MAC

• Beneish M-Score = -0.9821 (measures likelihood of earnings manipulation using eight accounting ratios); Vietnam peer percentile = 88th (this company shows more aggressive accounting metrics than 88% of Vietnamese non-financial peers).
• Year-over-year change in M-Score = +0.08 (the M-Score trended slightly more aggressive compared with the prior year).
• Cash conversion (operating cash flow / net profit, 3-year) = -0.93 (14th percentile among Vietnamese peers; measures whether reported profit is converting into operating cash — a negative ratio and low percentile indicate three-year profit has not translated into operating cash).
• Earnings Quality total = 33.0/100 and Cash conversion component = 0.0/100 (measures quality of reported earnings; near-zero score on cash conversion is a concern for earnings reliability).
• TATA (total accruals to total assets) = 0.2052 (part of Beneish inputs; measures accrual intensity — higher values can indicate earnings management via accruals).
• SGI (sales growth index) = 2.0373 (measures change in sales; a high SGI signals rapid growth which can increase pressure to manage earnings).
• DEPI (depreciation index) = 1.6935 (measures changes in depreciation policy or estimates; values >1 can indicate slower depreciation or useful-life extensions that inflate earnings).
• LVGI (leverage index) = 1.4615 (measures change in leverage; rising leverage can pressure management and affect accounting choices).
• Earnings-quality sub-scores: Revenue quality = 11.1/100 and Margin quality = 22.3/100 (these low scores indicate reported revenue and margins may be of low quality or volatile).
• Piotroski F-Score = 3/9 (measures nine signals of operational profitability, leverage/liquidity and operating efficiency; a 3 indicates weak fundamentals).

• Receivables quality = 100.0/100 (measures the quality and behavior of receivables; a perfect score indicates receivables appear conservative or well-behaved relative to peers).
• DSRI (days' sales index) = 0.8056 (part of the Beneish model; a value <1 implies days' sales in receivables decreased year-over-year, which is generally not a manipulation signal).
• GMI (gross margin index) = 0.8051 (part of Beneish; a value <1 indicates gross margins improved year-over-year rather than deteriorated).
• AQI (asset quality index) = 0.8361 (part of Beneish; a value <1 indicates asset composition did not shift toward potentially manipulative assetization compared with the prior period).
• No accumulated losses; owner's equity (excluding minority interest) positive and parent reported no net loss in the 0 of the most recent years (these are balance-sheet and statutory outcomes showing solvency on published statements).
• Director-deal registrations: 0 sale registrations and 12 purchase registrations (11 registrants) between 2025-10-30 and 2026-10-30; registrations total 15,118,047 shares with net registered volume = +31.27% of shares outstanding (these are registered intentions to trade disclosed to the exchange, not executed trades).

Shareholding is concentrated: two institutional shareholders together hold 55.7% (Công ty TNHH Đầu tư TM 32.4%, Công ty Cổ phần Đầu Tư Sao Á D.C 23.3%). Four individuals hold meaningful stakes (6.6%, 6.0%, 5.3% etc.). The concentrated institutional ownership and the presence of significant individual holders indicate potential for controlling influence or group dynamics; director-deal registrations (primarily purchase registrations) total a large registered volume (+31.27% of shares outstanding) but are registered intentions, not executed trades.

• Compare operating cash flow to net profit in the consolidated cash-flow statement and the management discussion for the three-year period to verify the components producing Cash conversion = -0.93.
• Inspect the notes to the financial statements for the composition of 'receivables' and 'other long-term receivables' to corroborate Receivables outside the trade cycle = 5.2% of total assets and to identify related-party loans, prepayments or advances.
• Review the fixed-asset and depreciation notes to reconcile DEPI = 1.6935 (check changes in useful lives, depreciation methods, revaluations or one-off disposals).
• Examine financing and borrowings notes and the statement of changes in liabilities to validate LVGI = 1.4615 and any new debt or covenant disclosures driving leverage changes.