KTT

• Beneish M-Score 2.1344 (Vietnam peer percentile 96th): the score is well above the US -1.78 threshold and ranks in the top 4% of Vietnamese non-financial peers for aggressive accounting metrics; year-over-year change +1.28 shows a recent deterioration in the composite measure.
• DSRI (days’ sales receivable index) = 9.1152: this measures receivables relative to sales; a very large DSRI suggests receivables or revenue recognition moved substantially relative to sales.
• SGAI (sales, general & administrative index) = 7.0727: this measures growth in SG&A relative to sales; a large value can indicate SG&A behaving differently to revenue and may signal expense capitalization or timing differences.
• DEPI = 1.0000 and LVGI = 1.0626: DEPI measures changes in depreciation policy/estimates (1.0000 suggests no shrinkage but, combined with LVGI >1, indicates longer asset lives or valuation patterns), and LVGI >1 indicates asset life increases or valuation shifts that can boost reported earnings.
• TATA (total accruals to total assets) = -0.0826: negative TATA indicates operating cash exceeded accounting profit (cash-based strength) but must be read with other signals—here accruals quality scores 100/100 yet revenue/receivable metrics are weak.
• Earnings-quality sub-scores: Receivables quality 0/100, Margin quality 0/100, Revenue quality 0/100 — these three zeros indicate very low measured quality in the revenue and margin elements used by the model.
• Altman Z-Score = -0.02 (distress zone): the canonical distress-distance measure places the company in the distress region for bankruptcy-distance.
• Company reports net loss (parent profit) in 2 consecutive years up to FY2023 and accumulated losses = 0.81x paid-in capital: the audited statements show multi-year losses with accumulated losses approaching paid-in capital (0.81×).
• Receivables outside the trade cycle = 3.7% of total assets (62nd percentile): the company has non-trade receivables / prepayments / loans receivable comprising 3.7% of assets, a non-trivial component relative to peers.

• Accruals quality score 100.0/100: this measures the quality of accruals; a perfect score suggests accruals are modeled as high quality (e.g., low abnormal accruals) by the applied metric.
• TATA = -0.0826 (negative total accruals to assets): indicates operating cash generation exceeded accounting profit in the period measured, which can be a healthy cash pattern if persistent and supported by statements.
• AQI = 0.0000 (asset quality index): in the Beneish components AQI = 0 implies no measured deterioration in asset composition by that index; combined with a positive owner's equity (excluding minorities), the balance sheet retains positive net equity.

Ownership is concentrated among individuals: top five shareholders are all individuals with Đặng Lê Duy 12.4%, Nguyễn Văn Đạt 11.0%, Trần Phú Minh 5.0%, Nguyễn Minh Khuê 5.0% and Nguyễn Tiến Sỹ 4.8%. There is no listed institutional or state block disclosed here; no director-deal registrations were provided in the dataset.

• Compare the FY2023 note(s) breaking down 'receivables and prepayments' to reconcile the 3.7% of total assets labelled 'receivables outside the trade cycle' and identify amounts classed as loans receivable, prepayments to suppliers, and long-term receivables.
• Review the auditor’s report and the statement of changes in equity for the accumulated losses figure and the line items that produce 'accumulated losses = 0.81× paid-in capital' to confirm how retained earnings and capital injections are presented.
• Examine the revenue recognition policy note and the schedule for gross and net receivables to understand drivers of DSRI = 9.1152 and why receivables quality scored 0/100, including any related-party receivables or extended collection terms.
• Check the fixed-asset note (depreciation methods and useful lives) for evidence supporting DEPI = 1.0000 and LVGI = 1.0626 (policy changes or useful-life increases) and the SG&A note for items driving SGAI = 7.0727 (unusual capitalized costs or non-recurring items).