SJF

• Beneish M-Score = -0.9544; Vietnam peer percentile = 88th and year-over-year change = +1.49. (The -1.78 M-Score cutoff is US-calibrated; about 28% of Vietnamese companies exceed it, so the high peer percentile and the +1.49 move are important context.)
• DSRI = 3.8820, indicating days-sales-in-receivables (and sales/receivables relationship) has expanded sharply relative to prior year.
• SGAI = 2.9145, showing selling, general & administrative expenses growing much faster than sales (expense-driven margin pressure or cost recognition timing issues).
• LVGI = 1.2072 and GMI = 1.2633, indicating higher leverage growth and deteriorating gross margins year-over-year.
• TATA = -0.0397 (total accruals to assets slightly negative) but Cash-conversion = 0.0/100 and Accruals quality = 100/100 — the pattern suggests accruals are small or managed but cash-generation is very weak.
• Receivables outside the trade cycle = 30.7% of total assets (95th percentile among VN non-financials). The caption includes prepayments, loans receivable and other long-term receivables — a large share of assets is not straightforward trade receivables.
• Net loss at parent/profit level for four consecutive years to FY2025, and audited statements show losses in each of the latest three years (statutory loss-test condition noted).
• Altman Z-Score = 0.23 (distress zone), signalling low distance to classic bankruptcy predictors on the ratio mix used by the Z-Score.

• Accruals quality = 100.0/100, meaning reported accruals (total accruals to assets) are small or consistent, with TATA = -0.0397 (total accruals to assets ~ -3.97%).
• AQI = 0.9121 (asset quality index below 1), which can indicate no aggressive capitalization of expenses relative to prior year.
• DEPI = 0.9727 (depreciation index close to 1), showing depreciation policies have not shifted dramatically in a single year.
• Owner's equity (excluding minority interest) is positive despite accumulated losses = 0.45x paid-in capital, so capital has not been fully eroded on the parent-equity line.

Ownership is moderately concentrated among individuals: largest shareholder Đỗ Cần holds 8.9%, followed by several individuals around 4.9–5.2% and an institutional holder (Công ty Cổ phần Đầu tư TONKIN) at 5.0%. Director-deal registrations over the past year show 1 purchase registration (and no sale registrations); registrations are declarations of intent, not executed trades.

• Compare the FY2025 schedule/note for receivables, prepayments and loans receivable to total assets and to the 'receivables outside the trade cycle' breakdown in the notes to understand composition of the 30.7% figure.
• Inspect the related-party disclosures and the long-term receivables note to see whether significant receivables/prepayments are due from related parties, and whether terms and impairment assessments are documented.
• Reconcile SG&A and revenue lines in the profit-and-loss and supporting notes to assess the drivers behind SGAI = 2.9145 (e.g., one-off selling or marketing campaigns, accrual reversals, or capitalization policy changes).
• Review the statements and auditor's report for the three most recent audited years to confirm the reported net losses, the statutory loss-test disclosures, and any auditor emphasis-of-matter or going-concern language.