NBT

• Beneish M‑Score = -0.8023 (measures likelihood of earnings manipulation using 8 variables); despite being above the US threshold, the Vietnam percentile is more informative: 89th percentile (higher = more aggressive accounting vs VN peers) and a notable year‑over‑year rise of +2.80 (shows accounting metrics moved materially this year).
• DSRI = 3.0121 (Days Sales Receivable Index, measures growth in receivables relative to sales) — a large DSRI indicates receivables grew much faster than sales and is a primary contributor to the M‑Score increase.
• Receivables quality = 0.0/100 (an earnings‑quality component that rates the quality of receivables and the likelihood of revenue recognition issues) and Revenue quality = 18.1/100 (measures sustainability/quality of reported revenue) — both indicate weak revenue/receivable quality.
• SGAI = 1.1926 (Sales, General & Admin expense index; measures SGA growth relative to sales) — SGA rose faster than sales which can signal expense recognition shifts or margin pressure masked by accounting choices.
• Receivables outside the trade cycle = 1.0% of total assets (35th percentile among VN non-financials) — while the absolute share is modest, the low receivables quality and large DSRI suggest those receivables deserve scrutiny for timing or related‑party classification.

• Accruals quality = 100.0/100 (measures how much profit is driven by non‑cash accruals) and TATA = -0.0450 (Total Accruals to Total Assets, measures accrual magnitude) — both indicate low abnormal accruals and that reported profits are not driven by large working‑capital accruals.
• Cash conversion score = 100.0/100 and three‑year operating cash flow / net profit = 1.51 (64th percentile) — reported earnings generally convert into cash; the 1.51 ratio means operating cash flow exceeded net profit over three years.
• Altman Z‑Score = 5.48 (measures distance from bankruptcy) — places the company in the 'safe' zone on bankruptcy risk metrics.
• Piotroski F‑Score = 7/9 (measures nine fundamental improvements) — indicates generally strong accounting and operating fundamentals year‑to‑year.

Ownership is highly concentrated with state entities listed as major holders (Ủy Ban Nhân Dân Tỉnh Vĩnh Long 64.0% and Ủy Ban Nhân Dân Tỉnh Bến Tre 64.0%), indicating dominant state control or an overlap in reported holdings; institutional holders are Công ty CP Cấp Thoát Nước Thủy Anh 17.4% and Công ty TNHH Hoàn Cầu 15.0%, and an individual holds 0.1%. Director‑deal registrations show one purchase registration of 4,150 shares (net registered +0.01% of shares outstanding) in the last year — registrations are intentions filed with the exchange, not executed trades.

• Compare the breakdown of trade receivables, prepayments, loans receivable and other long‑term receivables in the 2025 notes to total assets and to sales — reconcile the receivables subcategories to the DSRI movement (DSRI = 3.0121).
• Review the related‑party disclosures and the schedule of receivables from related parties in the 2025 annual report to see whether receivables outside the trade cycle (1.0% of assets) are concentrated with related parties or have unusual terms.
• Reconcile profit before tax to operating cash flows in the cash flow statement and the notes (three‑year operating cash flow / net profit = 1.51) to confirm cash collection patterns behind the high cash‑conversion and the low accruals signals.
• Inspect the SGA note and revenue recognition policy (note on revenue and significant accounting policies) to understand drivers of SGA growth (SGAI = 1.1926) and whether any revenue timing or contract‑based recognition practices could explain the low revenue quality score (18.1/100).