SBT

• Beneish M‑Score = -1.6855 (75th percentile among Vietnamese peers; year‑over‑year change +0.81). The M‑Score synthesizes eight ratios to flag likely earnings manipulation; the company is more aggressive versus most local peers and the score has moved materially year over year.
• DSRI = 1.3359. Days‑sales‑in‑receivables index above 1 suggests receivables (or revenue recognition terms) are growing faster than sales.
• GMI = 1.2777. Gross margin index >1 indicates gross margins have deteriorated, a condition that historically correlates with more aggressive accounting when firms try to hide margin weakness.
• TATA = 0.0867. Total accruals to assets positive at 8.67% of assets, signalling earnings include accruals rather than cash‑based performance.
• Earnings Quality = 23.7/100 with Cash conversion = 0.0/100 and Receivables quality = 0.0/100. Operating profit is not converting into cash and receivables appear poor, both impairing the reliability of reported profit.
• Altman Z‑Score = 1.61 (distress zone). This score estimates distance to bankruptcy; 1.61 falls in the zone commonly associated with elevated financial distress risk.
• Piotroski F‑Score = 2/9. Weak fundamental score: poor profitability, liquidity/solvency, and operating performance signals.
• Receivables outside the trade cycle = 23.2% of total assets (92nd percentile). A large share of assets are tied in prepayments, loans receivable or long‑term receivables rather than trade receivables that rotate with sales.
• Cash conversion (3‑year operating cash flow / net profit) = -0.58 (16th percentile). Over three years profits have not translated into operating cash flow, suggesting earnings may be supported by accruals or non‑cash items.
• Director‑deal registrations: 7 sale registrations (2 registrants; 377,539,427 shares) vs 14 purchase registrations (9 registrants; 74,868,097 shares); net registered volume = -32.38% of shares outstanding. These are registration intentions disclosed to the exchange and reflect more registered selling capacity than buying capacity in the period.

• SGI = 0.8744 (sales growth index <1). Sales growth has not been accelerating, which reduces one common motive for aggressive revenue recognition tied to rapid growth.
• DEPI = 0.9508 and LVGI = 0.9604. Depreciation index slightly below 1 and leverage growth index below 1 do not indicate sharp increases in depreciation manipulations or rapidly rising leverage versus the prior year.
• Accumulated losses: none. Undistributed earnings are positive and owner’s equity (excluding minority interest) is positive, so the company does not meet statutory loss conditions that would trigger the specific exchange tests.
• Statutory loss tests (Decree 155/2020 Art.120(1)(e) as amended) — none met. The audited annual statements do not meet the statutory criteria for listing cancellation under the cited decree.

Ownership is concentrated: Legendary Venture Fund I holds 15.8% and an individual, Đặng Huỳnh Ức My, holds 12.9%; the next largest institutional holders hold single‑digit stakes. The disclosed director‑deal registrations show net registered selling capacity (-32.38% of shares outstanding) over the last year, but registrations are intentions filed with the exchange, not evidence of executed trades.

• Compare the FY2025 balance‑sheet line items and notes for 'Receivables and prepayments' (including loans receivable and other long‑term receivables) with the trade receivables schedule to identify composition and ageing of the 23.2% of assets labelled as receivables outside the trade cycle.
• Reconcile the cash‑flow statement (operating cash flow) with reported net profit over the last three years to verify the cash conversion ratio of -0.58 and identify major non‑cash or working‑capital drivers.
• Inspect the auditor’s report and accounting policy notes for revenue recognition and estimates (including related‑party transactions) given DSRI = 1.3359 and Revenue quality = 0.0/100.
• Review the disclosures for related‑party transactions, prepayments to suppliers and loans to/from group entities in the notes to the financial statements to assess the nature and recoverability of the large non‑trade receivable balances.