SHE

• Beneish M-Score = -1.0302 (measures 8-variable composite intended to flag earnings manipulation patterns); Vietnam peer percentile = 87th (company scores more aggressive than 87% of VN peers) and YoY change = +0.79 (the M-Score moved materially this year).
• GMI (Gross Margin Index) = 1.9269 (measures deterioration in gross margins year-over-year; >1 suggests margins worsening), and SGI (Sales Growth Index) = 1.8979 (measures sales growth; high growth can be associated with increased accounting risk).
• TATA (Total Accruals to Assets) = 0.1121 (measures accrual intensity; elevated accruals can reduce earnings quality).
• Earnings Quality composite = 35.6/100 with Cash conversion = 0.0/100 (operating cash flow failing to convert reported profit over three years; Vietnamese cash-conversion metric = -0.02, 22nd percentile), and Margin quality = 9.5/100 and Revenue quality = 0.0/100 (all indicate weak earnings sustainability).
• Altman Z-Score = 2.40 (grey zone for bankruptcy distance; not clearly safe nor distressed).
• Piotroski F-Score = 3/9 (measures nine fundamental signals; score of 3 denotes weak operating/financial improvements).

• Receivables quality = 100.0/100 and receivables outside the trade cycle = 1.6% of total assets (45th percentile); this suggests reported receivables and non-trade receivable items are not large relative to the balance sheet.
• AQI (Asset Quality Index) = 0.4112 (measures the proportion of non-current assets; lower values can indicate fewer potentially opaque capitalized items), and DEPI (Depreciation Index) = 1.0356 (close to 1, indicating no large shift in depreciation policies).
• No accumulated losses and Owner's equity (excluding minority interest) is positive; net loss (parent profit) = 0 years in the last periods (the statements do not show statutory loss triggers).
• Listed-group control is clear (SHI holds 88.6%), which typically means consolidated disclosures and related-party lines should be present and consistent in filings.

Control is highly concentrated: SHI (Công ty Cổ phần Quốc tế Sơn Hà) holds 88.6% (disclosed 2026-04-03), with a second-listed group company NLS at 20.1% under the same parent. Individual and institutional public free float is small (largest public individuals/institutions: Hoàng Mạnh Tân 2.6%, ICBCAM-related fund 1.7%). This concentration implies significant parent influence over operations and disclosures; director-deal registrations were not provided in the data set.

• Compare the company’s consolidated operating cash flow for FY2023–FY2025 with consolidated net profit in the cash-flow note and the statement of cash flows to verify the three-year cash-conversion ratio (reported -0.02).
• Inspect the receivables/other receivables schedule and related-party disclosures to reconcile the 1.6% of total assets labelled 'receivables outside the trade cycle' and confirm their counterparty, maturity and interest terms.
• Review the related-party transactions and parent/group consolidation notes for transactions, balances or guarantees with SHI (88.6% owner) and other group companies (for example NLS) to assess the extent of intra-group flows and any large prepayments or loans.
• Examine the auditor’s report and the statutory-loss lines in the audited annual statements to confirm that none of the Decree 155/2020 (Art.120(1)(e) as amended) statutory loss tests are met for FY2025.