QBS

• Beneish M-Score 1.3456 (96th percentile vs VN peers; YoY change +1.47) — measures a composite likelihood of earnings manipulation relative to peers and prior year (note: the -1.78 US cutoff is not VN-calibrated).
• DSRI (Days’ Sales Receivable Index) = 10.0000 — measures unusually large growth in receivables relative to sales (extreme value vs peers).
• SGAI (Sales, General & Administrative Index) = 10.0000 — measures disproportionate growth in SG&A relative to sales, consistent with aggressive expense recognition or reclassification.
• DEPI (Depreciation Index) = 1.2742 and LVGI (Leverage Index) = 1.2608 — changes in depreciation and leverage that can reflect accounting-policy or financing shifts affecting reported profit.
• TATA (Total Accruals to Total Assets) = -0.3070 — large negative accruals measure (accrual-based earnings component) which can signal timing differences in income recognition or large non-cash adjustments.
• Receivables outside the trade cycle = 50.5% of total assets (99th percentile) — this measures the proportion of assets in prepayments, loans receivable and long-term receivables rather than normal trade receivables, a concentration that can impair revenue/receivable quality.
• Net loss at parent level for 4 consecutive years up to FY2025 and statements show losses in each of the latest 3 years — factual loss history relevant to statutory tests (see below).
• Accumulated losses = 0.69x paid-in capital — measures retained losses relative to contributed capital, indicating a substantial erosion of equity.
• Altman Z-Score = -1.77 (distress zone) — measures bankruptcy distance using balance-sheet and earnings proxies and is in the distress range for the firm.

• Accruals quality = 100.0/100 — measures that reported accruals are low or of high quality relative to assets in the scoring model.
• Earnings-quality composite provides a measurable profile (31.2/100) that separates specific weaknesses (cash conversion, receivables, margin, revenue) from strengths (accruals).
• Piotroski F-Score = 4/9 — a neutral fundamentals score indicating mixed operational signals (neither strongly healthy nor strongly deteriorating on the 9-point F-Score checklist).
• Owner's equity (excluding minority interest) is positive — a balance-sheet fact indicating residual equity above zero despite accumulated losses.

Ownership is moderately concentrated: the largest individual shareholder, Nguyễn Thị Thanh Hương, holds 13.3%; the largest institutional holder is VIX (Công ty Cổ phần Chứng khoán VIX) at 3.5%; remaining disclosed individuals hold small stakes. No director-deal registrations were provided in the data set.

• Compare the 2025 schedule/note for receivables and prepayments to suppliers with the line items for trade receivables to confirm the composition of the 50.5% of assets 'receivables outside the trade cycle.'
• Inspect the related-party transactions note and loans/advances schedule to identify how much of the 'loans receivable' or long-term receivables are with related parties and the terms (maturities, interest, collateral).
• Reconcile the total accruals and cash-flow statement: compare cash from operations in FY2025 to profit before tax and the notes on non-cash adjustments to validate the TATA = -0.3070 result.
• Review the equity and retained earnings statements and the auditor’s report for the accumulated losses = 0.69x paid-in capital and the disclosures supporting four consecutive years of parent net losses (and the three-year loss disclosure relevant to statutory loss tests).