KDH

• Beneish M-Score -1.3516 (82nd Vietnam percentile): measures the likelihood of earnings manipulation patterns; the 82nd percentile means KDH scores more aggressively on Beneish components than ~82% of Vietnamese peers. The YoY change -0.33 shows the M-Score moved toward more aggressive signals this year.
• DSRI 1.2803: the Days Sales in Receivables Index above 1.0 measures receivables growing faster than sales and is consistent with revenue recognition or collection timing concerns.
• AQI 1.1711 and LVGI 1.0519: Asset quality and leverage/volume growth indices above 1.0 indicate non-current assets and asset reclassifications (AQI) and higher leverage/volume dynamics (LVGI) relative to prior year, which can reflect capitalisation or off-cycle asset recognition.
• SGI 1.4186: Sales Growth Index of 1.4186 signals rapid sales growth (measures year-over-year sales growth); rapid growth can be a legitimate business feature but is also an input into manipulative pressure in Beneish.
• TATA 0.1071: Total Accruals to Total Assets is positive and small but combined with poor cash conversion (see below) implies earnings are not being converted into cash.
• Earnings Quality Score 26.2/100 with Cash Conversion 0.0/100 and Revenue Quality 0.0/100: these measure (respectively) overall earnings quality composite, operating cash-flow conversion of profit, and the sustainability/quality of reported revenue; both cash conversion and revenue quality at 0 indicate acute weaknesses in cash support for reported earnings and in revenue quality metrics.
• Receivables outside the trade cycle 9.7% of total assets (80th Vietnam percentile): measures prepayments, loans receivable and other long-term receivables; being at 9.7% and in the 80th percentile is a material exposure to non-trade claims on assets.
• Three‑year cash conversion (operating cash flow / net profit) -2.28 (9th Vietnam percentile): this low/negative ratio means reported profits have not turned into operating cash over three years and ranks poorly versus peers.
• Director-deal registrations: 13 sale registrations (11 traders; 28,670,925 shares; 8 registrations without a volume) and 36 purchase registrations (21 traders; 87,728,200 shares; 1 registration without a volume) between 2025-10-30 and 2026-10-30 — these are registered intentions with the exchange, not executed trades, and show many insiders/related parties registering both buys and sells.

• Altman Z-Score 3.46 (safe zone): this distance-to-bankruptcy measure suggests a low short-term insolvency risk on published financials. Z-Score combines working capital, retained earnings, EBIT, market value of equity and sales to total assets.
• Piotroski F-Score 5/9 (neutral): this score measures nine fundamental signals (profitability, leverage/liquidity, operating efficiency); a 5 is middling and does not show clear financial deterioration.
• Accumulated losses: none — undistributed earnings are not negative and the company does not meet the statutory loss triggers listed under Decree 155/2020 Art.120(1)(e) as amended by Decree 245/2025; statutory loss tests are not met in the audited statements.
• Margin quality 72.5/100 and Accruals quality 58.1/100: these sub-scores indicate gross margin and accrual components are relatively stronger than revenue/cash conversion, suggesting some earnings components are supported by operating margins and moderate accrual behavior.

Top shareholders are concentrated among institutional players: Vinacapital Vietnam Opportunity Fund Ltd. 13.9%; Công ty CP Đầu Tư Tiên Lộc 11.2%; Công ty TNHH Đầu tư Tiến Lộc 11.1%; Gam Ma 8.8%; Công ty CP Đầu Tư Thương Mại Á Âu 8.7%. This pattern shows substantial institutional and related-party group ownership concentration rather than a dispersed retail base; director-deal registrations show multiple insiders/related persons registering both buys and sells in the 12-month window.

• Compare the year‑end 2025 schedule of receivables and the related‑party disclosure: quantify prepayments, loans receivable and long‑term receivables that make up the 9.7% of total assets.
• Reconcile consolidated operating cash flow to parent profit for FY2023–FY2025: verify the components that produce the three‑year cash conversion ratio of -2.28 (operating cash flow / net profit).
• Inspect the revenue recognition note and sales-by-segment or by-customer schedule to assess the drivers of DSRI 1.2803 and SGI 1.4186 (days‑sales/receivables and sales growth), including any large year‑end sales, returns, or related-party contracts.
• Review the directors’ and major shareholders’ registration disclosures filed with HOSE/HNX between 2025-10-30 and 2026-10-30 to confirm the details of the 13 sale and 36 purchase registrations (volumes, beneficiaries, purpose statements).