LCM

• Beneish M-Score 0.9998 (measures likelihood of earnings manipulation); company ranks in the 96th percentile among Vietnamese peers (higher = more aggressive accounting relative to peers) and the M-Score rose by +3.22 year-over-year (a notable trajectory change).
• Days Sales Receivable Index (DSRI) = 1.7835 (part of Beneish; measures abnormal growth in receivables relative to sales), consistent with rising receivables pressure.
• Gross Margin Index (GMI) = 3.6524 (part of Beneish; measures deterioration in gross margin year-over-year), indicating large margin deterioration.
• Total Accruals to Assets (TATA) = 0.3207 (part of Beneish; measures accruals relative to assets), consistent with elevated accruals.
• Altman Z-Score = -0.19 (measures distance to bankruptcy); this is in the distress zone used to flag financial distress.
• Piotroski F-Score = 3/9 (measures nine fundamental signals of financial strength); a low score indicates weak fundamentals.
• Earnings-Quality Score = 3.2/100 with component scores: accruals quality 10.6/100, cash conversion 0.0/100, receivables quality 0.0/100, margin quality 0.0/100, revenue quality 0.0/100 — these indicate that profits are not supported by cash generation, margins and revenue quality metrics are poor.
• Three-year cash conversion (operating cash flow / net profit) = -24.36 (2nd percentile vs VN non-financials), showing profits have not translated into operating cash over the three-year window.
• Accumulated losses = 0.55x paid-in capital (the company has cumulative losses equal to 55% of paid-in capital), and one consecutive-year net loss at the parent up to FY2025; these are indicators of sustained loss-making.
• Receivables outside the trade cycle = 2.6% of total assets (54th percentile) — while not extreme, this shows some balance-sheet exposure to prepayments, loans receivable or long-term receivables that warrant scrutiny.

• Owner's equity (excluding minority interest) is positive (the balance sheet shows positive equity for the parent).
• Receivables outside the trade cycle are 2.6% of total assets (54th percentile), which is a middling level relative to Vietnamese peers rather than an extreme outlier.
• DEPI = 0.7424 (part of Beneish; a DEPI below 1 can indicate no aggressive extension of depreciation lives) and LVGI = 1.3855 (inventory index) — these individual Beneish components are mixed rather than uniformly extreme.

Ownership appears dispersed among individuals with the largest shareholders holding modest stakes: Lê Tuấn Điệp 7.2%, Lưu Quang Hưng 6.0%, and other named individuals below 1%. There is no single majority shareholder indicated, but insiders together hold meaningful minority stakes which can influence decisions.

• Compare the three-year operating cash flow / net profit schedule in the cash-flow note to the line items used to calculate net profit for FY2023–FY2025 to reconcile the -24.36 cash-conversion metric.
• Inspect the receivables and other long-term receivables / prepayments note to locate the components that sum to 2.6% of total assets and identify related-party counterparts or repayment terms.
• Reconcile the accumulated losses figure (0.55x paid-in capital) with the statement of changes in equity and the retained-earnings / accumulated-losses line in the parent’s balance sheet.
• Review the audit report and management discussion & analysis for disclosures explaining the gross-margin deterioration (GMI = 3.6524) and any changes in depreciation policies or inventory valuation that link to DEPI and LVGI.