NLG

• Beneish M-Score = -1.6223 (measures likelihood of earnings manipulation; the company's score is above the US -1.78 threshold but that threshold is US-calibrated — among Vietnamese peers the company is at the 76th percentile, meaning 24% of peers are more aggressive and ~28% of Vietnamese names exceed the US cutoff).
• Year-over-year M-Score change = +0.25 (measures trajectory of the manipulation-risk signal; a positive change shows the Beneish indicators have moved toward more aggressive accounting compared with last year).
• AQI (Asset Quality Index) = 3.1339 (measures increases in non-current asset lines relative to sales; a large AQI can reflect reclassification of costs or capitalisation that increases reported profit), and LVGI (Leverage Index) = 0.8790 (measures change in leverage; less than 1 here but combined with AQI suggests asset-side reclassifications).
• TATA (Total Accruals to Total Assets) = 0.0685 (measures accrual intensity; positive accruals mean earnings exceed cash flows), and operating cash conversion (three-year OCF / net profit) = -0.64 (16th percentile among VN peers) — profit is not converting into cash over the three-year window.
• Revenue quality = 0.0/100 and Cash conversion = 0.0/100 in the Earnings Quality Score (these metrics measure the extent to which reported revenue and profits are supported by cash and recurring drivers; both scoring zero is a notable concern).
• Piotroski F-Score = 2/9 (measures nine fundamental health signals; a low score indicates weak profitability, leverage/liquidity improvements or operating efficiency by Piotroski's criteria).
• Altman Z-Score = 1.90 (grey zone; measures distance to financial distress using profitability, leverage, liquidity and activity ratios).

• Receivables quality = 100.0/100 (this component measures the extent receivables behaviour is consistent with reported revenue; a perfect score indicates no flagged receivable abnormalities by the applied metric).
• Accruals quality = 72.6/100 (measures the relative size and stability of accruals versus peers; a higher score indicates accruals are not unusually large or volatile).
• DSRI (Days Sales Receivable Index) = 0.8619 (measures receivables relative to sales; below 1 suggests receivables are declining relative to sales rather than ballooning).
• SGI (Sales Growth Index) = 0.7845 and DEPI (Depreciation Index) = 0.8008 (SGI <1 shows sales did not grow rapidly year-over-year; DEPI <1 indicates depreciation policies did not shorten life or reduce depreciation expense relative to prior year).
• No accumulated losses; owner's equity (excluding minorities) is positive; parent net loss count = 0 years up to FY2025 (these are statutory statement facts showing the company has not reported cumulative statutory losses and equity remains positive).

Shareholdings are moderately concentrated among individuals and institutions: the largest individual shareholder holds 7.9% (Nguyễn Xuân Quang), with several institutional holders at 7.6%, 5.7%, 4.5% and 4.3%. There is no single controlling majority disclosed; director-deal registrations show 27 purchase registrations (16 registrants) and 0 sale registrations between 2025-10-30 and 2026-10-30 — these are exchange-registered intentions to trade, not executed trades.

• Compare the three-year operating cash flows to reported net profit in the consolidated cash flow statement and management discussion to reconcile the cash conversion ratio (OCF / net profit = -0.64).
• Open the notes on receivables, prepayments and other non-trade receivables to verify the composition of the 6.1% of total assets classified as 'receivables outside the trade cycle' (loans receivable, long-term receivables, prepayments to suppliers).
• Inspect the fixed-asset and intangible-asset schedules and the depreciation/amortisation policy note to review asset capitalisation and the component behind AQI = 3.1339 and DEPI = 0.8008.
• Review related-party disclosures and the schedule of transactions with affiliates (loans to/from related parties, guarantees, and large prepayments) to assess whether cash, receivables or asset reclassifications involve group entities.