KIP

• Beneish M-Score = 1.1129 (the -1.78 US cutoff is not directly applicable to Vietnam; the company sits in the 96th percentile among Vietnamese peers), which measures the statistical likelihood of earnings manipulation patterns (higher = more aggressive accounting versus peers).
• Year-over-year M-Score change = +4.14, which shows a material shift in the company’s Beneish profile relative to the prior year (consecutive-year M-Scores have low correlation, so the trajectory is a notable secondary cue).
• AQI (Asset Quality Index) = 10.0000, indicating a large increase in the proportion of noncurrent or unusual assets (AQI measures whether asset mix has shifted toward items that can be used to manage earnings).
• LVGI (Leverage Index) = 1.2020, showing leverage rose by ~20.2% year-over-year (LVGI measures the change in leverage; >1 indicates increased leverage versus prior year).
• Receivables outside the trade cycle = 7.2% of total assets (74th percentile among VN non-financials), which points to material prepayments/loans/other receivables sitting off the normal trade cycle.

• Earnings-Quality Score = 87.4/100, a high composite reflecting generally high-quality reported earnings.
• Accruals quality = 100.0/100 and Cash conversion = 100.0/100, showing low accruals distortions and good conversion of accounting profit into cash on the measures used.
• Altman Z-Score = 3.18 (safe zone), indicating distance from bankruptcy risk on that model.
• Piotroski F-Score = 7/9, signalling generally strong recent operating and financial performance.
• DSRI = 1.0638 and SGAI = 1.1148 are modestly elevated but not extreme; SGI = 1.1336 indicates reasonable growth (SGI measures sales growth), and TATA = -0.0154 (total accruals to total assets) is slightly negative, consistent with conservatism in aggregate accruals.

Ownership is highly concentrated: three individuals and one related institutional owner hold the bulk of shares (Nguyễn Hoa Cương 41.6%, Grantex Việt Nam 20.4%, Nguyễn Vân Chi 16.6%). This 78.6% combined stake implies substantial insider control and potential for related‑party transactions or centralized decision-making; director-deal registrations were not provided in the data.

• Compare the 2025 balance-sheet line items for ‘prepayments’ and ‘long-term receivables’ with the related-party note and the receivables aging/schedule to identify the composition of the 7.2% of assets classified as receivables outside the trade cycle.
• Reconcile FY2025 operating cash flow to net profit using the cash-flow statement and the notes to confirm the three-year cash-conversion ratio of 2.69 (operating cash flow / net profit) and identify the drivers of any gap.
• Review the detailed movement table for fixed and intangible assets and the note where management discloses reclassifications or impairments to assess sources of the AQI = 10.0000 increase in nontraditional assets.
• Examine related-party transaction disclosures, loans to/from related parties, and the statement of changes in equity to verify there are no accumulated losses and to understand transactions with the top shareholders (Nguyễn Hoa Cương, Grantex Việt Nam, Nguyễn Vân Chi).