MWG

• M-Score -1.2654, Vietnam peer percentile 84th and YoY change +1.19 — the score is more aggressive than most Vietnamese peers and has moved materially year-over-year (the -1.78 US cutoff is not decisive for Vietnam).
• AQI = 3.4282 — the asset-quality index measures increases in non-operating or long-term assets relative to total assets; a value well above 1 signals notable growth in non-trade or less-liquid asset categories.
• DEPI = 1.0641 — the depreciation index (ratio of prior-year depreciation patterns) above 1 indicates depreciation expense has decreased relative to the prior year’s implied rate, which can increase reported profits if not driven by real economic factors.
• Margin quality = 0.0/100 and Revenue quality = 0.0/100 — these components measure consistency and sustainability of margins and revenue; zero scores flag weak quality in reported margins and top-line recognition.
• Receivables outside the trade cycle = 8.9% of total assets (78th percentile) — a relatively large share of assets are prepayments, loans receivable or other non-trade receivables, which can be harder to convert to cash.
• Cash-conversion (3-year operating cash flow / net profit) = 1.64 (68th percentile) — profits are not converting into cash as strongly as many peers (higher percentile is worse for this metric).
• Piotroski F-Score = 3/9 — weak fundamental score across profitability, leverage/liquidity and operating efficiency checks.

• Altman Z-Score = 4.41 — places the company in the 'safe' zone for distance to bankruptcy in the Altman framework.
• Accruals quality = 95.3/100 and TATA = 0.0116 — low total accruals relative to assets and a high accruals-quality score indicate reported earnings are not primarily driven by large discretionary accruals.
• Receivables quality = 100.0/100 — the analysis finds receivables themselves score highly on quality (despite the elevated share of non-trade receivables noted above).
• SGAI = 0.8804 — selling, general & administrative expense index below 1 indicates SG&A scaled down versus sales, which can reflect operating efficiency or cost control.
• No accumulated losses; owner's equity (excluding minority interest) positive; parent has 0 consecutive years of net loss up to FY2025 — the statutory balance-sheet tests and retained-earnings position do not show deficit issues.
• Statutory loss tests (Decree 155/2020 Art.120(1)(e) as amended) — none of the cancellation-triggering tests were met in the published audited annual statements.

The listed group holds control of 86.0% of DMX (a group company), and the top shareholder is an institutional entity with 10.4%; other institutional holders hold 5.0% and 3.5%, while the founding/management individuals hold relatively small direct stakes (Nguyễn Đức Tài 2.3%, Đinh Anh Huân 2.2%). This indicates concentrated group control at the subsidiary level, with institutional shareholders present among top holders.

• Compare the FY2025 note(s) on 'prepayments to suppliers', 'loans receivable' and 'other long-term receivables' to the balance-sheet line showing the 8.9% of total assets in non-trade receivables; identify counterparties and related parties.
• Reconcile the statement of cash flows (operating cash flow, 3-year aggregation where applicable) with reported net profit to confirm the components driving the cash-conversion ratio 1.64 and to itemize major non-cash adjustments (depreciation, provisions, working-capital movements).
• Review the fixed-asset and depreciation accounting policy notes and the schedule of additions/disposals to assess the drivers of DEPI = 1.0641 and AQI = 3.4282 (look for reclassifications, large additions, impairments or changes in useful lives).
• Examine related-party disclosures, the holder lists and the DMX ownership note to understand intra-group transactions, guarantees, or balances given the listed group control of 86.0% of DMX.