SID

• Beneish M‑Score = 3.1454 (measures the likelihood of earnings manipulation-related patterns); Vietnam peer percentile = 98th (company ranks more aggressive than 98% of VN peers) and YoY change = +5.72 (the accounting profile shifted sharply year over year).
• DSRI = 6.5497 (days' sales receivables index; such a high value suggests sales are growing much faster than receivables or there are changes in receivables recognition or timing inconsistent with prior periods).
• Cash conversion (3‑year operating cash flow / net profit) = -2.00, 10th percentile among Vietnamese peers (measures profit-to-cash conversion; a low/negative value indicates reported profits are not converting to operating cash).
• Earnings Quality Score = 18.7/100 with component zeros: cash conversion 0.0/100, receivables quality 0.0/100, margin quality 0.0/100 (these measure respectively profit-to-cash conversion, the nature/timing of receivables, and persistence/quality of margins).
• TATA = 0.1209 (total accruals to assets; elevated accruals suggest earnings include non‑cash items that may be driving reported profit).

• Altman Z‑Score = 6.13 (measures distance to bankruptcy; this is in the 'safe' zone, indicating solvency metrics are comfortable).
• Piotroski F‑Score = 5/9 (measures nine binary signals of improving fundamentals; a mid score indicates neither clear deterioration nor strong improvement).
• DEPI = 0.8440 (depreciation index; <1 can indicate higher depreciation expense relative to prior period, which can be conservative rather than aggressive),
• No accumulated losses and owner's equity (parent) is positive; Net loss in parent = 0 consecutive years up to FY2025 (these are statutory balance-sheet facts showing no persistent statutory losses).

Shareholding is highly concentrated: Liên Hiệp Hợp Tác Xã Thương Mại Tp. Hồ Chí Minh holds 96.1% (institutional), with the next listed individual owner shown as 0.0%. Such concentration implies control by a single dominant shareholder/group and exposure to group or state/cooperative objectives; director‑deal registrations were not provided in the supplied data.

• Compare FY2025 cash flow from operating activities (cash flow statement) with parent net profit on the income statement and the notes on reconciliation of profit to cash (verify the components driving the 3‑year cash conversion = -2.00).
• Inspect the receivables and prepayments schedules and related‑party disclosures to locate the items comprising 6.3% of total assets reported as 'receivables outside the trade cycle' (verify classification as prepayments, loans receivable or long‑term receivables).
• Review the notes on revenue recognition and the trade‑receivables aging to reconcile the drivers of DSRI = 6.5497 (check for unusually rapid sales growth, changes in credit terms, or one‑off large receivable items).
• Examine the fixed‑asset and depreciation policy notes to understand the DEPI = 0.8440 movement and the composition of accruals that contribute to TATA = 0.1209.