KCB

• Beneish M-Score = -1.1399 (measures likelihood of earnings manipulation using eight financial ratios); this is at the 87th Vietnam-peer percentile (higher indicates more aggressive accounting relative to VN peers) and rose by +2.38 year-over-year (the YoY move is a separate signal because consecutive-year M-Scores correlate weakly). Note: the -1.78 cutoff originates from a US sample and about 28% of Vietnamese companies exceed it.
• DSRI = 2.0982 (Days’ Sales in Receivables Index; a rise suggests receivables are growing faster than sales or sales are being recorded earlier), which is a substantial elevation versus typical ranges.
• TATA = 0.0928 (Total Accruals to Total Assets; positive accruals here contribute to weaker cash conversion and indicate earnings are supported by accruals rather than cash).
• LVGI = 1.7067 (Leverage Index; an increase in leverage relative to prior periods is present), and GMI = 1.1869 (Gross Margin Index >1 indicates gross margins have deteriorated year-over-year).
• Earnings-quality composite = 28.3/100, with Cash conversion = 0.0/100 and Receivables quality = 0.0/100 (these two scores flag very low cash generation relative to reported profit and concerns about the composition/timing of receivables or other non-trade receivables).
• Piotroski F-Score = 3/9 (measures nine signals of operational/earnings health; a score of 3 indicates weak fundamental profitability/efficiency signals).

• Altman Z-Score = 3.09 (measures bankruptcy distance; a score above ~2.6 is commonly interpreted as the 'safe' zone for financial distress), which points to no immediate bankruptcy-distance concern under that model.
• AQI (1 - Asset Quality Index) = 0.8220 (the AQI component is below 1; lower AQI often implies less investment in long-lived assets relative to revenues compared with prior year), and SGAI = 0.9382 (Selling, General & Admin Index slightly below 1, indicating SG&A did not increase relative to sales).
• Accumulated losses: none (undistributed earnings are positive) and owner’s equity attributable to parent is positive — both are clear balance-sheet facts that remove statutory loss flags.
• Receivables outside the trade cycle = 3.3% of total assets (58th percentile among VN non-financials) — this is not extreme in the Vietnamese universe and suggests other non-trade receivables/prepayments are present but not unusually large relative to peers.

Control is concentrated: Tổng Công ty Khoáng sản TKV (KSV) holds 51.9% (control). The company sits inside a listed group where the same parent controls other listed subsidiaries (BCV, CBI, TMG), which can imply intra-group transactions, related-party balances or strategic accounting choices influenced by the parent; two named individuals hold 5.4% and effectively 0.0% respectively.

• Compare the year‑by‑year movement in trade receivables and the note for 'loans and other receivables / prepayments' to reconcile the DSRI = 2.0982 and the 3.3% of assets figure.
• Reconcile operating cash flow and reported net profit in the consolidated cash‑flow statement and notes (the three‑year cash conversion ratio = 0.95 and the Earnings‑Quality Cash conversion = 0.0/100 indicate profit is not converting to cash).
• Inspect related‑party schedules and the notes on transactions with KSV and group companies for balances, terms, and whether intercompany receivables or advances explain non‑trade receivables or increased accruals.
• Check the composition of total accruals and the accounting policy note for revenue recognition and provisions to understand contributors to TATA = 0.0928 and DSRI elevation.