SFG

• Beneish M-Score = -1.4725 (80th Vietnam percentile). The Beneish score aggregates eight ratios to flag unusual accounting patterns; against Vietnamese peers this places SFG toward the more aggressive side of the domestic distribution, and the M-Score fell by -0.66 year-over-year, indicating the accounting profile has moved.
• Earnings-quality overall 27.5/100. The company scores very poorly on cash conversion (0.0/100) and revenue quality (0.0/100), meaning reported profits are not converting into operating cash and there are weaknesses in revenue sustainability metrics.
• Three-year cash conversion = -5.25 (5th percentile among Vietnamese non-financials). This ratio (operating cash flow / net profit, three-year aggregate) indicates profit has not translated into cash and is extreme relative to peers.
• Piotroski F-Score = 3/9. Low F-score implies weak fundamental signals across profitability, leverage/liquidity, and operating efficiency tests.
• Altman Z-Score = 1.85 (grey zone). This Z-Score measures distance from bankruptcy using working capital, retained earnings, EBIT, market value, and sales; 1.85 is inside the grey zone for financial distress.

• Receivables quality = 100.0/100. The receivables-quality component indicates the receivables profile appears strong relative to the measures used (aging, allowance behavior, size relative to assets).
• DSRI = 0.5159 (Days' sales in receivables index). A DSRI below 1 points to receivables growing more slowly than sales (or receivables declining), which reduces a common manipulation pathway.
• SGAI = 0.7567 (Selling, general & admin index below 1). Lower SGAI suggests SGA expenses did not grow faster than sales, which can indicate no aggressive capitalization or expense inflation through SG&A.
• No accumulated losses; owner's equity (excluding minority interest) is positive; net loss (parent) in 0 consecutive years up to FY2025. These statutory and balance-sheet facts show the company is not in an accumulated-loss position under the published statements.

The largest shareholder is Tập đoàn Hóa chất Việt Nam with 65.0% (state conglomerate), showing strong concentration and likely group or state influence. Two other institutional holdings at 5.0% each and two small individual holdings are present. No director-deal registrations were provided in the input (registrations are intentions filed with the exchange, not executed trades).

• Compare the consolidated operating cash flow and parent net profit lines in the FY2025 cash flow statement and the notes to reconcile the three-year cash conversion ratio (operating cash flow / net profit).
• Inspect the receivables and other long-term receivables notes: quantify prepayments to suppliers, loans receivable and ‘other long-term receivables’ that make up the 2.1% of total assets flagged as receivables outside the trade cycle.
• Review the related-party disclosures and the note(s) on group/company transactions to see whether the large state shareholder or group entities appear in sales, purchases, advances, loans or guarantees.
• Check the depreciation and fixed-asset notes together with the revenue breakdown to evaluate the DEPI = 1.0156 and whether depreciation policies or asset revaluations changed year-over-year.