HVH

• Beneish M-Score -0.5595 (90th percentile vs Vietnamese peers; note the -1.78 US cutoff is not VN-calibrated) — measures an aggregate likelihood of earnings manipulation based on eight financial ratios; the high peer percentile and a YoY change of +1.96 indicate the company has shifted toward the signature of more aggressive accounting relative to peers.
• DSRI 1.8803 — the Days' Sales Receivable Index (growth in receivables relative to sales) is elevated, which can indicate revenue recognition or collectability issues.
• LVGI 1.9056 — the leverage/asset growth index is high, signalling rapid growth in liabilities or leverage relative to assets, a component associated with pressure on reported earnings.
• GMI 1.3426 — the Gross Margin Index (>1 means margins deteriorated year-over-year), suggesting margin pressure that can create incentives to manage earnings.
• TATA 0.1280 — Total Accruals to Total Assets is positive, indicating accruals contributed to earnings (accruals-based earnings), which reduces cash quality of reported profit.
• Earnings-Quality sub-scores extremely low: Cash conversion 0.0/100 and Receivables quality 0.0/100 and Revenue quality 0.0/100 — these quantify that operating profit is not converting into cash, receivables show poor quality, and revenue exhibits low quality signals.
• Cash conversion (3-year operating cash flow / net profit) = 0.66 (34th percentile among VN non-financials) — profits are not being converted to cash at a strong rate compared with peers.

• AQI 0.6515 — the Asset Quality Index below 1 suggests no large shift toward long-lived asset reclassification that would commonly inflate short-term profits; AQI measures changes in the proportion of non-current assets not subject to depreciation.
• DEPI 1.0052 and SGAI 0.5860 — Depreciation Index close to 1 (DEPI ~1.0052) indicates no major change in depreciation policy, and SGAI <1 (0.5860) shows selling/general/admin expenses did not spike relative to sales, both moderating some manipulation vectors.
• No accumulated losses; owner's equity (ex-minorities) is positive and the parent has 0 years of net loss up to FY2025 — these are accounting facts that signal the company is not in statutory loss territory and has positive retained earnings.
• Statutory loss tests (Decree 155/2020 Art.120(1)(e) as amended) — none met in the published statements, i.e. the audited statements do not meet the exchange cancellation criteria referenced.

Ownership is concentrated among individuals: Nguyễn Mỹ Dung 16.9%, Trần Hữu Đông 15.4%, and three other individuals holding between 5.0–8.6%. This concentrated, individual-owner structure can be associated with strong controlling influence by insiders; no state or corporate-block shareholder is listed in the top five.

• Compare the FY2025 note(s) on trade and non-trade receivables to the revenue note: confirm the composition and ageing of receivables and quantify any receivables labelled as 'prepayments to suppliers', 'loans receivable' or 'other long-term receivables' that make up the reported 7.4% of total assets.
• Reconcile consolidated operating cash flow and parent net profit for FY2023–FY2025 to reproduce the 3-year cash-conversion ratio (0.66): inspect the cash-flow statement and the reconciliation of profit to cash from operating activities (the accrual adjustments and working-capital movements).
• Inspect the related-party transactions and group schedules in the annual report for balances and terms of any receivable or payable to related parties, given the high DSRI (1.8803) and LVGI (1.9056) which can reflect receivables and related-party financing.
• Review the auditor's report and the accounting-policy notes for depreciation and revenue recognition to confirm there were no disclosed changes in depreciation methods or revenue policies (DEPI ~1.0052 and SGAI 0.5860 suggest no major policy shifts).