SDP

• Beneish M-Score -1.2914: measures an eight-variable statistical index intended to detect earnings manipulation; company ranks at the 83rd percentile among Vietnamese peers (higher = more aggressive accounting) and the M-Score rose by +4.46 year-over-year, showing an upward trajectory versus its own history.
• DSRI 3.3812: the Days Sales Receivable Index (DSRI) compares receivables relative to sales year-over-year; a DSRI well above 1 indicates receivables grew faster than sales and can signal revenue recognition or collection issues.
• Receivables outside the trade cycle 2.3% of total assets (52nd percentile): this line (prepayments to suppliers, loans receivable and other long-term receivables) shows non-trade receivables are present and measurable in the balance sheet.
• Accumulated losses 1.91x paid-in capital and nine consecutive years of parent net loss up to FY2025: these are statutory statement facts showing losses have exceeded contributed capital for an extended period.
• Owner's equity excluding minority interest: negative — the consolidated statements show negative owners' equity (a balance-sheet solvency concern).
• Altman Z-Score -2.83: Z-Score is a composite bankruptcy-distance indicator; at -2.83 the company sits in the 'distress' zone, implying low distance from insolvency based on the formula's inputs.
• Receivables quality 0.0/100 and Margin quality 0.0/100 (Earnings Quality 41.2/100): the scoring indicates very weak receivables collectability metrics and weak margin persistence or quality.
• Statutory-loss indicators in the audited statements: accumulated losses above paid-in capital, losses in each of the latest three years, and negative owner's equity — these are the specific conditions referenced in the Decree (noting the company trades on UPCoM, where HOSE/HNX delisting rules do not apply).

• Accruals quality 100.0/100: this component measures the relation of accruals to cash flows; a perfect score indicates reported earnings are supported by cash-flow patterns rather than large discretionary accruals.
• TATA -0.0146: Total Accruals to Total Assets (TATA) of -0.0146 indicates overall accruals are small and slightly negative as a fraction of assets (this is a low accruals magnitude).
• GMI 0.1213 and SGAI 0.3648: Gross Margin Index (GMI) and SG&A Index (SGAI) are both well below 1, which (in their standard interpretations) indicates gross margin and SG&A trends have not deteriorated year-over-year; these point to operating-margin stability or improvement versus the prior period.
• Piotroski F-Score 5/9: a neutral fundamentals score showing mixed signals across profitability, leverage/liquidity, and operating efficiency — neither strongly healthy nor strongly weak on the Piotroski scale.

Top ownership is concentrated in individuals: Nguyễn Thị Phương 12.5%, Đinh Mạnh Thắng 6.7%, and Nguyễn Thị Thanh Vân 4.5%; the largest institutional holder is a bank at 2.2% and a related listed group company (Sông Đà 12) holds 1.1%. There is therefore significant insider/individual ownership concentration, which is relevant to related-party and group-transaction assessment.

• Compare the FY2025 line items for 'Prepayments to suppliers', 'Loans receivable' and 'Other long-term receivables' in the balance sheet with the related-party note and the schedule of receivables — verify counterparty, term, interest, and whether any are outside normal trade terms.
• Reconcile cash flow from operations with reported profit for FY2025: inspect the cash-flow statement's adjustments for changes in receivables, inventory and payables to validate the Accruals quality and the low TATA.
• Examine the statutory schedule or note that shows accumulated losses and paid-in capital to confirm the 1.91x figure and the note describing the consecutive-year losses and negative owner's equity.
• Read the auditor's opinion and the management discussion & analysis (MD&A) or explanatory notes on going concern and related-party transactions to see how the auditors and management describe solvency, related-party balances, and any restructuring or group support arrangements.