SDU

• Beneish M-Score 1.5038 (97th percentile vs Vietnamese peers; YoY change +4.17) — the aggregate M-Score measures the likelihood of earnings manipulation patterns relative to a model of financial-ratio shifts; the high percentile and positive YoY move show the company's accounting profile is more aggressive than most local peers and has recently moved in that direction.
• GMI (Gross Margin Index) = 2.5818 (>1 indicates gross margins deteriorating year-over-year) — this component measures whether gross margins have declined, which can prompt management to manage earnings.
• SGI (Sales Growth Index) = 5.3574 (very large) — SGI measures sales growth; very high SGI signals rapid growth that, in combination with other ratios, can be associated with pressure to manage reported results.
• DEPI (Depreciation Index) = 2.4625 (>1) — DEPI >1 indicates a change in depreciation (slower depreciation or capitalisation) that increases reported profit relative to economic depreciation.
• AQI (Asset Quality Index) = 1.0667 (>1) — AQI >1 suggests rising non-current or potentially subjective asset balances (e.g., capitalised costs, long-term receivables) relative to total assets.
• Margin quality = 0/100 and Revenue quality = 0/100 — these scores indicate that the model finds weak quality in reported margins and in revenue behaviour (patterns of sales and returns) relative to peers.
• Altman Z-Score = 1.15 (distress zone) — this multi-factor score indicates limited distance from typical bankruptcy predictors based on working capital, retained earnings, EBIT, market value and sales; 1.15 is in the distress range.
• Cash conversion (3-year operating cash flow / net profit) = 4.70 (91st percentile; high) — this measures how well reported profits convert into operating cash over three years. A value of 4.70 (high percentile) signals profit not translating into cash, consistent with the low revenue/margin quality signals.
• Receivables outside the trade cycle = 8.0% of total assets (76th percentile) — this measures prepayments, loans receivable and other non-trade receivables; a material 8.0% share suggests non-trade asset balances that require disclosure and scrutiny.

• Accruals quality = 100/100 and TATA = -0.0685 (TATA negative) — accruals measures indicate high quality (negative TATA implies operating cash flow exceeds income, reducing a typical accruals concern).
• Cash conversion sub-score = 100/100 despite the three-year ratio being high — the per-year modelled cash conversion metrics used in the earnings-quality score see operating cash metrics as strong on the company’s reported flows.
• Receivables quality = 100/100 and DSRI = 0.1861 (DSRI <1) — DSRI (Days’ Sales Receivables Index) of 0.1861 suggests receivables are not increasing relative to sales (a DSRI <1 typically reduces a receivables-manipulation concern), and the high receivables-quality sub-score supports conservative trade receivable behaviour.
• Piotroski F-Score = 8/9 — this score summarizes nine fundamental signals (profitability, leverage/liquidity, and operating efficiency). An 8 indicates generally strong profitability, improving or stable leverage and operational improvements by that metric.
• LVGI = 0.8989 (<1) — the leverage/asset growth index below 1 indicates leverage has not expanded unusually in the period measured (it suggests leverage growth is not a driving upward pressure).
• No accumulated losses; owner’s equity (excluding minority interest) is positive; statutory loss tests under Decree 155/2020 (as amended) are not met — these are favorable line-item facts from the published statements.

Shareholding is concentrated: Tổng Công ty Sông Đà (an institutional/state-related entity) holds 30.0%, and an individual, Hoàng Văn Anh, holds 25.0%; VNDIRECT holds 16.3%. This mix gives two large controlling shareholders (one institutional, one individual) together holding a majority stake, which increases the influence of majority owners on group-level decisions and related-party flows as reported in disclosures.

• Compare 'Prepayments and other receivables' (and any line labelled 'Loans receivable' or 'Long-term receivables') in the balance sheet to the related-party and other receivables note — quantify the 8.0% of total assets and disclose counterparties, terms and collateral.
• Reconcile 'Net cash from operating activities' to 'Profit before tax' (and to 'Parent net profit') in the cashflow statement and notes for FY2023–FY2025 to understand the components producing the 3-year cash-conversion ratio of 4.70.
• Inspect the revenue recognition note and any segment/related-party sales schedules for unusual timing, percentage of revenue to related parties, or significant month/quarter concentration that would explain the revenue-quality = 0/100 signal.
• Review the fixed-asset and depreciation policy note (useful life, method, and additions/disposals schedule) to see whether changes in depreciation estimates or capitalization policies explain DEPI = 2.4625 and AQI = 1.0667.