SPB

• Beneish M-Score = 0.9646, Vietnam peer percentile = 96th, YoY change = +3.62. The M-Score combines eight manipulation-related ratios and here places the company high versus Vietnamese peers and rising year-over-year (note the -1.78 US cutoff is not directly calibrated to Vietnam).
• Earnings-Quality Score = 44.1/100, with Cash conversion = 0.0/100, Margin quality = 0.0/100 and Revenue quality = 0.0/100. These sub-scores indicate weak cash generation relative to reported earnings and deterioration in margins and revenue quality measures.
• Altman Z-Score = 1.42 (distress zone). This score measures distance to bankruptcy using profitability, leverage, liquidity and activity ratios and here is in the zone historically associated with financial distress.
• AQI (Asset Quality Index) = 10.0000 (part of the M-Score). A high AQI implies increasing non-current asset writing/ capitalization or other asset-quality shifts that can accompany aggressive accounting.
• SGAI (Sales, General & Admin index) = 1.2092 (part of the M-Score). An SGAI >1 indicates SG&A growing faster than sales, which can signal cost-pressure or discretionary expense recognition changes.

• DSRI (Days Sales Receivable Index) = 0.8962 (part of the M-Score). A DSRI below 1 suggests receivables are not expanding faster than sales, consistent with Receivables quality = 100.0/100 and only 2.7% of assets classified as receivables outside the trade cycle.
• GMI (Gross Margin Index) = 0.7452 (part of the M-Score). GMI <1 indicates gross margins improved year-over-year, which is a favourable signal within the Beneish components.
• TATA (Total Accruals to Total Assets) = 0.0492 (part of the M-Score) and Accruals quality = 80.3/100. These figures show reported accruals are not extremely large relative to assets and accrual quality is relatively strong.
• Piotroski F-Score = 5/9 (neutral). The F-Score shows mixed but not uniformly weak traditional fundamental signals (profitability, leverage/liquidity, operating efficiency).
• Receivables outside the trade cycle = 2.7% of total assets (55th percentile vs Vietnamese non-financials). This is moderate in the Vietnamese peer context and aligns with Receivables quality = 100.0/100.

The share register is concentrated: Tập đoàn Dệt May Việt Nam holds 60.7% and another institution holds 15.8%, giving state/industry-group-related institutional control; a listed group member (HDM) holds 5.0% and two individuals hold 3.6% and 2.5%. Such concentration implies group or state influence on governance and financial reporting decisions.

• Inspect the note or schedule supporting 'receivables and other long-term receivables' to reconcile the 2.7% of total assets classified as receivables outside the trade cycle.
• Compare cash-flow-from-operations and net income in the consolidated cash-flow statement and management discussion to verify the Cash conversion weakness (Cash conversion = 0.0/100).
• Review the fixed-asset and intangible-asset schedules and impairment notes to understand drivers of AQI = 10.0000 and any changes in capitalization or reclassifications.
• Examine SG&A detail and the management commentary to explain SGAI = 1.2092 (SG&A growth relative to sales) and check for one-off items in SG&A or revenue that affect margin and revenue quality (both 0.0/100).