SEB

• Beneish M-Score = -1.5573 (78th percentile v Vietnam peers). The M-Score combines eight ratios to flag earnings manipulation risk; this level and percentile show more aggressive accounting relative to most Vietnamese peers (note: US cutoff -1.78 is less applicable in Vietnam).
• Year-over-year M-Score change = +1.38. A positive change indicates the accounting profile moved toward greater aggressiveness this year (consecutive-year M-Scores have low autocorrelation, so the trajectory is an important secondary cue).
• DSRI (Days Sales in Receivables Index) = 1.7844. This measures receivables relative to sales growth; a value >1 suggests receivables grew faster than sales, consistent with pressure in revenue recognition or extended customer credit.
• Receivables quality = 0.0/100 and Revenue quality = 0.0/100. These scores indicate the models detect weak evidence that reported revenues and receivables are supported by standard trade activity and underlying cash-generating behaviour.
• Cash-conversion (3-year operating cash flow / net profit) = 1.10 (49th percentile). While the ratio is above 1, its median percentile implies the company is mid-pack on converting reported profit into operating cash relative to Vietnamese non-financials; the Earnings Quality cash-conversion score (73.5/100) also leaves room for concern.
• LVGI (Leverage Index) = 0.9404 and DEPI (Depreciation Index) = 0.9370. Both <1 suggest depreciation and leverage changes that could affect earnings composition and long-term asset consumption assumptions.

• Accruals quality = 93.1/100. This measures the portion of earnings attributable to accruals; a high score means recorded profits are not heavily driven by large accruals.
• Margin quality = 97.7/100. This indicates stable or sustainable gross/profit margin behaviour as captured by the metric.
• TATA (Total Accruals to Total Assets) = 0.0171. A low positive TATA suggests accruals are a small share of assets and not the primary driver of reported earnings.
• Altman Z-Score = 26.81 (safe zone). The Z-Score estimates distance to bankruptcy using balance-sheet and earnings ratios; 26.81 places the company well within the 'safe' range.
• Piotroski F-Score = 7/9. This score summarises nine signals of operational and financial improvement; 7 indicates generally strong fundamentals across profitability, leverage/liquidity and operating efficiency tests.
• Receivables outside the trade cycle = 0.1% of total assets (9th percentile). The small amount of receivables outside the trade cycle (prepayments, loans receivable, long-term receivables) reduces concern about large off-cycle receivable balances.

Ownership is concentrated: two individuals hold 25.2% and 25.0% respectively, and Tổng Công Ty Điện Lực Miền Trung (a large institutional/state-connected investor) holds 24.0%; together these three control a large block. Other institutional stakes include Bitexco Energy 11.5% and SJ Group 3.9%. Such concentration implies decisions and related-party exposures may reflect controlling shareholders' interests and group relationships under Vietnamese group/SON control norms.

• Compare FY2025 revenue lines and the revenue-recognition note: reconcile growth in sales with the trade receivables and ageing schedule to see whether sales increases align with customer collections.
• Compare the statement of cash flows (operating cash flow) for FY2023–FY2025 with reported net profit to validate the 3-year cash-conversion ratio (operating cash flow / net profit = 1.10).
• Inspect the receivables and related-party notes for FY2025: identify any receivables classified as prepayments, loans receivable or other long-term receivables (the 'receivables outside the trade cycle' line is 0.1% of total assets).
• Review the statutory-loss and equity notes in the audited annual statements to confirm that none of the Decree 155/2020 (art.120(1)(e), amended) delisting-trigger tests were met for FY2025 (the provided statement: none met).