NFC

• Beneish M‑Score = -1.192 (measures a combination of variables intended to flag earnings manipulation; this company sits at the 85th percentile among Vietnamese peers, meaning it is more aggressive than ~85% of peers on those metrics).
• Year‑over‑year M‑Score change = +2.66 (measures the trajectory in the composite; a large positive change suggests the accounting profile has shifted materially this year relative to last).
• AQI (quality of accruals) = 1.5402 (component of the M‑Score; values >1 indicate higher accruals or lower accrual quality and here drive part of the elevated M‑Score).
• DEPI = 1.4686 and LVGI = 0.5667 (DEPI >1 suggests inventory accounting or depreciation profile changed toward lower depreciation or higher gross margins; LVGI <1 can indicate lower asset growth in the denominator — both are M‑Score components contributing to the aggressive signal).
• Earnings‑quality subcomponents: accruals quality 19.0/100 and cash conversion 18.7/100 (these measures show net profit is not well supported by cash flow and accruals appear weak).
• Cash conversion (3‑year OCF / net profit) = 1.10 (50th percentile among Vietnamese non‑financials; this middling result means profit is not being consistently converted into operating cash at a strong rate).

• Altman Z‑Score = 12.45 (measures distance to bankruptcy; this value lies in the safe zone, indicating low bankruptcy risk per the metric).
• Piotroski F‑Score = 7/9 (measures nine signals of accounting and operating strength; a 7 indicates generally healthy fundamentals on profitability, leverage/liquidity, and operating efficiency).
• Receivables outside the trade cycle = 0.2% of total assets (15th percentile among Vietnamese peers; this low figure indicates little exposure to long‑term receivables, prepayments to suppliers or loans receivable that sit outside normal trade).
• Revenue quality = 50.4/100 and receivables quality = 100.0/100 (these suggest reported revenue and receivables patterns are not the principal immediate concern in the earnings‑quality decomposition).
• No accumulated losses, owner’s equity (ex‑minority) positive, and zero years of parent net loss through FY2025 (these are favorable balance‑sheet and net‑income continuity facts in the published statements).

Shareholding is concentrated: Tập đoàn Hóa chất Việt Nam holds 51.0% and Công ty TNHH Hoàng Ngân 16.3%, so two institutions control 67.3% combined; a substantial 10.0% is held by an individual (Phạm Mạnh Ninh). Director‑deal registrations in the past year show 2 purchase registrations totaling 610,000 shares (net registered volume +3.88% of shares outstanding) and 0 sale registrations — these are exchange filings of trading intent, not executed trades.

• Compare the FY2025 statement of cash flows (operating cash flow line) with consolidated profit after tax to reproduce the 3‑year cash conversion ratio and inspect the notes to cash flow for one‑off timing items.
• Inspect the note(s) on receivables, prepayments and loans to related parties to verify the 0.2% of total assets classified as receivables outside the trade cycle and check counterparty names and maturities.
• Review the inventory and depreciation policies and the fixed‑assets note to assess drivers of DEPI = 1.4686 (changes in depreciation rates, revaluations, or inventory write‑downs).
• Examine the auditor’s report and the statutory loss test disclosures in the annual audited financial statements to confirm that none of the Decree 155/2020 (as amended) loss criteria are met for FY2025.