SNC

• Beneish M-Score -1.3538, Vietnam peer percentile 82: the score sits above the US -1.78 cutoff but the Vietnamese percentile and the large year-over-year change (+1.92) are the more relevant cues for this market; it signals relatively aggressive accounting metrics compared with 82% of Vietnamese peers.
• Earnings-Quality overall 33.1/100, with cash conversion 0.0/100 and revenue quality 0.0/100: these components measure the extent to which reported profit converts to cash and the persistence/quality of revenue recognition, and both are at the bottom of the scale.
• Accruals quality 22.2/100 and TATA (Total Accruals to Total Assets) = 0.2417: the low accruals quality score and positive TATA indicate reported earnings include sizeable accruals (TATA ~24.17% of assets), which reduces earnings cash backing.
• Piotroski F-Score 2/9: this low score measures weak fundamental signals (profitability, leverage/liquidity, operating efficiency) across nine binary tests and points to fragile operating/fundamental metrics.

• Altman Z-Score 4.71 (safe zone): the Z-Score measures bankruptcy distance using working capital, retained earnings, EBIT, market value of equity and sales; 4.71 indicates a comfortable distance from classic financial distress thresholds.
• Receivables quality 100.0/100 and Receivables outside the trade cycle 0.7% of total assets (30th percentile): receivables appear clean by the receivables-quality metric and the share of receivables outside the normal trade cycle is small (0.7% of assets).
• LVGI (Leverage/volatility growth indicator) 1.3783 and SGI (Sales Growth Index) 1.2607: these show growth in scale; higher SGI captures sales growth (1.2607) and LVGI indicates leverage/growth dynamics—useful context where growth can explain some accounting patterns.
• No accumulated losses and owner's equity (excluding minority interest) positive; parent net loss occurrences = 0 years up to FY2025: the balance sheet shows retained earnings are not negative and the parent has not reported consecutive statutory losses.

Majority economic control lies with state-owned Tổng Công ty Thủy sản Việt Nam at 50.8%, with CAMIMEX Group (CMX) holding 24.5% (significant influence). The top-five shareholder block is concentrated: the state owner plus CMX together control 75.3%. Director-deal registrations show one sale registration and zero purchase registrations disclosed in 2025-10-30 to 2026-10-30; these are registered intentions, not executed trades.

• Compare operating cash flow and net profit lines in the FY2023–FY2025 cash flow statements and the auditor's notes to verify the 3-year cash-conversion ratio reported as 0.96 (operating cash flow / net profit).
• Inspect the receivables, prepayments and loans-receivable notes in the FY2025 annual report to confirm the 0.7% of total assets classified as receivables outside the trade cycle and to see the counterparty mix (related parties, long-term receivables, prepayments).
• Review the notes to equity and retained earnings in the FY2025 statements to confirm there are no accumulated losses and that parent's net profit history shows 0 years of net loss up to FY2025.
• Check the disclosures around related-party transactions and the major shareholder schedules to reconcile the top-holder percentages (Tổng Công ty Thủy sản Việt Nam 50.8%, CMX 24.5%) and to identify any loans, guarantees or atypical intra-group balances with CMX-related entities.