SMT

• Beneish M‑Score = 0.9226 (96th percentile vs VN peers; YoY change +4.49). The M‑Score measures statistical likelihood of earnings manipulation signals; the high peer percentile and strong YoY jump indicate atypically aggressive accounting behavior relative to Vietnamese peers (note: the -1.78 US cutoff is less directly applicable in VN).
• AQI (Accruals Quality Index) = 10.0000. AQI measures abnormal accruals magnitude; an extremely high value indicates large accruals relative to earnings and assets.
• SGAI (Sales, General & Administrative expenses Index) = 4.9139. SGAI >1 suggests SGA expenses grew faster than sales; here SGA rose ~4.9x relative to sales growth, which can signal expense recognition/timing differences or reclassification.
• TATA (Total Accruals to Total Assets) = 0.2633. TATA measures the extent of accruals in reported earnings; 26.33% is sizable and consistent with the high AQI and low accruals‑quality score.
• LVGI (Leverage Index) = 1.5655 and GMI (Gross Margin Index) = 1.2211. LVGI >1 implies rising leverage; GMI >1 shows gross margins deteriorated year over year — both increase pressure on reported earnings quality.
• Earnings‑quality components: overall 38.5/100 with accruals quality 18.2/100 and cash conversion 0.0/100. These measure respectively (a) reliability of accruals, and (b) ability to convert reported profit into cash; both are weak here.
• Altman Z‑Score = 0.21 (distress zone). Z‑Score estimates bankruptcy distance; 0.21 is deep in the distress range, indicating low cushion from insolvency metrics used by the model.
• Piotroski F‑Score = 1/9 (weak fundamentals). The F‑Score combines profitability, leverage/liquidity, and operating efficiency signals; a score of 1 indicates very few improving fundamentals.
• Receivables outside the trade cycle = 0.7% of total assets (28th percentile among VN non‑financials). While not large in absolute terms, the metric captures prepayments, loans receivable and long‑term receivables — any concentration or related‑party exposure here warrants scrutiny.
• Net loss (parent profit) in 1 consecutive years up to FY2025 and accumulated losses = 0.11× paid‑in capital. These are signs of recent operating losses and retained loss history relative to capital (but not statutory thresholds for delisting).

• Receivables quality = 99.4/100 and Revenue quality = 93.6/100. These scores measure (respectively) the conservatism/collectibility and persistence of reported revenues/receivables; both are very strong here, suggesting reported sales and receivable recognition are comparatively high quality.
• DSRI (Days Sales Receivable Index) = 1.0011 (≈1). DSRI measures whether receivables are growing faster than sales; a value near 1 indicates no material abnormal acceleration in receivables relative to revenue.
• DEPI = 0.0000. DEPI measures changes in depreciation policy/estimates; a zero reading indicates no unusual change in recorded depreciation rates or patterns captured by the index.
• Receivables outside the trade cycle only 0.7% of assets (28th percentile). In the Vietnamese peer context this is a relatively low share of non‑trade receivables compared with peers.

Ownership is concentrated in individuals: Nguyễn Năng Hòa 17.8% and Trần Thị Thùy Dương 14.2%, with three other individuals holding 4.9–5.0% each. Director‑deal registrations show 0 sales and 2 purchase registrations (between 2025‑10‑30 and 2026‑10‑30); these are registered intentions with the exchange, not executed trades.

• Compare the FY2025 note(s) on prepayments, loans receivable and other long‑term receivables to verify the 0.7% of total assets figure and identify related‑party counterparty lines.
• Reconcile total accruals (TATA = 0.2633) with the cash‑flow statement: compare profit before tax to cash flows from operations and the detailed reconciliation of profit to cash flow in the annual report.
• Inspect the SGA breakdown and the SGA note to determine causes of the SGAI = 4.9139 (e.g., one‑off items, reclassifications, salary/bonus accruals or marketing spending timing).
• Check the statutory audit opinion and the audited equity and loss schedules to confirm (a) accumulated losses = 0.11× paid‑in capital, (b) the parent net loss in FY2025, and (c) that none of the statutory loss tests cited (Decree 155/2020 Art.120(1)(e) as amended) are met.