MHC

• Beneish M-Score = -1.5431 (79th percentile among Vietnamese peers). The M-Score combines eight variables (DSRI, GMI, AQI, SGI, DEPI, SGAI, TATA, LVGI) to screen for earnings manipulation; relative to Vietnamese peers the company is in the more aggressive accounting range (higher percentile).
• AQI = 4.7397 (asset quality index). AQI measures the proportion of non-current assets and other long-term items that may be being capitalised or reclassified; an elevated AQI signals potential capitalisation/reclassification of expenses.
• SGI = 3.0924 (sales growth index). SGI measures sales growth; a high SGI can increase pressure to meet growth expectations and is one component that raises the M-Score.
• Receivables outside the trade cycle = 16.8% of total assets (88th percentile among Vietnamese non-financials). This line typically includes prepayments to suppliers, loans receivable and other long-term receivables and is high relative to peers, which can mask cash flows or shift income/timing.
• Margin quality = 0/100 and Revenue quality = 0/100 in the Earnings Quality composite. These indicate weaknesses in the persistence or make-up of reported margins and in the sustainability or recording of revenue (the scoring method gives these areas no credit).

• TATA = -0.4333 (total accruals to total assets). TATA measures accrual-based earnings; a negative TATA and the Accruals quality score of 100/100 indicate low accruals and high accruals quality under the scoring rules.
• Cash conversion (operating cash flow / net profit, 3-year) = 1.01 (45th percentile). The company converts reported profit into cash at roughly parity over three years, and Cash conversion quality scored 100/100 under the earnings-quality measure.
• Receivables quality score = 100/100 despite the high receivables-outside-trade-cycle figure; this suggests that trade receivables (versus the non-trade receivables bundle) appear of high quality in underlying calculations.
• Altman Z-Score = 5.07, which places the company in the ‘safe’ zone for going-concern distance under the Z-Score model, and Piotroski F-Score = 7/9 indicating generally strong operating and profitability fundamentals by the F-Score checklist.

Top three institutional shareholders together hold 50.1% (Phong Sơn 18.9%, Invest An Nam 17.8%, Peaceful Land 13.4%), while the two largest individual holders hold 6.5% and 5.2%. This is a moderately concentrated institutional ownership structure; director-deal activity recorded 1 sale registration and 1 purchase registration between 2025-10-30 and 2026-10-30 (registrations, not executed trades).

• Compare the line(s) in the FY2025 balance sheet labeled 'Receivables and prepayments' or the notes ‘Loans and other receivables’ with the total-assets percentage (16.8%) to identify the components (prepayments to suppliers, loans receivable, long-term receivables) and the counterparties.
• Reconcile the operating cash flow and profit figures in the cash flow statement and profit-and-loss note to reproduce the three-year cash conversion ratio (operating cash flow / net profit = 1.01) and see the year-by-year pattern.
• Inspect the fixed-asset and intangible-asset schedules and the notes on capitalisation policy (capitalised expenses, reclassifications) to assess drivers of AQI = 4.7397 and whether there were large reclassifications or additions.
• Review the revenue recognition note and segment / sales-detail disclosures to understand why revenue-quality and margin-quality scores are 0/100—check one-off revenue lines, related-party sales, and timing or return provisions.