SLS

• Beneish DSRI = 1.3403: days-sales-in-receivables index above 1.0 indicates receivables and revenue growth are diverging; high DSRI is consistent with the earnings-quality components showing Receivables quality = 0.0/100 and Revenue quality = 0.0/100. These three measures point to potential revenue/receivables timing or recognition concerns.
• Beneish DEPI = 1.7790: depreciation index well above 1.0 (DEPI>1) indicates depreciation expense has slowed relative to gross PPE — this can inflate reported profits in the short term and is a large contributor to the M-Score.
• Beneish SGAI = 1.4500 and GMI = 1.3799: selling, general & administrative expenses rising relative to sales (SGAI>1) and a gross-margin deterioration signal (GMI>1) — together these imply margin pressure while operating overheads are growing, which can motivate earnings management.
• Earnings-quality inputs: Earnings Quality Score 37.2/100 with Receivables quality = 0.0/100 and Revenue quality = 0.0/100, and Cash conversion weak at 40.4/100 (operating cash conversion three-year ratio 0.57, 32nd percentile among VN non-financials). These numbers indicate profit is less well supported by cash and that receivable/revenue measures are low-quality.
• TATA = 0.0992 and LVGI = 0.2933: total accruals (TATA) is positive (0.0992) indicating accruals contributed to earnings, and LVGI (asset growth adjustment) is elevated at 0.2933 — both feed into the M-Score and suggest recent earnings included accrual-driven components.

• Altman Z-Score = 24.29: measures distance to bankruptcy; this value is deep in the safe zone, indicating low short-term bankruptcy risk on the classic Z metric.
• Piotroski F-Score = 4/9: a neutral fundamentals score (measures profitability, leverage/liquidity, and operating efficiency changes), showing neither strong deterioration nor strong improvement in those accounting fundamentals.
• No accumulated losses and 0 years of parent net loss up to FY2025: undistributed earnings are positive and the parent has not reported a net loss in the most recent year, reducing statutory accounting distress signals under Vietnamese tests.
• Receivables outside the trade cycle = 3.6% of total assets (59th percentile): this shows that non-trade receivables (prepayments, loans receivable, other long-term receivables) are present but not extreme relative to peers; the company is around the mid-range on this measure.

Shareholder concentration is notable: Trần Thị Thái holds 27.4%, Công ty TNHH Thái Liên 15.0%, and two other individuals hold 9.8% and 2.9% — together the top holders control a large block. There is no indication in the provided data of state ownership or of director-deal registrations (the provided shareholder list is dominated by individuals and one private company).

• Compare the three-year operating cash flow reconciliation (cash flow statement) to reported net profit to verify the reported cash conversion ratio of 0.57 and identify which accrual lines drive the difference.
• Inspect the notes on trade and non-trade receivables (the receivables or related-party notes) to verify the composition behind “receivables outside the trade cycle” equal to 3.6% of total assets and to identify any large prepayments, loans to related parties, or long-term receivables.
• Review the fixed-asset schedule and depreciation policy/note to confirm the drivers of DEPI = 1.7790 (changes in useful lives, additions/disposals, or revaluations) and whether depreciation expense changed materially year-over-year.
• Examine the related-party transactions and remuneration/SG&A notes to reconcile the elevated SGAI = 1.4500 and to check whether selling/general & administrative expense growth is explained by one-off items, group service charges, or operating expansion plans.