QCG

• Beneish M-Score -1.4585: measures likelihood of earnings manipulation using eight financial ratios; the company ranks at the 80th percentile among Vietnamese peers (higher = more aggressive accounting) and saw a year-over-year M-Score change of -1.73 (the trajectory is a secondary cue given low serial correlation of M-Scores). Note: the -1.78 US-calibrated cutoff is less applicable in Vietnam (about 28% of VN firms cross it).
• DSRI 1.9761: the Days' Sales Receivable Index near 2.0 indicates receivables (or revenue recognition timing) grew relative to sales, a typical signal the model flags for revenue-related aggressiveness.
• SGAI 1.4768: selling, general & administrative expenses increased proportionally to sales, which the Beneish model interprets as a potential pressure on reported margins or cost recognition anomalies.
• TATA 0.1484: total accruals to total assets is positive but modest; combined with very poor cash conversion this implies reported profits are not being converted to cash (see cash-conversion check).
• Altman Z-Score 0.67: measures financial distress and distance to bankruptcy; 0.67 places the company in the distress zone under the Altman framework.
• Cash-conversion three-year metric -4.19 (6th percentile among Vietnamese non-financials): operating cash flow divided by net profit over three years is strongly negative, indicating profits are not turning into cash.
• Earnings-quality sub-scores all at or near 0 for several categories (Cash conversion 0.0/100, Receivables quality 0.0/100, Margin quality 0.0/100, Revenue quality 0.0/100): these indicate material weaknesses in the quality of reported earnings.

• AQI 0.9773 and DEPI 0.9527: asset quality index (AQI < 1) and depreciation index (DEPI slightly under 1) do not show large built-in conservatism reversals—AQI ~0.9773 suggests no major write-offs of long-lived assets relative to prior period.
• SGI 0.6490 and GMI 0.6587: sales growth index and gross margin index both below 1 indicate the company experienced lower sales growth and improved or stable gross margins versus the prior year rather than aggressive upward margin restatements (SGI <1 means sales shrank; GMI <1 means gross margins improved).
• Receivables outside the trade cycle 2.2% of total assets (50th percentile): the level of non-trade receivables/prepayments/long-term receivables is middling among Vietnamese peers, not unusually large.
• Piotroski F-Score 6/9: fundamental score is neutral to moderately healthy on profitability, leverage/liquidity, and operating efficiency tests.

Ownership is concentrated: Nguyễn Thị Như Loan holds 37.0% and another individual, Nguyễn Ngọc Huyền My, holds 14.3%, together accounting for a large block of shares; remaining named individuals hold much smaller stakes. This is a tightly held, primarily individual-controlled shareholder register.

• Compare the FY2025 note(s) on trade receivables, prepayments and loans receivable to quantify the 2.2% of total assets described as receivables outside the trade cycle.
• Reconcile operating cash flow and profit in the cash-flow statement and profit-and-loss (OCI) to confirm the three-year cash-conversion ratio that produced -4.19.
• Examine the auditor’s report and the accounting-policy notes for revenue recognition and allowance for doubtful accounts to assess drivers of DSRI = 1.9761 and the 0.0/100 receivables-quality score.
• Check the consolidated statement of changes in equity and the parent profit note to verify there are no accumulated losses and to confirm owner’s equity (excluding minority interest) is positive.