NDW

• Beneish M-Score 1.0497 (96th percentile vs Vietnamese peers; higher indicates more aggressive accounting relative to peers). Note: the -1.78 US cutoff is not fully applicable in Vietnam; use the peer percentile and the YoY change (+2.78) as stronger cues.
• DSRI (Days’ Sales Receivable Index) = 5.0988. DSRI measures the change in receivables relative to sales; a value this large signals receivables growing far faster than sales or sales being recognized ahead of cash collection.
• Receivables quality = 0.0/100 and Revenue quality = 6.6/100 in the earnings-quality composite. These scores measure the likelihood that revenues and receivables reflect sustainable, cash-backed business activity; both are very low for this company.
• AQI (Asset Quality Index) = 2.3248. AQI measures the rise in non-current and potentially less-productive assets (e.g., capitalized costs, long-term receivables); an elevated AQI supports concern about capitalization or reclassification of items that can inflate profits.
• LVGI (Leverage Index variant) = 1.4046 and DEPI (Depreciation Index) = 1.0233. These indicate rising leverage pressures and a small change in depreciation policy that could affect reported profit timing.
• Cash conversion (operating cash flow / net profit, 3-year) = 2.87 (84th percentile among VN non-financials). This measures how much reported profit turns into cash; a value >1 means profit exceeds operating cash generation and is high versus peers (low cash conversion).

• Accruals quality = 100.0/100. This measures the extent of accrual-based adjustments; a perfect score indicates low abnormal accruals in the reported period.
• Cash conversion subscore = 100.0/100 (earnings-quality components) — despite the 3-year aggregated cash-conversion ratio noted above, the earnings-quality model flags recent accrual/cash relationships as clean.
• Margin quality = 100.0/100. This measures stability and plausibility of margins versus historical and peer patterns; the company scores strongly here.
• TATA (Total Accruals to Total Assets) = -0.1293. TATA is a measure of accruals relative to assets; a negative value often indicates conservative recognition (accruals reducing reported earnings) rather than income-inflating accruals.
• SGI (Sales Growth Index) = 0.9978 and GMI (Gross Margin Index) = 0.9701. SGI near 1.0 indicates stable sales growth year on year; GMI <1 suggests gross margins have not deteriorated versus the prior year.

Reported shareholdings show dominant state ownership: Ủy Ban Nhân Dân Tỉnh Nam Định 49.5% and Ủy Ban Nhân Dân Tỉnh Ninh Bình 49.5%, indicating state/official control or influence is concentrated. Additional named shareholders include Công ty Cổ Phần Du Lịch Nam Định 18.5%, NTP 13.5% and Setfil 5.0%; these reported stakes as provided exceed 100% when summed, so please reconcile the exact holdings and any cross-holdings or group ownership in the company’s shareholder register and disclosures. No director-deal registrations were supplied in the data provided.

• Compare the year-end trade receivables and the 'other long-term receivables / loans to related parties' lines in the balance sheet and the notes to the receivables schedule to quantify the components behind the large DSRI and the 5.4% of assets reported as receivables outside the trade cycle.
• Reconcile revenue recognition policies (note on revenue) with the sales/receivables ageing schedule: check the note that explains revenue cut-off and the ageing of receivables to see if there are recent changes in terms, factoring, or related-party timing.
• Inspect the note(s) describing 'other non-current assets' and capitalized costs to understand what drives AQI = 2.3248 (look for prepayments to suppliers, capitalized interest, or long-term deposits/advances to related parties).
• Review the statement of cash flows and the reconciliation of net profit to operating cash flow (the operating cash-flow-to-net-profit schedule and any cash conversion note) to see drivers of the 3-year cash conversion = 2.87 and to cross-check working-capital movements.