NRC

• Beneish M-Score 6.4417: the M-Score is designed to detect earnings manipulation by combining eight ratios; this company’s score is far above the US −1.78 threshold and sits at the 99th percentile against Vietnamese peers, indicating anomalously aggressive accounting metrics relative to the local universe.
• Year-over-year M-Score change +10.73: the M-Score increased sharply year-over-year, showing a material trajectory change in the underlying ratios (consecutive-year M-Scores have low correlation, so the jump is a notable secondary cue).
• SGI (Sales Growth Index) = 10.0000: SGI measures the rate of sales growth relative to the prior year; a value of 10 indicates very large reported revenue growth, which can stress other accounting areas and is consistent with the 0/100 Revenue quality score.
• GMI (Gross Margin Index) = 4.3755: GMI > 1 measures deterioration in gross margin; at 4.3755 it indicates materially worse gross margins versus the prior period (GMI compares gross margin current/previous).
• LVGI (Leverage Index) = 1.0852: LVGI > 1 measures rising leverage (the ratio of debt to assets has increased versus prior year), a balance-sheet pressure point.
• Receivables outside the trade cycle = 43.9% of total assets (98th percentile): this line combines prepayments, loans receivable and other long-term receivables; such a large share of assets outside usual trade receivables is a clear area for further verification.
• Revenue quality = 0/100 and Margin quality = 0/100: the Earnings-Quality sub-scores report zero for both revenue and margin quality, which aligns with the very high SGI and high GMI and implies the quality of reported top-line and margins is weak by the applied assessments.
• Altman Z-Score = 0.67 (distress zone): the Z-Score is low, indicating limited distance to bankruptcy risk using the Altman model inputs.
• Director-deal registrations: 9 sale registrations disclosed 2025-10-30 to 2026-10-30 (1 trader; 9 without a volume) and 0 purchase registrations — these are registered intentions to trade filed with the exchange (not executed trades) and are concentrated on the sell side over the last year.

• Piotroski F-Score = 8/9: the Piotroski score (which combines profitability, leverage/liquidity, and operating efficiency signals) is high, indicating many fundamental performance signals are favorable in the applied scoring.
• Earnings-Quality overall = 70/100 with sub-scores: Accruals quality 100/100, Cash conversion 100/100, Receivables quality 100/100: these indicate that, by the applied metrics, reported accruals, operating cash conversion and the face-level trade receivables quality show no immediate red flags.
• TATA (Total Accruals to Assets) = -0.0192: TATA close to zero and slightly negative indicates small net accruals relative to assets in the accounting period used by this metric (TATA measures the extent to which earnings are explained by accruals rather than cash).
• AQI (Asset Quality Index) = 0.6937: AQI < 1 (AQI compares non-current assets other than PPE to total assets across periods) suggests no increase in asset-quality risk by this index (it implies a relative improvement or lower noncurrent asset capitalization versus prior period).
• DEPI (Depreciation Index) = 0.9326: DEPI < 1 signals a higher depreciation charge rate (or lower implied useful lives) versus prior year rather than aggressive capitalization of depreciation, which can be a conservative indicator on fixed-asset accounting.

Top shareholders are individuals and small institutions (largest: Nguyễn Lượng Khoa Toàn 8.2%; Pixi 4.9%; Sanei 4.9%; Lê Tiến Dũng 4.3%; Lê Thống Nhất 2.9%). No single dominant state or strategic controlling shareholder is reported in the top five, and director-deal registrations over the last year are concentrated as sale registrations (9 sale registrations, 0 purchases), which are registrations of intent rather than executed trades.

• Compare the FY2025 note(s) that detail 'prepayments to suppliers, loans receivable and other long-term receivables' with the balance-sheet line items that total the 43.9% of assets flagged as receivables outside the trade cycle.
• Reconcile the revenue growth disclosed in the income statement and the SGI = 10.0000 with segment and sales-disaggregation notes (check whether organic sales, related-party sales or one-off contract recognition explain the spike).
• Inspect the depreciation and fixed-asset accounting policy note and the PPE reconciliation to confirm the components behind DEPI = 0.9326 (useful lives, additions, disposals and depreciation expense).
• Review the related-party transactions and loans receivable schedules for any concentration, maturity profile, collateral and allowance details in FY2025 filings to assess the composition of large non-trade receivables.