SJE

• Beneish M‑Score -0.3624 (92nd percentile vs VN peers): measures the likelihood of earnings manipulation patterns; the peer percentile shows SJE scores more aggressively than most Vietnamese listed peers.
• Year‑over‑year M‑Score change -1.37: this large move signals accounting metrics began to change materially this year (consecutive‑year M‑Scores have low correlation, so the trajectory is a secondary cue).
• DSRI (Days Sales in Receivables Index) = 2.3371: measures receivables growth relative to sales; a value >1 indicates receivables growing faster than sales and can signal premature revenue recognition.
• DEPI (Depreciation Index) = 1.4376: measures changes in depreciation policy or useful lives; >1 suggests slower depreciation (or asset revaluation) that can inflate margins.
• AQI (Asset Quality Index) = 1.3629 and SGAI (Sales, General & Admin Index) = 1.2254: both >1 indicate increases in non‑current and operating expenses relative to assets and sales, which can reflect capitalization or cost recognition shifts.
• TATA (Total Accruals to Total Assets) = 0.2457 and Accruals quality 21.1/100: high accruals relative to assets and low accrual quality point to earnings driven by accruals rather than cash.
• Cash conversion three‑year ratio = -1.81 (10th percentile): operating cash flow is not converting reported profits into cash, a low percentile among Vietnamese firms.
• Altman Z‑Score = 0.87 (distress zone): measures bankruptcy distance; a low score is a sign of financial distress risk under the Altman model.
• Piotroski F‑Score = 3/9: indicates weak recent improvements in profitability, leverage/liquidity, and operating efficiency.

• Receivables outside the trade cycle = 3.8% of total assets (61st percentile): the level of prepayments/loans/long‑term receivables is modest relative to Vietnamese peers.
• SGI (Sales Growth Index) = 0.7085 and GMI (Gross Margin Index) = 0.6898: SGI <1 shows sales declined year‑over‑year (less pressure to inflate revenue), and GMI <1 indicates gross margins improved rather than deteriorated.
• LVGI (Leverage Index) = 0.9894 (~1): leverage change is close to stable year‑over‑year rather than sharply increasing.
• No accumulated losses; owner's equity (ex minority interest) positive; and statutory loss tests (Decree 155/2020 Art.120(1)(e) as amended) not met: the published statements do not, on their face, meet Vietnam's statutory loss criteria for automatic cancellation.

Ownership is concentrated: Công ty TNHH Đầu Tư Energy Việt Nam holds 56.0% and Tổng Công ty Sông Đà holds 10.2%, so institutional/group control is dominant. Director‑deal registrations in the last 12 months show one sale registration (25,000 shares, net registered -0.06% of shares outstanding); these are intentions registered with the exchange, not executed trades.

• Compare the year‑over‑year change in trade receivables and revenue in the consolidated notes to accounts to reconcile the DSRI (2.3371) with line items for 'trade receivables' and 'revenue'.
• Inspect the fixed‑asset note for changes in useful lives, depreciation methods or revaluations that explain DEPI = 1.4376 and the asset‑quality movements (AQI = 1.3629).
• Reconcile cash flow from operating activities to reported net profit across the last three annual consolidated cash flow statements to verify the three‑year cash conversion ratio of -1.81.
• Review the related‑party schedules and the 'receivables and prepayments' notes to confirm the composition of the 3.8% 'receivables outside the trade cycle' (prepayments to suppliers, loans receivable, long‑term receivables).