KTC

• Beneish M-Score = -1.4225 (measures likelihood of earnings manipulation patterns); 81st percentile vs Vietnamese peers (higher = more aggressive accounting relative to peers) and YoY change +0.66 (the score has moved materially year-over-year).
• DSRI = 1.6325 (Days Sales in Receivables Index; elevated value can indicate revenue recognition or collection changes).
• Cash conversion (three-year operating cash flow / net profit) = -2.81 (measures extent to which reported profits convert to cash; ranked in the 8th percentile vs VN non-financials — low cash conversion).
• Earnings-quality composite components: Cash conversion 0.0/100, Receivables quality 0.0/100, Revenue quality 0.0/100 (these sub-scores indicate very weak observable cash and revenue convertibility and receivables behaviour in the scoring model).
• TATA = 0.0979 (Total Accruals to Total Assets; non-zero accruals fraction indicating accrual-based profit elements).

• Altman Z-Score = 4.59 (measures distance to bankruptcy; falls in the 'safe' zone, implying low bankruptcy risk by the model's inputs).
• Piotroski F-Score = 6/9 (measures nine fundamental signals of firm quality; a neutral-to-fairly-strong score rather than weak fundamentals).
• Margin quality = 72.9/100 and Accruals quality = 60.8/100 (the margin profile and accruals consistency score are relatively stronger within the earnings-quality components).
• Receivables outside the trade cycle = 4.3% of total assets (measures prepayments, long-term receivables and similar; ranked 64th percentile — not extreme relative to peers).
• No accumulated losses; owner's equity (excluding minority interest) is positive; parent net loss in 0 consecutive years up to FY2025 (these are balance-sheet and statutory outcomes consistent with solvency and continued reporting).

Ownership is highly concentrated in institutional/state-related hands: Ủy Ban Nhân Dân Tỉnh Kiên Giang 49.0%, Công ty Xăng Dầu Khu Vực II 25.0%, Công ty TNHH MTV Xăng Dầu Tây Nam Bộ 13.9%, and Quỹ Đầu Tư Phát Triển Kiên Giang 10.0% (together ~98% held by government-related and regional oil companies); a single individual owns 0.1%. This concentration implies control by provincial/state and related corporate entities rather than dispersed public shareholders.

• Compare the FY2025 schedule of operating cash flows to the parent-company profit or loss line to reconcile the three-year cash-conversion ratio (operating cash flow / net profit = -2.81).
• Inspect the notes and schedules for 'Receivables', 'Prepayments' and 'Loans to related parties' and quantify the 4.3% of total assets reported as receivables outside the trade cycle.
• Review the revenue recognition note(s) and the receivables aging table to assess drivers of DSRI = 1.6325 (days-sales-in-receivables index) and any concentration of large customers or related-party balances.
• Check the statement of changes in equity and the audited retained earnings / accumulated losses line to confirm there are no accumulated losses and that owner's equity (excluding minority interest) is positive.