LAW

• Beneish M-Score 0.8974 (95th percentile among Vietnamese peers). The M-Score measures the probability of earnings manipulation signals; the company is high versus local peers and the M-Score increased by +4.05 year-over-year (the YoY move is an additional cue).
• AQI (Asset Quality Index) = 10.0000. AQI measures shifts to long‑lived and other non-current assets (higher values can reflect capitalization or reclassification that raise reported earnings).
• DSRI (Days’ Sales in Receivables Index) = 1.3417. DSRI measures whether receivables are growing faster than sales (a value >1 can indicate revenue recognition or collection issues).
• LVGI (Leverage Index) = 1.1239 and DEPI (Depreciation Index) = 1.0625. LVGI >1 signals rising leverage; DEPI >1 indicates slower depreciation expense or changes in useful lives/asset policies that boost reported profit.
• SGAI (Sales, General & Admin Index) = 1.2145. SGAI >1 suggests SG&A growing faster than sales, which can mask operating performance.
• TATA (Total Accruals to Total Assets) = -0.1061 (negative). TATA measures accruals; a sizable negative value can mean cash earnings exceed accrual earnings or large non‑cash items affecting earnings.
• Earnings-quality margin score 34.9/100. Low margin quality points to earnings volatility or reliance on non-recurring items to support margins.

• Accruals quality = 100.0/100. This measures the degree to which reported profits are supported by conservative accruals; this is a strong signal for accrual reliability.
• Cash conversion (operating cash flow / net profit, three-year) = 3.06 (85th percentile). The cash-conversion metric here measures how well reported profit converts into operating cash flow over three years; the high ratio indicates operating cash significantly exceeds reported profit historically (note: high percentile indicates profit not turning into cash is common wording in the peer ranking—see Checks).
• Receivables outside the trade cycle = 0.7% of total assets (28th percentile). This measures prepayments, loans receivable and long-term receivables outside normal trade terms; a low value indicates limited such balances relative to assets.
• Revenue quality = 89.1/100. This measures how much revenue growth is driven by recurring, sustainable sources rather than one-offs.

Ownership is highly concentrated and dominated by public institutions: Ủy Ban Nhân Dân Tỉnh Long An holds 60.0% and Tổng công ty Nước - Môi trường Bình Dương holds 38.1%. No director-deal registrations were provided in the data (director-deal registrations, when present, are exchange-registered intentions rather than executed trades).

• Compare the line(s) or note(s) for 'Receivables' and 'Other receivables' in FY2025 to the related‑party schedule to confirm composition of the 0.7% of total assets reported as receivables outside the trade cycle.
• Reconcile the Consolidated Statement of Cash Flows (operating cash flow) for FY2023–FY2025 with consolidated net profit to verify the three‑year cash conversion ratio of 3.06 and identify the main cash/non‑cash timing differences.
• Inspect the fixed‑asset and depreciation note for FY2025 to see whether changes in useful lives, revaluations or capitalization policies explain DEPI = 1.0625 and AQI = 10.0000.
• Review related‑party transaction disclosures and the notes on loans/advances to confirm whether any material amounts drive SG&A or unusual balances that could underlie SGAI = 1.2145 or DSRI = 1.3417.