SAL

• Beneish M-Score -1.2933 (83rd percentile vs VN peers; YoY change +1.32): the company scores higher than most Vietnamese peers on the composite manipulation signal, and the M-Score has moved materially year-over-year.
• DSRI 1.3194: days-sales-in-receivables index above 1.0 indicates receivables (or revenue recognition) grew faster than sales in the period used by the model.
• AQI 1.3269: quality of accruals index above 1.0, indicating a rise in accruals relative to assets and potential degradation in accruals quality.
• TATA 0.1402 (total accruals to assets): a positive accruals ratio consistent with the AQI signal and with weak accruals-quality subscore (49.3/100).
• Earnings Quality 23.1/100 with Cash conversion 0.0/100 and Receivables quality 0.0/100: profit is not being converted into cash and receivables indicators are poor by the scoring framework.
• Three-year cash conversion (operating cash flow / net profit) = -0.51 (16th percentile among VN peers): over three years reported profit is not turning into operating cash flow and ranks low versus peers.
• Altman Z-Score 2.49 (grey zone): the company is not in the safe zone (>2.9) and shows moderate distance from bankruptcy according to the Z-Score metric.

• SGAI 0.9784: selling, general & administrative expenses scaled fell slightly (index below 1.0), suggesting SGA expenses did not outpace sales growth as measured by the SGAI component.
• DEPI 1.0000: depreciation index equals 1.0, indicating no sign of accelerated depreciation policy change in the component measured by Beneish.
• LVGI 1.1243 and SGI 1.1467: company experienced leverage and sales growth indices above 1.0, consistent with expansion (higher SGI can reflect genuine growth pressure rather than only aggressive accounting).
• Piotroski F-Score 4/9: neutral fundamentals—some indicators of profitability and efficiency are present, and there are no accumulated statutory losses and owner's equity (excluding minority interest) is positive.

Ownership is highly concentrated: Tổng Công ty Bảo Đảm An Toàn Hàng Hải Miền Nam (a state entity) holds 49.0% and three maritime-related institutional shareholders together account for another ~37% (14.9%, 13.0%, 9.1%). An individual holds 5.0%. Director-deal disclosures in the last year show 2 purchase registrations and 0 sale registrations, netting +1.37% of shares outstanding in registered purchase intent; these are registered intentions with the exchange, not evidence of executed trades.

• Compare the 2025 schedule/note on related-party receivables and prepayments with the receivables breakdown to verify the composition of the 0.1% of total assets classified as 'receivables outside the trade cycle.'
• Reconcile cash-flow from operating activities in the 2023–2025 consolidated cash-flow statements with reported net profit to reproduce the three-year cash conversion ratio (operating cash flow / net profit) and identify timing or non-cash items driving the -0.51 result.
• Inspect the notes on accruals, provisions and non-cash adjustments (e.g., movements in trade payables, inventories, allowance for doubtful accounts) to assess the drivers of TATA = 0.1402 and AQI = 1.3269.
• Review the segment and revenue-recognition notes and the aging of trade receivables to test the implication of DSRI = 1.3194 (whether revenue growth was accompanied by disproportionate receivable growth or unusual terms).