MHL

• High Beneish M-Score 1.6777 (96th Vietnam percentile) and large YoY jump +1.79 — the M-Score measures statistical likelihood of earnings manipulation features; the percentile shows this score is higher (more aggressive on these metrics) than 96% of Vietnamese peers.
• Days' sales receivable index (DSRI) = 10.0000 — DSRI measures change in receivables relative to sales; a value this large indicates receivables (or receivable-style items) have grown far faster than sales.
• SGAI = 10.0000 — SGAI measures change in selling, general & administrative expenses relative to sales; a very high SGAI suggests SGA expenses have risen much faster than revenue.
• Receivables outside the trade cycle = 24.4% of total assets (92nd Vietnam percentile) — this line (prepayments, loans receivable, long-term receivables) is large versus peers and matches the DSRI concern about receivable-like balances.
• TATA = -0.3483 (total accruals to total assets negative) together with accruals-quality metrics: although 'Accruals quality' scores 100/100, the negative TATA indicates operating cash changed differently to accounting profit; TATA measures the proportion of accruals in reported earnings.
• Earnings-quality components: Receivables quality 0/100 and Margin quality 0/100 — these scores measure the reliability of receivables and margins; both are assessed as very weak.
• Altman Z-Score = -0.75 (distress zone) — Z-Score estimates bankruptcy distance; this value is in the model's distress range.
• Piotroski F-Score = 3/9 — the F-Score measures nine fundamentals; a score of 3 indicates weak operating profitability, liquidity and/or efficiency signals.
• Accumulated losses = 0.82x paid-in capital — the company has accumulated losses amounting to 82% of paid-in capital, a substantial historic deficit relative to capital.

• Accruals quality = 100.0/100 — this component measures the quality of accruals; a top score indicates accruals, as computed here, appear internally consistent.
• AQI = 0.9946 — the asset quality index close to 1 suggests limited deterioration in the broad asset composition measure used in Beneish's model.
• LVGI = 1.1692 — the leverage index >1 indicates rising leverage, which can be consistent with growth or investment; it is one of the M-Score components explicitly reported.
• Owner's equity (excluding minority interest) is positive — despite accumulated losses, the company reports positive equity attributable to owners.

Ownership is concentrated: HLA holds 24.5% (listed) and an individual, Huỳnh Đình Thành, holds 22.9%; together these two control a large share of votes. No director-deal registrations were provided in the data set (director-deal registrations, when present, are exchange filings of intended trades rather than executed trades).

• Compare the 2023 'Receivables and prepayments' note (and any loans receivable schedules) to the balance-sheet line items to reconcile the 24.4% of total assets classified as receivables outside the trade cycle.
• Inspect the revenue and trade-receivables schedules to reconcile the DSRI = 10.0000 (check whether large intercompany receivables, long-term receivables or reclassifications drove receivables growth versus sales).
• Review the SGA expense note and the segment/expense breakdown to identify what drove SGAI = 10.0000 (confirm whether non-recurring items, related-party charges or reclassifications caused the jump).
• Reconcile profit (loss) to cash-flow from operations and the components of total accruals to verify TATA = -0.3483 and to understand the source of the 'Accruals quality = 100/100' rating.