S55

• Beneish DSRI = 3.0273 — measures the change in days' sales in receivables; a large increase suggests receivables (or revenue recognition) grew much faster than sales.
• Receivables quality = 0.0/100 and 'receivables outside the trade cycle' = 5.8% of total assets (71st percentile) — indicates a concentration of prepayments, loans receivable or long-term receivables that are atypical for normal trade receivables.
• Earnings-quality margin component = 7.0/100 — measures persistence and reliability of reported margins; a very low score signals margins are of low quality.
• SGAI = 1.2817 — measures change in SG&A relative to sales; >1 indicates SG&A rising faster than sales, which can reflect unusual expense recognition or cost structure shifts.
• Altman Z-Score = 0.91 — measures distance to financial distress; this value is in the distress zone and signals weak balance-sheet solvency.

• Beneish GMI = 0.5549 — Gross Margin Index <1 measures that gross margin improved (current/previous); improvement in gross margins reduces one manipulation pressure in Beneish's framework.
• Beneish DEPI = 0.5329 — Depreciation Index <1 (opposite of the suspect direction) suggests no sign of extending asset lives to inflate profits.
• Accruals quality = 92.5/100 — measures the reliability and size of accruals versus cash; a high score indicates reported earnings are not primarily driven by accruals.
• Piotroski F-Score = 7/9 — measures nine fundamental signals (profitability, leverage/liquidity, and operating efficiency); a 7 is consistent with comparatively strong reported operating and profitability fundamentals.

Ownership is highly concentrated: Công ty Cổ phần Anza holds 75.0% (institutional majority), and four individuals together hold about 13.0% (largest individual 5.2%). Director-deal registrations record one purchase registration (154,800 shares) between 2025-10-30 and 2026-10-30 equal to +1.55% of shares outstanding; registrations are intentions filed with the exchange, not executed trades.

• Compare the note/schedule that breaks down 'accounts receivable' and 'other receivables' in the FY2025 financial statements to identify the components making up the 5.8% of assets classified as receivables outside the trade cycle (prepayments, loans receivable, long-term receivables).
• Reconcile the operating cash flow statement (cash flow from operations, FY2023–FY2025) with reported net profit to confirm the 3-year cash-conversion ratio of 1.20 and to see which line items (changes in receivables, inventory, payables) drive the gap.
• Inspect related-party disclosures and the notes on 'loans to/from related parties' and 'advances to suppliers' to determine whether material receivable-like balances are with related parties and the terms (maturity, interest, collateral).
• Check the fixed-asset and depreciation note to confirm the depreciation policy and movements that underpin DEPI = 0.5329 (useful lives, revaluations, additions/disposals).