SCJ

• Beneish M-Score -1.4029, Vietnam peer percentile 81st: the M-Score measures the likelihood of earnings manipulation using eight ratios; a high peer percentile means SCJ is more aggressive than ~81% of Vietnamese listed peers.
• DSRI = 2.0698: the Days’ Sales Receivable Index component of the M-Score is elevated (measures growth in receivables relative to sales), suggesting a rapid increase in receivables or slower collections versus last year.
• TATA = 0.0644 (Total Accruals to Total Assets): positive accruals of 6.44% of assets indicate earnings contain accrual-based (non-cash) elements rather than cash profit.
• Earnings Quality Score 26.4/100 with Cash conversion 0.0/100 and Receivables quality 0.0/100: operating cash flow is not supporting reported profits and receivables-related quality is poor.
• Cash conversion (3-year operating cash flow / net profit) = 12.99, 97th percentile among Vietnamese non-financials: over the past three years reported profits have largely not converted into cash relative to peers.
• Altman Z-Score 0.67 (distress zone): the Z-Score measures likelihood of bankruptcy/distress using profitability, leverage and liquidity components; 0.67 is within the traditional distress range.
• SGAI = 1.1461: selling, general & administrative expenses are growing faster than sales, which can pressure future margins and may reflect discretionary spending affecting reported profit.

• AQI = 0.8450 (Accruals Quality Index): below 1.0 implies accruals moved in the direction consistent with lower manipulation risk on that metric; accruals quality score component reported at 74.3/100.
• GMI = 1.0029 (Gross Margin Index ≈1): gross margins are broadly stable year-over-year (GMI around 1 measures deterioration or improvement in gross margin).
• DEPI = 0.9331 (Depreciation Index <1): depreciation policies have not shifted toward patterns that commonly inflate earnings (DEPI <1 indicates depreciation expense rose relative to prior year, not falling).
• LVGI = 1.0328 (Leverage Index ~1.03): leverage has increased modestly but not dramatically; owner’s equity (excluding minorities) is positive and there are no accumulated losses reported.
• No accumulated losses and zero years of parent net loss up to FY2025: retained earnings are not negative and statutory loss tests that trigger HOSE/HNX delisting are not applicable because the company trades on UPCoM.

Ownership is highly concentrated: Nguyễn Sỹ Tiệp holds 76.4% of shares, with two other individuals/institutions holding 8.3% and 7.7%. High insider control implies that related-party transactions, financing and strategic decisions are likely influenced by a dominant shareholder; no director-deal registrations were provided in the supplied data.

• Compare the increase in trade receivables and the DSRI driver by inspecting the notes to trade receivables and the revenue recognition note for FY2025 (look for changes in days outstanding, new customer terms, or large single-customer balances).
• Reconcile operating cash flow to reported net profit in the cash flow statement and the management discussion (note) to explain the three-year cash conversion ratio of 12.99 (97th percentile).
• Review the related-party schedules and notes for loans, prepayments or long-term receivables (the ‘receivables outside the trade cycle’ line that equals 0.6% of total assets) to see counterparties, terms and any rollovers.
• Inspect the fixed-asset and depreciation policies and the disclosure supporting DEPI = 0.9331 to confirm no recent downward changes in useful lives or residual value assumptions that would inflate current-year profit.