NDP

• Beneish M-Score -1.617 (77th percentile vs Vietnamese peers; YoY change +0.30) — the absolute score is above the US -1.78 cutoff but that cutoff is US-calibrated; the high Vietnam percentile and upward move indicate comparatively more aggressive accounting among peers.
• DSRI 1.4284 — days-sales receivable index above 1.0 suggests receivables or revenue recognition have grown faster than sales.
• AQI 1.1151 — asset quality index >1.0 indicates rising proportion of non-current or potentially less-liquid assets (e.g., long-term receivables, prepayments, capitalized costs).
• TATA 0.0526 — total accruals to total assets positive (5.26%), a nontrivial accruals contribution to earnings despite accruals-quality subscore being relatively better than other dimensions.
• Earnings-quality Cash conversion 20.2/100 and 3-year cash conversion ratio 0.69 (35th percentile) — net profit is not being converted to cash at the same pace as many peers.
• Receivables quality 0.0/100 and the Vietnamese check 'receivables outside the trade cycle' = 5.7% of total assets (70th percentile) — a material portion of assets are receivables/prepayments/loans outside normal trade terms, which aligns with AQI and DSRI concerns.

• Altman Z-Score 4.15 — places the company in the model's safe zone for bankruptcy distance.
• Piotroski F-Score 7/9 — indicates generally strong accounting and operating fundamentals across profitability, leverage/liquidity, and operating efficiency tests.
• Accruals quality subscore 79.0/100 — relative strength in accrual measurement compared with other earnings-quality dimensions.
• No accumulated losses; owner’s equity (parent, excluding minority interest) positive; and zero years of parent net loss up to FY2025 — the statutory balance-sheet and profit metrics show profitability and positive equity.

Ownership is concentrated: three institutional holders (G.b Sài Gòn 34.3%, Dược Sài Gòn 14.5%, Thiên Hải 5.1%) together control a large block, while two named individuals hold smaller stakes (Ngô Thị Cẩm Ly 5.8%, Trần Quyền Lễ 2.3%). Director-deal disclosures between 2025-10-30 and 2026-10-30 show one sale registration (73,600 shares) and one purchase registration (volume not specified); these are registered intentions recorded with the exchange, not executed trades.

• Compare the FY2025 note(s) and schedule(s) for 'receivables and prepayments' with the balance-sheet line to verify the 5.7% of total assets classified as receivables outside the trade cycle and identify counterparties/related parties.
• Reconcile the cash-flow statement (operating cash flow) to the income statement to confirm the 3-year cash conversion inputs that produced the 0.69 ratio and the 20.2/100 cash-conversion score.
• Examine the notes supporting non-current assets and 'other receivables' to quantify components driving the AQI 1.1151 (e.g., long-term loans to related parties, prepaid expenses capitalized, or intangible capitalizations).
• Review the disclosures accompanying the director-deal registrations in exchange filings to see who registered the sale/purchase, the stated intention, and whether volumes/prices were clarified in subsequent filings.