QSP

• Beneish M-Score -1.3904 (82nd percentile among Vietnamese peers): the score is less negative than the US -1.78 benchmark and has moved materially year-over-year by -1.49, which signals a relative shift in the accounting profile versus peers (Beneish components: AQI 4.6244, LVGI 2.0580).
• High asset quality/inventory-related anomaly: AQI (Asset Quality Index) = 4.6244, which measures rising non-current and long-term components of assets (e.g., capitalized costs, long-term receivables) relative to sales.
• Large change signal in LVGI = 2.0580 (Leverage Index/volatility component): this measures increases in leverage or liabilities relative to assets and sales, contributing to the M-Score movement.
• Cash-based signals weaker: TATA (Total Accruals to Total Assets) = 0.0157 and three-year cash conversion = 1.00 (45th percentile among Vietnamese non-financials) — cash conversion at the median-lower range means profits are not strongly converting into operating cash flow.
• Year-over-year Beneish movement: change of -1.49 indicates the firm’s M-Score moved notably vs prior year; Beneish consecutive-year correlation is low, so this is a secondary cue rather than definitive proof.

• Earnings Quality Score 89.4/100 with strong component scores: Accruals quality 93.7/100, Receivables quality 100.0/100, Margin quality 100.0/100 — these indicate reported margins, receivable composition and accruals appear high-quality by the underlying metrics used.
• Receivables outside the trade cycle are very low: 0.1% of total assets (7th percentile among Vietnamese companies), suggesting limited long-term receivable/prepayment exposure on the balance sheet.
• Altman Z-Score 12.68 (safe zone) — this distance-from-bankruptcy measure is well into the safe range.
• Piotroski F-Score 5/9 (neutral) — fundamentals are mixed but not strongly deteriorating according to the nine-point working-capital/profitability checklist.
• No accumulated losses and zero years of parent net loss up to FY2025; owner’s equity (excluding minority interest) is positive — statutory-loss indicators in the published statements do not show the conditions that trigger HOSE/HNX delisting rules (and the company trades on UPCoM where those HOSE/HNX rules do not apply).

Top ownership is moderately concentrated: an institutional shareholder, Công ty Cổ phần Cảng Quy Nhơn, holds 16.7%; the next largest individual holdings are Lâm Thị Vĩnh Tuyết 2.2%, Nguyễn Hữu Phúc 1.1%, Ngô Thị Hạnh 0.9% and Nguyễn Thị Bích Phượng 0.9%. There is no indication here of a dominant controlling shareholder greater than typical Vietnamese listed groups, though the largest holder is a named institutional entity.

• Compare the FY2025 note or schedule for ‘Other long-term receivables / Prepayments’ with total assets to confirm the 0.1% receivables-outside-trade-cycle figure and inspect counterparties and related-party disclosures.
• Reconcile the consolidated cash-flow statement (operating cash flow) and the income statement net profit for the last three years to verify the three-year cash conversion ratio of 1.00 and the components driving any divergence (changes in working capital, non-cash items).
• Inspect the fixed-asset and intangible-asset movement disclosures and the related-party transactions note to understand drivers of the AQI = 4.6244 (additions, reclassifications, capitalized costs, or transfers to long-term receivables).
• Review the debt schedule and liabilities notes to confirm the leverage items that feed into LVGI = 2.0580 and any off‑balance-sheet arrangements or guarantees disclosed in the auditor’s report or management discussion.