NXT

• Beneish M‑Score = 2.0165 (measures the likelihood of earnings manipulation using eight financial ratios); the company is at the 97th percentile vs Vietnamese peers, meaning its score is higher (more aggressive) than 97% of local peers.
• Year‑over‑year M‑Score change = +5.40 (measures the trajectory of the M‑Score); a large positive change indicates the accounting profile moved materially in the last year.
• AQI (quality of receivables index) = 10.0000 (component of the M‑Score measuring unusual receivable behaviour) — unusually high compared with typical M‑Score component ranges.
• Revenue quality = 0.0/100 (from the Earnings Quality Score; measures persistence and reliability of reported revenue) — the weakest pocket in the earnings‑quality map.
• Margin quality = 25.0/100 (measures stability and sustainability of margins) — indicates margins may be driven by non‑recurring items or volatile components.
• GMI (gross margin index) = 3.3939 (M‑Score component: rising GMI >1 can indicate deteriorating gross margins) — this value is well above 1 and consistent with worsening margin trends.
• DSRI (days sales receivable index) = 0.5173 (M‑Score component measuring changes in receivables relative to sales) — an unusual value that contributed to the M‑Score movement and should be checked against receivable composition.

• Accruals quality = 100.0/100 (Earnings Quality Score: measures the level and sustainability of accruals) — indicates accruals are not a source of concern under the applied metrics.
• Cash conversion = 100.0/100 (Earnings Quality Score: operating cash flow relative to profit) and three‑year operating cash flow / net profit = 0.94 (48th percentile) — operating cash flow broadly supports reported profits over three years, though the percentile shows room for improvement versus peers.
• Receivables quality = 100.0/100 and receivables outside the trade cycle = 0.1% of total assets (14th percentile) — low non‑trade receivables and a high receivables‑quality score indicate limited reliance on related‑party loans or long‑dated receivables.
• TATA (total accruals to total assets) = -0.0579 (M‑Score component; negative/low accruals reduce manipulation signalling) — consistent with the high accruals‑quality score.
• LVGI (living gross index?) = 0.3270 (M‑Score component as provided) and DEPI = 1.0219, SGAI = 0.4747, SGI = 0.9982 — mixed component signals but several are near 1 or low, limiting some manipulation indicators.
• Altman Z‑Score = 3.77 (models distance to bankruptcy) — falls in the safe zone, indicating low bankruptcy risk by that model.
• Piotroski F‑Score = 7/9 (measures improvements in profitability, leverage/liquidity, and operating efficiency) — indicates generally strong reported fundamentals.

Ownership appears dispersed among several individual shareholders: Đặng Hoàng Kim Anh 7.0%, Nguyễn Trung Kiên 6.3%, Nguyễn Bá Duy 5.4%, Trần Đình Quyết 5.0%, and Phạm Thị Thuý 5.0%. No state majority or single‑party control is evident from the top five; no director‑deal registrations were provided in the input (registrations are intentions filed with the exchange, not executed trades).

• Compare the 2024 revenue line and the revenue‑recognition note: reconcile the components of revenue growth (domestic vs export, product vs service) and check for large one‑off or timing items that explain the Revenue quality = 0.0/100.
• Reconcile profit to cash flow in the consolidated cash‑flow statement and the notes: verify the items driving the three‑year operating cash flow / net profit = 0.94 and inspect working‑capital changes, non‑cash adjustments and related‑party cash flows.
• Inspect the detailed receivables and related‑party disclosure (note/schedule): verify the composition supporting receivables outside the trade cycle = 0.1% of total assets and confirm there are no significant long‑term loans to related parties or large prepayments.
• Review the notes on gross margin and selling/administrative expenses and any one‑off items: explain GMI = 3.3939 and Margin quality = 25/100, and reconcile SGA movements (SGAI = 0.4747) to recurring expense patterns.