SD4

• Beneish M-Score = -0.0597. The M-Score is a model that combines eight earnings-quality ratios to signal aggressive accounting; this company's score sits in the 93rd percentile versus Vietnamese peers (higher = more aggressive accounting relative to peers). Note: the usual -1.78 US cutoff is not directly transferable; peer percentile and the YoY change matter here.
• Year-over-year change in M-Score = +3.39. This large positive change indicates the accounting profile moved toward the aggressive side compared with the prior year (consecutive-year M-Scores have low autocorrelation, so the trajectory is a useful secondary cue).
• Earnings-quality components show concerns in margins and cash conversion: Margin quality = 0.0/100 (suggesting margin measures are weak relative to peers) and Cash conversion = 40.0/100 (slower conversion of profit to cash).
• Altman Z-Score = -0.35 (distress zone). The Z-Score measures distance to bankruptcy using balance-sheet and income statement items; a negative score is consistent with severe distress on a bankruptcy-probability scale.
• Accumulated losses = 1.61 × paid-in capital and owner's equity (excluding minority interest) is negative. These are balance-sheet facts showing retained losses exceed contributed capital and net equity is deficit.
• Net loss at parent level for 4 consecutive years up to FY2025. Repeated parent losses are a signal of persistent operating shortfall.
• Statutory loss tests (per Decree 155/2020 Art.120(1)(e), amended) are met in the published statements: accumulated losses above paid-in capital, losses in each of the latest three years, and negative owner's equity. (The company trades on UPCoM where the HOSE/HNX delisting rule does not apply, but the statement-level tests are present.)
• Receivables outside the trade cycle = 3.8% of total assets (61st percentile among Vietnamese non-financials). This line includes prepayments to suppliers, loans receivable and other long-term receivables and may indicate non-trade claims or related-party funding sitting on the balance sheet.

• Accruals quality = 100.0/100. This subscore measures the extent to which earnings are driven by accruals rather than cash flows; a top score indicates low accruals-based distortion by that metric.
• Revenue quality = 81.4/100. This suggests reported revenue is relatively consistent with underlying indicators used in the revenue-quality component of the earnings-quality model.
• Receivables-quality = 55.8/100 and LVGI = 1.0092 (level variation in gross inventory). Receivables-quality is middling and LVGI near 1.0 indicates inventory levels did not inflate materially year over year by that metric.
• TATA (total accruals to total assets) = -0.0562. A negative TATA indicates accruals reduced reported earnings in the period rather than inflated them.
• Piotroski F-Score = 5/9 (neutral). The F-Score synthesizes profitability, leverage/liquidity, and operating efficiency signals; a 5 is neither strongly improving nor deteriorating in that framework.

The largest shareholder is Tổng Công ty Sông Đà (a state-linked institution) with 65.0% ownership, indicating strong controlling shareholder concentration and likely group or state influence; remaining public/free-float stakes are small (top individuals hold 0.5%, 0.2%, 0.1%, 0.0%). No director-deal registrations were provided in the data (registrations, when present, are intentions filed with the exchange).

• Compare the FY2025 line item and note for 'prepayments to suppliers, loans receivable and other long-term receivables' with the receivables-outside-trade-cycle amount (3.8% of total assets) to see composition and counterparty (related party vs third party).
• Reconcile the accumulated losses and paid-in capital lines in the statement of changes in equity and the parent-company profit (loss) note to confirm the 1.61× figure and the four consecutive years of parent-net losses.
• Review the cash-flow statement and the financing/operating-cash reconciliation to confirm cash conversion measures that produced Cash conversion = 40.0/100 and TATA = -0.0562 (focus on operating cash flow, changes in working capital and non-cash items).
• Inspect the revenue and receivables notes (revenue recognition policies and ageing) used to compute Revenue quality = 81.4/100 and Receivables quality = 55.8/100, including any related-party revenue and the trade vs non-trade receivable breakdown.