PMC

• High Beneish M-Score at 0.3006 and Vietnam peer percentile 94th: the M-Score measures a combination of eight financial ratios designed to flag likely earnings manipulation; here the score is high relative to Vietnamese peers and moved up by +2.19 year-over-year, indicating a notable recent trajectory in the accounting signals.
• Very high AQI (5.7918): AQI summarizes unusual or extreme items and adjustments; an elevated AQI suggests more accounting-level anomalies or one-off adjustments compared with peers.
• Elevated DEPI at 2.1918 and LVGI at 1.3195: DEPI (depreciation index) >1.0 measures slower depreciation (possible earnings-enhancing policy changes), and LVGI (leverage growth index) >1.0 signals rising leverage; both can be associated with accounting choices that boost short-term reported profit.
• Weak cash conversion and low cash-quality components: three-year cash conversion (operating cash flow / net profit) = 0.69 (35th percentile) and Cash conversion score in earnings-quality = 20.1/100, indicating profits have not been converting into cash as well as most peers.
• Revenue-quality and total accruals concerns: Revenue quality 28.6/100 and Accruals quality 39.1/100 point to reliance on accruals and a lower-quality revenue pattern relative to peers.

• Receivables quality 100.0/100 and receivables outside the trade cycle only 9.2% of total assets (79th percentile): the company’s receivables appear comparatively clean and not dominated by long-term or non-trade receivables.
• Altman Z-Score 12.01 (safe zone): the Z-Score measures bankruptcy risk and the company is well into the safe range by this metric.
• Piotroski F-Score 6/9 (neutral to positive): this score of operating and earnings fundamentals suggests broadly acceptable underlying performance across profitability, leverage/liquidity and operational efficiency checks.
• Margin quality 65.7/100 and DSRI 0.9612: margin quality is relatively strong and DSRI (days’ sales receivable index) below 1.0 does not indicate a growing receivables problem.

Ownership is concentrated: two institutions hold 67.8% between Công ty TNHH MTV Dược Sài Gòn (43.4%) and Công ty TNHH Sinh phẩm và Dược phẩm Tasco (24.4%), with other institutional holders and a small individual stake (Trần Văn Nhiều 0.7%). Director-deal disclosures show 5 sale registrations and 4 purchase registrations between 2025-10-30 and 2026-10-30; these are registered intentions with the exchange (not executed trades).

• Compare the 2025 schedule/note for trade and non-trade receivables to confirm the 9.2% of total assets classified as 'receivables outside the trade cycle' (look for notes labelled 'receivables', 'prepayments' or 'long-term receivables').
• Reconcile the consolidated cash-flow statement and the parent profit (or consolidated profit) to verify the three-year operating cash flow / net profit ratio (0.69) and identify large adjustments to reconcile profit to cash from operations.
• Inspect the fixed-asset and depreciation note to confirm any changes in depreciation method or useful lives that would explain DEPI = 2.1918 (depreciation index >1).
• Review related-party disclosures and the statement of loans/advances to parties to check for any material prepayments, loans receivable, or long-term receivables contributing to revenue-quality (28.6/100) or AQI (5.7918).