SHC

• Beneish M-Score = -1.2985 (measures likelihood of earnings manipulation using eight variables); this is above the US -1.78 cut-off and sits at the 83rd percentile among Vietnamese peers (higher = more aggressive accounting vs VN peers).
• Year-over-year change in M-Score = +1.58 (measures the recent shift in the composite manipulation signal), indicating the company’s M-Score moved materially toward the aggressive side in the last year.
• DSRI (Days’ Sales in Receivables Index) = 2.1798 (component of the M-Score that measures receivables growth relative to sales), signalling receivables are rising much faster than revenue.
• AQI (Asset Quality Index) = 1.1017 (measures shift into non-current/less-liquid asset categories), consistent with increased non-standard asset recognition.
• DEPI (Depreciation Index) = 1.1246 (measures a reduction in depreciation rates or slower expensing), which can inflate reported profits by lowering depreciation expense.
• LVGI (Leverage Index) = 1.1617 (measures rising leverage), showing higher leverage year over year in the M-Score components.
• Receivables outside the trade cycle = 17.5% of total assets (89th percentile among Vietnamese non-financials); this includes prepayments to suppliers, loans receivable and other long-term receivables and is a high proportion of assets.
• Receivables quality = 0.0/100 and Revenue quality = 0.0/100 (both measure signals that revenue and receivables are of poor quality relative to peers), consistent with elevated DSRI and large non-trade receivables.
• TATA (Total Accruals to Total Assets) = -0.0045 (close to zero but negative; while accruals quality is scored high, this small TATA alongside other M-Score components merits scrutiny).

• Accruals quality = 100.0/100 (measures quality of accruals; indicates accruals are consistent with cash flows and recorded conservatively).
• Cash conversion (three-year operating cash flow / net profit) = 1.48 (63rd percentile among Vietnamese peers; measures how profit turns into cash — above 1 implies cash generation in excess of reported profit over the window).
• Altman Z-Score = 3.98 (measures distance from bankruptcy; the company is in the 'safe' zone on this metric).
• Piotroski F-Score = 7/9 (measures fundamental financial strength across profitability, leverage/liquidity and operating efficiency; 7 is a strong score).
• SGI (Sales Growth Index) = 1.2096 and GMI (Gross Margin Index) = 0.8270 (SGI >1 shows revenue growth; GMI <1 indicates gross margin improved year over year).

Shareholding is highly concentrated among individuals: Nguyễn Đại Thắng 15.2%, Nguyễn Minh Thắng 14.7%, Nguyễn Xuân Phú 13.9%, Nguyễn Thị Vân Anh 11.2%, and Nguyễn Đình Hiệu 11.2%, together controlling a large block of equity. No director-deal registrations were provided in the data; registrations reported to the exchange are intentions, not executed trades.

• Compare the increase in 'receivables and other long-term receivables' (note or schedule) to revenue growth and the revenue note to reconcile the DSRI = 2.1798 with reported sales.
• Inspect the note(s) for 'prepayments to suppliers' and 'loans receivable — related parties' to quantify the 17.5% of total assets classified as receivables outside the trade cycle and identify counterparties and terms.
• Reconcile the cash flow statement (operating cash flows) with profit across the last three years to verify the three-year cash conversion ratio of 1.48 and review the components that drive cash from operations.
• Examine the fixed-asset schedule and depreciation policy/note to review the DEPI = 1.1246 implication (changes in depreciation methods, useful lives or residual values) and any impairments or revaluations.
• Confirm leverage and balance-sheet composition in the notes to reconcile LVGI = 1.1617 and the Altman Z-Score components (working capital, retained earnings, EBIT, total assets, market/book if disclosed).