LDP

• Beneish M-Score -1.164 (86th percentile among Vietnamese peers): measures the likelihood of earnings manipulation patterns; the company sits into a high-vs-peer percentile and the M-Score rose by +1.33 year-over-year, indicating a material change in the underlying components.
• DSRI (Days' Sales in Receivables Index) = 1.7191: measures receivables growing faster than sales — a high DSRI can indicate revenue recognition timing or extended receivable terms.
• AQI (Asset Quality Index) = 1.3651 and LVGI (Leverage Index) = 0.7263: AQI >1 points to increased proportion of non-current or unusual assets (prepayments, long-term receivables); LVGI <1 indicates leverage fell year-over-year, which can accompany asset-side shifts.
• Receivables outside the trade cycle = 41.1% of total assets (98th percentile in Vietnam): measures loans, long-term receivables and prepayments not part of normal trade — this is very high versus peers and concentrates risk on non-trade asset items.
• Receivables quality score = 0.0/100 and Revenue quality = 16.4/100: indicates revenue and receivables exhibit the weakest metrics in the earnings-quality decomposition used here.
• Cash-conversion component: Cash conversion score 9.7/100 and three-year operating cash flow / net profit = 1.19 (54th percentile): profit is not converting strongly into cash relative to many peers.
• TATA (Total Accruals to Total Assets) = 0.0816: positive accruals of ~8.16% of total assets imply accrual-based earnings contributions that merit scrutiny given low cash conversion.

• GMI (Gross Margin Index) = 0.8870 (<1): indicates gross margin improved year-over-year, which by Beneish design reduces manipulation likelihood from declining margins.
• SGI (Sales Growth Index) = 1.1191: sales grew ~11.9% year-over-year — growth can be a legitimate driver of changes in ratios (though it also feeds some M-Score components).
• DEPI (Depreciation Index) = 1.0773: depreciation expense fell relative to prior-year depreciation base (DEPI >1 can reflect slower depreciation or asset base changes); interpreted alongside LVGI and AQI it signals asset and expense-profile shifts rather than pure leverage stress.
• Piotroski F-Score = 6/9: indicates neutral-to-fair fundamental health across profitability, leverage/liquidity, and operating performance checks.

Ownership is moderately concentrated: two institutional holders together hold 35.8% (APC Holdings 28.8%, Louis Holdings 7.0%), with the largest individual holders at 2.8%, 2.2% and 1.3%. Director-deal registrations between 2025-10-30 and 2026-10-30 show 3 sale registrations (1,983,392 shares) and 1 purchase registration (600,000 shares), net registered volume -7.39% of shares outstanding; these are exchange-registered intentions, not executed trades.

• Compare the FY2025 balance-sheet line(s) for 'receivables', 'loans to customers/related parties' and 'prepayments' with the related-party note and with the schedule of long-term receivables to identify the composition of the 41.1% of assets labelled as receivables outside the trade cycle.
• Reconcile the cash-flow statement (net cash from operating activities) with the income statement and the TATA calculation: verify the components of total accruals and items driving the 0.0816 TATA ratio.
• Inspect the revenue recognition note and the ageing schedule for trade receivables to see policy, days outstanding, provisions and any reclassifications that affect DSRI = 1.7191 and Revenue Quality = 16.4/100.
• Review the auditor’s report and the statutory disclosures referenced in Decree 155/2020 (as amended) to confirm which statutory loss tests were evaluated and to verify that none of the delisting-triggering loss conditions are met in the published FY2025 statements.