RCC

• Beneish M-Score = -1.6943 (75th percentile vs Vietnamese peers). The M-Score aggregates eight ratios to screen for earnings manipulation; being at the 75th percentile means RCC shows more aggressive accounting indicators than three-quarters of Vietnamese peers, and the year-over-year change of -3.87 indicates the score moved materially compared with last year.
• DSRI (Days Sales in Receivables Index) = 1.5982. DSRI measures whether receivables are growing faster than sales (a rise can indicate revenue recognition or collectability issues). A DSRI well above 1 suggests receivables expanded relative to sales.
• GMI (Gross Margin Index) = 1.4847. GMI > 1 measures deteriorating gross margins year-over-year, which can pressure managers to use accounting choices to sustain reported profits.
• Receivables outside the trade cycle = 21.3% of total assets (91st percentile among VN non-financials). This line (prepayments to suppliers, loans receivable, other long-term receivables) is unusually large versus peers and may indicate material non-trade receivables or related-party financing embedded in receivables.
• Altman Z-Score = 1.23 (distress zone). The Z-Score combines profitability, liquidity, leverage and activity metrics; 1.23 places the company in the zone that historically associates with higher bankruptcy risk.
• Earnings-Quality sub-scores: Cash conversion = 0.0/100, Receivables quality = 0.0/100, Margin quality = 0.0/100, Revenue quality = 0.0/100. These zero scores flag weak quality in converting profits to cash and in revenue/receivables/margin sustainability as measured by that framework.

• TATA (Total Accruals to Assets) = 0.0526. TATA measures accrual intensity; a relatively low positive TATA suggests accruals are present but not extremely large in the year measured.
• AQI (Abnormal Quality Index) = 0.7766. AQI below 1 in the Beneish components tends to indicate fewer unusual non-operating items relative to sales movements.
• SGI (Sales Growth Index) = 0.8429 and DEPI (Depreciation Index) = 0.8875. SGI < 1 shows sales did not accelerate (reducing one common pressure to manipulate), while DEPI < 1 suggests depreciation expense did not suddenly decline relative to prior period (less incentive from asset-life changes).
• Piotroski F-Score = 4/9. While not strongly positive, a midrange F-Score shows neither clear deterioration across the nine fundamental checks nor strong deterioration in operating fundamentals.

Ownership is concentrated among individuals and a listed securities firm: five top holders together exceed ~53% (Nguyễn Đức Giang 13.0%, Trương Minh Ngọc 11.8%, Nguyễn Duy Kiên 10.1%, SHS 9.7%, Nguyễn Hải Duy 8.5%). A listed group holding 54.8% of HMR (control) is noted in the holder lists. Director-deal disclosures show one purchase registration (100,000 shares, +0.31% of shares outstanding) and no sale registrations in the last year; registrations are intentions filed with the exchange, not executed trades.

• Compare the 2025 receivables and other receivable line items (note and schedule) to prior years: quantify the components of the 21.3% "receivables outside the trade cycle" (prepayments to suppliers, loans receivable, long-term receivables) and identify related-party balances and maturities.
• Reconcile operating cash flow to net profit in the cashflow statement and the accruals note for the three-year period used in the cash-conversion metric (operating cash flow / net profit = 1.46). Check the composition of operating cash flows (collections from customers, changes in working capital) in the cashflow note.
• Inspect the revenue recognition policy and the aging of trade receivables and bad-debt provisions in the financial statement notes to assess drivers of DSRI = 1.5982 and the Receivables-quality = 0.0/100 score.
• Examine the related-party transactions note and the loans/advances to (or from) affiliates schedule to see whether the large non-trade receivables or prepayments relate to group activity or intra-group financing.