L12

• Beneish M‑Score = 1.7478. The M‑Score is a composite that flags unusual accounting manipulations; relative to Vietnamese peers this score ranks in the 97th percentile (higher = more aggressive accounting than peers). Note the US cutoff of -1.78 is not fully calibrated to Vietnam and ~28% of Vietnamese stocks exceed it, so peer percentile and YoY trend are important.
• Year‑over‑year M‑Score change = +4.46. A large positive change indicates the company’s Beneish signals have moved materially compared with the prior year (consecutive‑year M‑Scores have low correlation, so trajectory is a secondary cue).
• AQI (Asset Quality Index) = 10.0000. AQI measures change in non‑current assets and other asset reclassifications; a high AQI suggests increases in asset‑type items that often accompany aggressive accounting.
• DEPI (Depreciation Index) = 1.5483. DEPI > 1 signals lower depreciation expense relative to prior year (or changes in useful lives/policies) that can inflate reported profits.
• SGAI (Sales, General & Admin Index) = 1.0718 and SGI (Sales Growth Index) = 1.2128. Together these show revenue is growing (SGI >1) while SGA expenses are also rising; the pattern can indicate margin management or investment in growth that merits scrutiny.
• TATA (Total Accruals to Total Assets) = 0.0866. A positive TATA indicates accruals added to profit (accruals are 8.66% of assets), which reduces cash‑basis quality of earnings.
• Altman Z‑Score = 1.33 (distress zone). The Z‑Score estimates distance to bankruptcy based on balance‑sheet metrics; 1.33 lies in the distress range used by the model.
• Earnings‑quality Cash conversion = 0.0/100 and three‑year cash conversion ratio = 5.76 (92nd percentile). Operating cash flow is a small fraction of reported profit over three years, indicating profit has not converted into cash.
• AQI component and cash/receivable pattern together: high AQI (10.0000) with poor cash conversion raises a concern that asset recognition or reclassification and accruals may be supporting reported earnings rather than cash flows.

• Receivables outside the trade cycle = 1.7% of total assets (46th percentile). This is a relatively small share of assets compared with Vietnamese peers, suggesting limited exposure to long‑dated receivables, prepayments to suppliers or loans classified as receivables.
• Receivables quality score = 100.0/100. The model rates receivables recognition and collectability signals as strong.
• Accrued earnings / accumulated losses: no accumulated losses and owner’s equity (excluding minority interest) is positive. The company has not reported a statutory accumulated loss in the published statements.
• Piotroski F‑Score = 5/9. This is a neutral score on fundamentals (profitability, leverage/structure, operating efficiency), meaning some standard operational metrics are neither strongly positive nor deeply negative.

Ownership is moderately concentrated: the largest shareholder is an individual, Dương Xuân Quang, with 23.3%; state‑linked Tổng Công ty LICOGI holds 8.5%; three other individuals hold 7.8%, 5.5% and 5.1%. The top five together hold ~50.2% (23.3 + 8.5 + 7.8 + 5.5 + 5.1 = 50.2%). This mix combines a dominant individual owner with a notable institutional (LICOGI) stake and several other insiders; registrations show 0 sale registrations and 1 purchase registration by insiders in the year to 2026‑10‑30 (registrations are intentions disclosed to the exchange, not executed trades).

• Compare the 2025 line‑item for ‘Other long‑term receivables / Loans to related parties / Prepayments’ in the balance sheet/schedules with the note that breaks down receivables by related party and maturity to confirm the 1.7% of total assets figure and the nature of those balances.
• Reconcile operating cash flow (cash flow statement, net cash from operating activities) to parent net profit for FY2023–FY2025 to reproduce the three‑year cash conversion ratio (operating cash flow / net profit = 5.76) and inspect the components of working capital changes.
• Inspect the fixed‑asset and intangible‑asset notes for changes in useful lives, revaluations, additions or reclassifications and calculate year‑over‑year depreciation expense to validate DEPI = 1.5483 and the AQI = 10.0000 signal.
• Review the related‑party transactions note and the schedule of transactions with holders and the listed group (if any) to see whether recurrent receivables, advances, or service/management fees appear between the company and LICOGI or other top shareholders.