RTB

• Beneish M-Score -1.4146 (81st percentile among Vietnamese peers; YoY change +1.07). The M-Score aggregates eight ratios to screen for earnings manipulation tendencies; the company sits above most Vietnam peers and has moved meaningfully year-over-year.
• DSRI (Days’ Sales Receivables Index) = 1.6625. DSRI > 1 implies receivables are growing faster than sales, signalling longer collection or revenue timing differences relative to prior year.
• Receivables quality = 0.0/100 and Receivables outside the trade cycle = 0.1% of total assets (11th percentile). The earnings-quality module scores receivables quality at its minimum, indicating concerns about how revenue/receivables are recognised or classified despite the small absolute balance outside the trade cycle.
• Revenue quality = 15.9/100. Low revenue-quality scores reflect a weak relationship between reported revenues and cash/earnings drivers used in the model.
• Cash conversion (operating cash flow / net profit, 3-year) = 0.72 (36th percentile). This suggests profits are not converting into cash as strongly as most peers; the Vietnamese ranking shows relatively weaker cash conversion.

• Altman Z-Score = 7.49 (safe zone). The Z-Score measures distance to bankruptcy using liquidity, profitability, leverage and activity ratios; 7.49 indicates a comfortable buffer on that metric.
• Piotroski F-Score = 7/9. The F-Score measures nine fundamentals (profitability, leverage/liquidity, and operating efficiency); a 7 indicates generally strong underlying fundamentals.
• TATA (total accruals to assets) = 0.0736 and Accruals quality = 70.6/100. Accruals are present but accruals-quality is above average in the earnings-quality module, partially offsetting accrual-related manipulation concerns.
• SGI (sales growth index) = 1.0403; GMI (gross margin index) = 0.9971; DEPI (depreciation index) = 0.9362. These individual Beneish components do not show extreme pressure from rapidly falling gross margins or accelerated depreciation policies.

The share register is highly concentrated: Tập đoàn Công nghiệp Cao su Việt Nam (a state-controlled industrial group) holds 98.5% of shares. Minority free float is extremely small; director-deal registrations for the latest 12 months show one purchase registration totalling 10,000 shares (+0.01% of shares outstanding) and no sale registrations. High state-group ownership implies group control and related-party transactions are likely important in the filings.

• Compare the 2025 year-end trade receivables ageing schedule with the related-party receivables note to confirm whether the increases reflected in DSRI are within normal trade terms or related-party/non-trade balances.
• Reconcile operating cash flow to net profit in the cash-flow statement and the notes for 2023–2025 to explain the 3-year cash conversion ratio of 0.72; examine the notes on changes in working capital (inventory, receivables, payables).
• Inspect the prepayments and loans-receivable schedules and the related-party disclosures for amounts and counterparties (given receivables outside the trade cycle = 0.1% of assets) to verify classification and contractual terms.
• Review the revenue recognition policy note and any schedules showing long-term contracts or deferred revenue to assess drivers of the low revenue-quality score (15.9/100) and the elevated DSRI.