SDA

• Beneish M-Score = 0.8863 (95th percentile vs Vietnamese peers). The peer percentile places the company among the more aggressive-accounting profiles in Vietnam; the M-Score rose by +7.93 year-over-year (the YoY trajectory is a separate signal).
• DSRI (Days Sales Receivables Index) = 1.9978, suggesting receivables grew faster than sales or were being managed differently relative to prior year.
• TATA (Total Accruals to Total Assets) = 0.7167, a very large accruals component in the M-Score calculation indicating sizeable accruals relative to assets.
• Earnings Quality overall = 5.6/100 with Accruals quality = 0.0/100, Cash conversion = 0.0/100, Receivables quality = 0.0/100, Margin quality = 0.0/100, Revenue quality = 37.1/100 — these component scores point to weak earnings quality and low cash-realization of reported profits.
• Altman Z-Score = -0.98 (distress zone). By the Altman formulation this score is in the range typically associated with greater distance to solvency.
• Receivables outside the trade cycle = 9.6% of total assets (80th percentile among Vietnamese non-financials). The company reports non-trade receivables such as prepayments to suppliers, loans receivable and long-term receivables at a relatively high level versus peers.

• Piotroski F-Score = 6/9, indicating a mix of stable/positive fundamentals (profitability, leverage/liquidity, and operating performance indicators captured by the F-Score).
• AQI (Asset Quality Index) = 0.9521 and SGAI (Sales, General & Admin index) = 0.9497, both under 1.0, which in Beneish's components can indicate limited deterioration in asset composition and SG&A relative to sales.
• DEPI (Depreciation Index) = 1.0000 and LVGI (Leverage Index) = 0.9704, showing no obvious change in depreciation policy and a small reduction in leverage by the index measure.

Ownership is concentrated: one individual, Nguyễn Thị Hồng Ngọc, holds 15.3% while the next largest holder is an institutional investor with 3.8%; other named individuals hold smaller stakes (1.9%, 0.8%, 0.1%). No director-deal registrations were provided in the inputs (director-deal registrations are exchange filings of intent, not executed trades).

• Compare the FY2025 line items and notes for 'Receivables and prepayments' to the related-party disclosures and the loans receivable schedule to quantify the 9.6% of total assets classified as outside the trade cycle.
• Reconcile total accruals to the cash-flow statement: compare profit (parent) to cash flows from operations and the components that produce TATA = 0.7167 in the notes to the financial statements.
• Inspect the auditor’s report and the statutory statements for the Decree 155/2020 Art.120(1)(e) loss-language: confirm that the company’s listing is on UPCoM and that the HOSE/HNX statutory delisting test does not apply to the UPCoM listing.
• Review the related-party transactions note and the schedule of prepayments/advances to suppliers to assess the composition and terms of non-trade receivables and any concentrations disclosed.