LTC

• Beneish M-Score = 1.6871 (97th percentile vs VN peers; YoY change +4.45). The Beneish M-Score aggregates eight variables to flag anomalous accounting; versus Vietnamese companies this score is highly elevated and has moved materially year-over-year.
• Sales Growth Index (SGI) = 6.9199. SGI measures sales growth; a value >>1 indicates very rapid sales expansion, which can stress controls and increase incentives to manage revenue recognition.
• Altman Z-Score = 0.05 (distress zone). The Altman Z-Score is a bankruptcy-distance model combining profitability, leverage, liquidity and turnover — this level signals very low distance to distress by that model.
• Cash conversion (Earnings-Quality subscore) = 0/100 and TATA = -0.0064. Cash conversion and total accruals (TATA) measure how much reported profit converts into cash; near-zero cash-conversion score and slightly negative TATA suggest earnings are not being backed by operating cash flows.
• Receivables outside the trade cycle = 10.4% of total assets (81st percentile). This line (prepayments, loans receivable, other long-term receivables) is sizable vs peers and can reflect non-trade receivables or related-party exposures.
• Revenue quality = 0/100 and Margin quality = 0/100. These components indicate revenue growth and margin patterns that fail the quality tests used here (e.g., volatile or unsustained margins and revenue that does not map to cash or stable cost structures).

• Accruals quality = 100/100 and Receivables quality = 100/100. These scores indicate reported accruals and receivables patterns passed the specific checks used (e.g., accruals not unusually large or receivables trends consistent with revenue in those tests).
• DSRI = 0.1545 and SGAI = 0.2138. Days-sales-in-receivables and SG&A index components here are low (DSRI well below 1 and SGAI well below 1), which suggests no obvious rapid deterioration in receivables-days borne out by that particular ratio and relatively stable SG&A relative to sales in the Beneish components.
• AQI = 0.9493 and DEPI = 1.0000. AQI (asset quality index) <1 and DEPI (depreciation index) =1 did not flag large asset-reclassification or aggressive depreciation changes in the Beneish sub-measures.

Ownership is moderately concentrated: the state-related institution Tập Đoàn Bưu Chính Viễn Thông Việt Nam holds 15.3%, and three individuals hold material stakes (13.8%, 10.9%, 4.9%). This mix combines institutional (state-group) and insider individual control which can influence related-party transactions and group arrangements.

• Compare the 2024 line items for 'Prepayments to suppliers', 'Loans receivable' and 'Other long-term receivables' in the notes to total assets to reconcile the 10.4% figure and identify counterparty and related-party descriptions.
• Reconcile consolidated cash flow from operating activities to net profit in the 2024 cash flow statement and supporting notes to verify the low cash-conversion signal and the TATA accruals calculation.
• Review the revenue recognition note and the schedule of receivables aging for 2024 to assess revenue quality and the composition/maturity of trade vs non-trade receivables.
• Examine the equity/accumulated-losses disclosure (statement of changes in equity and the auditor's report) to confirm accumulated losses = 0.37x paid-in capital and to read any auditor emphasis or qualifications; also note the company trades on UPCoM so Decree 155/HNX-HOSE statutory delisting test does not apply to this listing venue.