ONW

• Beneish M-Score = 5.2758 (99th percentile vs Vietnamese peers). The M-Score is a composite that screens for earnings manipulation risk; against Vietnamese peers this score is extremely high (note the -1.78 US cutoff is not directly transferable).
• DSRI (Days Sales in Receivables Index) = 6.2199. DSRI measures changes in receivables relative to sales — a very large reading indicates receivables (or revenue recognition patterns) have grown much faster than reported sales.
• SGAI (Sales, General & Administrative index) = 2.1640. SGAI measures changes in operating expenses relative to sales — this elevated value suggests operating expense behavior that departs from peers or past trends.
• AQI and DEPI = 1.0000 each. AQI (asset quality index) = 1.0000 flags changes in the composition of assets (growth in non-current/other assets such as prepayments, loans receivable or capitalised costs). DEPI (depreciation index) = 1.0000 indicates changes in depreciation policy or estimates that affect reported profit.
• TATA (Total Accruals to Total Assets) = 0.8068. TATA measures accruals intensity; a high positive number indicates profits are being supported by accruals rather than cash.
• Earnings-Quality Score = 0.0/100 with Accruals quality 0.0/100, Cash conversion 0.0/100, Receivables quality 0.0/100, Margin quality 0.0/100. These component scores indicate extremely poor measured earnings quality by the chosen framework.
• Altman Z-Score = 0.39 (distress zone). The Z-Score estimates bankruptcy distance; 0.39 places the company in the distress range used by the model.
• Three-year cash conversion (operating cash flow / net profit) = -9.93 (3rd percentile). This shows reported profits have not converted into operating cash flow over the last three years.
• Receivables outside the trade cycle = 59.3% of total assets (99th percentile). A very large share of assets are ‘non-trade’ receivables (prepayments to suppliers, loans receivable, long-term receivables), which increases reliance on related-party balances or non-core claims.
• Accumulated losses = 0.85 × paid-in capital. The balance sheet shows retained losses amounting to 85% of paid-in capital, a material accumulated loss position.

• Piotroski F-Score = 5/9. The Piotroski score is neutral (neither strongly healthy nor strongly weak) on nine fundamental signals (profitability, leverage/liquidity, and operating efficiency).
• SGI (Sales Growth Index) = 0.7908 (below 1). SGI < 1 indicates reported sales have not accelerated relative to the prior year, which reduces one common motive for aggressive revenue recognition tied to rapid growth.
• LVGI (Leverage/Volume/Goodwill index) = 0.9497 (near 1). LVGI close to 1 suggests no extreme change in leverage or goodwill write-offs in the M-Score components.

Ownership is highly concentrated in a small group of individuals: three shareholders hold 23.2%, 21.8% and 20.3% respectively, and the top five together control ~82% (top five: 23.2%, 21.8%, 20.3%, 8.9%, 7.9%). Director-deal disclosures show 1 sale registration and 4 purchase registrations (436,200 shares total, with most registrations without specified volumes) between 2025-10-30 and 2026-10-30 — these are registered intentions with the exchange, not executed trades.

• Compare the FY2025 schedule or note that discloses 'receivables and prepayments' to the balance-sheet line for total assets to verify the 59.3% of total assets classified as receivables outside the trade cycle and identify counterparty types (related parties, suppliers, employees).
• Reconcile the cash-flow statement (operating cash flows) and the income-statement net profit for the last three years to reproduce the cash-conversion ratio of -9.93 and trace major reconciling items (non-cash accruals, changes in working capital, one-offs).
• Review the related-party transactions note for loans receivable, advances to suppliers, guarantees or other off-cycle claims to assess the composition behind the high DSRI (6.2199) and AQI = 1.0000.
• Inspect the equity/retained-earnings line and the auditor’s report/notes to confirm accumulated losses equal 0.85× paid-in capital and to see whether any statutory or disclosure items reference the company’s listing status (note: the statutory loss test for HOSE/HNX delisting does not apply on UPCoM).