NAS

• Beneish M-Score = -1.5697 (78th percentile vs Vietnamese peers; +0.70 YoY). The M-Score aggregates eight ratios designed to flag earnings manipulation risk; this level is above most domestic peers and has increased year-over-year.
• DSRI = 1.3901. Days Sales Receivables Index >1 suggests receivables are growing faster than sales, consistent with collection deterioration or changes in revenue recognition.
• AQI = 1.1933 and Receivables-quality = 0.0/100. The asset quality index >1 together with a 0.0/100 receivables-quality score point to non-trade receivables, prepayments or other long-dated receivables that weaken receivables quality.
• TATA = 0.0599 and Cash conversion (3-year OCF / net profit) = 1.10. Total accruals to total assets ~6.0% and very poor cash conversion (Earnings-quality cash conversion 7.8/100) indicate reported profits are not translating into operating cash flow.
• SGI = 1.2116 and GMI = 1.0088. Sales growth and gross-margin trends (SGI >1; GMI slightly >1) can correspond to pressure on margins while sales expand, which can incentivize aggressive recognition.
• Altman Z-Score = 2.20 (grey zone). This indicates a middling distance from financial distress based on the Z model for non-financial firms.
• Piotroski F-Score = 3/9. Weak operating and profitability fundamentals by Piotroski’s checklist.

• Accruals quality = 76.0/100. Relative to other components, accruals appear higher quality, suggesting less distortion from accrual accounting overall.
• SGAI = 0.9949. Selling, general & administrative expense index ~1 (slightly below) — no large unexplained increase in SG&A relative to sales.
• LVGI = 1.0989 and DEPI = 1.2707 provide mixed context: while DEPI >1 can indicate slower depreciation (an earnings-inflating signal), LVGI modestly >1 may simply reflect asset growth; these are not extreme on their own.
• Vietnamese checks: accumulated losses = 0.19x paid-in capital and owner's equity (excluding minority interest) is positive; there are 0 recorded consecutive years of parent net loss up to FY2025 — these are not showing statutory insolvency on their face.

Major ownership concentration: Tổng Công ty Hàng không Việt Nam holds 51.0%, with two other institutional shareholders at 10.8% and 8.2%. No individual with a meaningful reported stake (Nghiêm Thị Thúy Tươi listed at 0.0%). No director-deal registrations were provided in the supplied data (director-deal registrations are intentions filed with the exchange, not executed trades).

• Compare the composition of 'receivables, prepayments and other long-term receivables' in the FY2025 notes to the receivables line on the balance sheet to quantify the 1.5% of total assets classified as receivables outside the trade cycle.
• Reconcile operating cash flow to reported net profit in the cash-flow statement and the notes to explain the 3-year cash-conversion ratio of 1.10 (and the low cash-conversion quality score of 7.8/100).
• Inspect the related-party schedules and the notes on loans/advances to affiliates to see whether material balances explain the low receivables quality (0.0/100) and the AQI = 1.1933.
• Review the depreciation policy and fixed-asset note to assess drivers of DEPI = 1.2707 (depreciation index) and whether changes in useful lives or revaluations affected reported profit.