RCD

• Beneish M-Score -0.8752 (84th percentile among Vietnamese peers; year-over-year change -0.48) — the M-Score summarizes eight indices used to flag earnings manipulation risk; relative percentile and the YoY rise are notable even though the US -1.78 cutoff has limited direct applicability in Vietnam.
• DSRI = 3.7661 (receivables-to-sales index) — this measures a large increase in receivables relative to sales and may indicate revenue recognition timing, extended collections or sales booked with sizable receivables.
• Cash conversion = 0.0/100 (Earnings-quality component) — measures deterioration in conversion of reported profits into operating cash flows.
• Receivables quality = 0.0/100 (Earnings-quality component) — indicates concerns about the liquidity/collectibility or composition of receivables.
• Margin quality = 0.0/100 (Earnings-quality component) — suggests reported margins are not supported by the underlying cost or cash patterns used in this scoring.
• Altman Z-Score = 1.32 (distress zone) — this multivariate score indicates a low distance to the statistical bankruptcy boundary by the Altman model.

• Accruals quality = 88.2/100 — the ratio of accruals to assets appears relatively conservative, indicating reported earnings are not driven primarily by large accruals.
• Revenue quality = 100.0/100 — the revenue pattern used in this scoring appears strong (e.g., not flagged for extreme volatility or suspicious recognition patterns captured by that metric).
• TATA = 0.0296 (total accruals to total assets) — a small positive TATA indicates total accruals are a small share of assets in the period measured.
• GMI = 0.2293 (gross margin index <1) — this index below 1 measures improving gross margins year-over-year, which is typically a favorable operating signal.

Ownership is highly concentrated among individuals: Phạm Văn Khương 24.9%, Trịnh Thị Hồng Hạnh 22.4% and Trần Xuân Lực 22.4% together hold ~69.7%; an institutional holder holds 4.9%. Three large individual shareholders imply concentrated control and potential for related-party activity or group decision-making influence; director-deal registrations were not provided in the inputs (registrations are intentions reported to the exchange).

• Compare the receivables-outside-the-trade-cycle amount reported in the balance-sheet note or schedule to the 0.5% of total assets figure cited here and inspect the note descriptions (prepayments to suppliers, loans receivable, long-term receivables).
• Reconcile consolidated revenue and trade receivables with the revenue note: check the ageing schedule, related-party receivables disclosures and any large new receivable balances that could explain DSRI = 3.7661.
• Verify operating cash flow and the components of profit in the cash-flow statement and the accrual reconciliation to confirm the reported accruals (TATA = 0.0296) and the cash-conversion weakness (cash conversion = 0.0/100).
• Confirm retained earnings / undistributed earnings and owner's-equity line items in the parent and consolidated statements to validate the 'no accumulated losses' and the positive owner's equity reported; also review the auditor's report and statutory-loss disclosures (note that UPCoM listing means the HOSE/HNX statutory-loss delisting rule cited does not apply here).