PV2

• Beneish M-Score 4.3301 (measures likelihood of earnings manipulation using eight ratios); at the 98th Vietnam peer percentile this is high relative to local peers, and the YoY increase of +1.06 shows a material move in the score over one year.
• SGI (Sales Growth Index) = 9.0801 (measures relative sales growth; an extremely high SGI indicates very rapid top-line growth that can stress controls and recognition policies).
• GMI (Gross Margin Index) = 1.8063 (measures deterioration in gross margin; >1 suggests worsening margins year-over-year).
• Revenue-quality score 0.0/100 (measures whether reported revenue is supported by cash and sustainable operations): the score of 0.0 is an extreme flag on the quality of reported revenue.
• Cash-conversion three-year ratio = 0.08 (operating cash flow / net profit; measures how much profit is converted to cash) and ranked at the 24th percentile among Vietnamese non-financials — profits are not converting into cash.
• Receivables outside the trade cycle = 13.0% of total assets (measures prepayments, loans receivable and long-term receivables outside normal trade; 85th Vietnam percentile) — a large portion of assets are non-trade receivables/prepayments.
• Altman Z-Score = 1.19 (measures bankruptcy distance; falls in the distress zone), indicating higher financial distress risk by that model.
• Margin-quality score 37.7/100 and SGAI (SG&A Index) = 0.1024 (measures SG&A growth relative to sales): low margin-quality together with SG&A movement suggests margin pressure that may be obscured in reported results.

• TATA (total accruals to total assets) = 0.0060 (measures the relative size of accruals); this very low number supports the accruals-quality score of 97.6/100, indicating reported earnings are not driven by large accrual adjustments.
• Receivables-quality score 100.0/100 (measures indicators like days sales outstanding and receivable collectibility patterns) — on the face of supplied metrics, trade receivables behavior appears strong.
• Piotroski F-Score = 5/9 (measures nine fundamentals; a neutral score rather than a clear deterioration), and owner's equity (excluding minority interest) is positive — not in a capital-deficit position on the balance sheet.
• No statutory loss tests under Decree 155/2020 Art.120(1)(e) (amended) are met in the published audited annual statements (a fact about the statements, not a prediction about any listing outcome).

Ownership is highly concentrated among individuals: Nguyễn Phúc Anh 24.8% and Chu Minh Châu 20.3% together control 45.1%, with three other individuals holding 5.7%, 5.0% and 4.9%. High concentration in a few individual shareholders increases control-related governance considerations; no director-deal registrations were provided in the data (note: registrations are intentions recorded with the exchange).

• Compare the line(s) for 'prepayments to suppliers', 'loans and receivables' and 'other long-term receivables' in the notes to the balance sheet with the 13.0% of total assets figure to understand counterparty, related-party status and maturities.
• Reconcile profit before tax and net profit with operating cash flows in the cash-flow statement and the cash-flow note to verify the three-year cash-conversion pattern (operating cash flow / net profit = 0.08).
• Examine the revenue recognition note and any related-party revenue schedules for disclosures that explain the Revenue-quality score of 0.0 and the high SGI (9.0801).
• Review the auditor's report and any emphasis-of-matter or going-concern disclosure alongside the statutory loss schedules to confirm which (if any) loss thresholds are reported and to confirm that no Decree 155/245 statutory loss tests were met in the audited statements.