 'none met' for FY2025.