QNT

• Beneish M-Score -1.2612 (84th percentile among Vietnamese peers): the company scores more aggressively on the M-Score than 84% of non-financial Vietnamese peers; the M-Score moved by -0.59 year-over-year, which signals a material directional change in the underlying inputs.
• Low cash conversion: three-year operating cash flow / net profit = -0.24 (19th percentile among Vietnamese peers), meaning reported profits over that window have not converted into cash and this metric is unusually weak versus peers.
• Very low margin quality: margin-quality component = 20.6/100, indicating that reported margins have a higher proportion of components that historically correlate with weaker sustainability of reported profit.
• Director-deal registrations: between 2025-10-30 and 2026-10-30 there are 2 sale registrations (one registrant; 2,603,300 shares) and 7 purchase registrations (five registrants; seven without volumes). These are registered intentions with the exchange, not executed trades, but they are concentrated in both buy and sell filings.

• Accruals and receivables quality strong: accruals quality = 91.5/100 and receivables quality = 100.0/100, suggesting reported earnings are not being driven by unusual accruals or abnormal receivable recognition in available measures.
• Low receivables outside the trade cycle: receivables outside the trade cycle = 0.8% of total assets (31st percentile), implying limited balance-sheet exposure to long-term receivable items such as related-party loans or long-term prepayments relative to peers.
• Low total accrual-based manipulation signal (TATA) and certain Beneish components: TATA = 0.0212 and DEPI = 1.0000, LVGI = 0.9073, DSRI = 0.9311 — some Beneish components do not show the classic warning patterns such as rapid inventory build-up or unusually high receivable growth.
• Solvency cushion: Altman Z-Score = 8.79, placing the company well into the 'safe' zone for bankruptcy distance under that model.

Ownership is highly concentrated: three individuals together hold 87.6% (Đào Đình Dư 48.3%, Nguyễn Văn Dũng 24.5%, Trần Đức Trung 14.8%), with two further individuals holding 4.5% each. Such concentration implies control by a tight group; director-deal registrations listed are intentions by insiders or related persons rather than executed trades.

• Compare the 2025 statement of cash flows operating cash flows to the parent net profit line in the income statement to reconcile the three-year cash-conversion shortfall (-0.24).
• Review the notes and schedules for 'receivables' and 'other receivables' to verify the composition of the 0.8% of assets classified as receivables outside the trade cycle.
• Inspect related-party disclosures and the schedule of prepayments/loans to confirm whether any significant balances are to shareholders, management or affiliates that could affect margin and cash-conversion interpretation.
• Examine the directors' and major shareholders' registration announcements filed with the exchange (2025-10-30 to 2026-10-30) to see the counterparties and any volumes missing from some purchase registrations.