SP2

• Beneish M-Score -0.0957 (93rd percentile vs Vietnamese peers; YoY change +3.01) — the score is high against local peers and moving toward more aggressive accounting compared with its Vietnamese cohort.
• DSRI (Days' Sales Receivable Index) = 3.4425 — this component measures growth in receivables relative to sales and is the largest individual driver of the M-Score here, suggesting receivables (or revenue recognition patterns) expanded much faster than sales.
• Receivables quality = 0.0/100 and Revenue quality = 0.0/100 — both metrics indicate very low quality in the reported top-line and the collectability/structure of receivables as measured by the scoring system.
• Earnings Quality Score 38.4/100 with Margin quality 16.9/100 — overall earnings quality is low, and reported margins score poorly, which may reflect volatile or non-cash components in profit.
• Altman Z-Score 0.93 (distress zone) — this measures bankruptcy distance; a value below the usual safe thresholds indicates a weak solvency/liquidity profile by the Altman model's metrics.

• Accruals quality = 98.2/100 — the accruals component of earnings appears strong, indicating reported profits are not being driven by abnormal accruals under the accruals-detection metric used.
• TATA (Total Accruals to Total Assets) = 0.0044 — a low total-accruals ratio consistent with the high accruals-quality score.
• Piotroski F-Score = 6/9 — fundamentals are neutral-to-fair by Piotroski measures (profitability, leverage/liquidity, and operating efficiency).
• Cash conversion (three-year operating cash flow / net profit) = 1.27 (56th percentile) — operating cash over the last three years is positive relative to net profit, not an extreme shortfall, though not strongly high.

Ownership is concentrated: Công ty Cổ Phần Phát Triển Năng Lượng Hà Thành holds 39.1%, and two individuals (Trịnh Đức Vinh 23.1% and Trịnh Thu Hạnh 15.1%) together control a majority stake. Director-deal registrations from 2025-10-30 to 2026-10-30 show 6 sale registrations totaling 26,840,930 shares and 9 purchase registrations totaling 15,384,130 shares (note five purchase registrations without a volume); these are registered intentions disclosed to the exchange, not executed trades.

• Compare the line(s) or note(s) for trade receivables, prepayments to suppliers, loans receivable and other receivables in the FY2025 balance-sheet schedule to reconcile the 5.4% of total assets flagged as receivables outside the trade cycle.
• Confirm the components of revenue and the revenue-recognition note for FY2025 to see what drives the DSRI of 3.4425 and the Revenue-quality = 0.0/100 (e.g., large one-off contracts, timing shifts, or related-party sales).
• Reconcile cash-flow-from-operations over 2023–2025 with reported net profit in the consolidated cash-flow statement and the profit-note to verify the three-year cash conversion ratio (1.27).
• Review related-party schedules and the notes on balances and transactions (e.g., loans to/from related parties, guarantees, prepayments) to assess drivers of receivables and margins given low margin-quality (16.9/100).