MBG

• Beneish M-Score = -1.5895 (77th percentile among Vietnamese peers; the YoY change of +1.42 shows movement in the score compared with the prior year). The M-Score is a model that aggregates eight ratios to detect earnings manipulation risk.
• GMI (Gross Margin Index) = 2.1156, which measures deterioration in gross margins (values >1 indicate worsening gross margins year-over-year).
• LVGI (Leverage Index) = 1.5068, which measures an increase in leverage relative to peers (values >1 indicate leverage rising).
• SGI (Sales Growth Index) = 1.6893, indicating rapid sales growth (SGI >1 measures growth that can pressure earnings quality).
• Cash conversion component of the Earnings Quality Score = 19.8/100, signaling weak ability to convert accrual earnings into operating cash flow.
• Margin quality = 0.0/100 and Revenue quality = 0.0/100, indicating reported margins and revenue patterns score poorly on the applied metrics.

• Accruals quality = 95.8/100, which measures the extent to which earnings are driven by accruals rather than cash (high score suggests conservative accrual recognition).
• Receivables quality = 100.0/100, and DSRI (Days Sales Receivable Index) = 0.7273 (DSRI <1 indicates receivables are not growing faster than sales), both suggesting receivables are not an obvious source of revenue inflation.
• TATA (Total Accruals to Total Assets) = 0.0105, a low value that measures the level of accruals relative to assets and is consistent with low accrual-driven earnings.
• Altman Z-Score = 2.78 (grey zone) and Piotroski F-Score = 5/9; together they indicate moderate financial health and neutral operating fundamentals rather than clear distress.

Shareholding is moderately concentrated: two individuals hold 9.6% and 9.3% respectively (combined ~18.9%), with two institutional holders at 5.5% each. Owner's equity (excluding minority interest) is positive and there are no accumulated losses in the published statements.

• Compare the FY2025 line(s) for prepayments, loans receivable and other long-term receivables to the total assets to verify the 6.0% figure and the composition of the 6.0% flagged as receivables outside the trade cycle.
• Reconcile operating cash flow and reported net income in the cash flow statement and notes to verify the cash-conversion weakness implied by the 19.8/100 cash conversion score.
• Inspect the revenue recognition note and the trade receivables aging/schedule to confirm the DSRI = 0.7273 interpretation and that receivables growth is not outpacing sales.
• Review the statement of changes in equity and the retained earnings/accumulated losses note to confirm there are no accumulated losses and that statutory loss tests (Decree 155/2020 Art.120(1)(e), amended by Decree 245/2025) are not met in FY2025.