SPI

• Beneish M-Score = -0.7519 (88th percentile vs. Vietnamese peers; year-over-year change = -1.55). The M-Score combines eight ratios that screen for earnings manipulation; the company is high versus VN peers and moved substantially in one year (note the US cutoff of -1.78 is from an older US sample and ~28% of Vietnamese stocks cross that threshold).
• Days-Sales Receivable Index (DSRI) = 1.6225. DSRI measures growth in receivables relative to sales; a value >1 indicates receivables growing faster than sales, consistent with the flagged 56.3% of total assets in receivables/prepayments/loans (see checks).
• Gross Margin Index (GMI) = 4.9016. GMI >1 indicates gross margins have fallen year-over-year; such a large value signals material margin deterioration.
• SGA Index (SGAI) = 1.9424. SGAI >1 shows selling, general & administrative expenses grew faster than sales, weighing on profitability.
• LVGI = 1.1742 (levg increase). LVGI >1 indicates rising leverage, consistent with weak solvency signals.
• TATA = -0.0596 (total accruals to assets slightly negative). Although accruals quality scores 100/100, the negative TATA may reflect operating cash shortfalls funding reported profits.
• Earnings-quality composite: Cash conversion = 0.0/100; Receivables quality = 0.0/100; Margin quality = 0.0/100. These three zeros indicate weak convertibility of reported profits to cash, poor receivables attributes, and deteriorating margins.
• Altman Z-Score = -0.52 (distress zone). The Z-Score measures distance to bankruptcy; a negative value indicates elevated distress risk on the balance-sheet metrics it uses.
• Piotroski F-Score = 2/9. This low score signals weak operating performance, profitability, liquidity and/or efficiency relative to the Piotroski qualitative checklist.
• Receivables outside the trade cycle = 56.3% of total assets (98th percentile among Vietnamese non-financials). The company has a very large stock of prepayments, loans receivable and other long-term receivables relative to assets, which raises questions about the quality and collectibility of those balances.
• Accumulated losses = 0.37x paid-in capital and net loss at parent level for 2 consecutive years up to FY2023. These are material loss history indicators; owner’s equity (excluding minorities) remains positive but the company has suffered sustained parent-level losses.

• Accruals quality = 100.0/100. This indicates the measured accrual component of earnings appears clean by the applied accruals metric.
• Revenue quality = 88.3/100. This suggests reported revenue patterns are relatively robust by that revenue-quality measure despite weak receivables and margins.
• DEPI = 1.0000. Depreciation index at 1.0 implies no aggressive change in depreciation policy between periods in that component.
• Owner’s equity (without minority interest) is positive. Despite accumulated losses and consecutive parent-level net losses, reported equity remains on the positive side.

Ownership is concentrated in a few individuals: Đoàn Quốc Khánh 20.2%, Đỗ Thị Cẩm Thúy 11.8%, and three other individuals holding between 4.9%–5.7%. No state or large institutional block is shown in the provided list; concentrated individual ownership increases the influence of a few insiders. No director-deal registrations were provided in the data.

• Compare the FY2023 line-items and notes for 'Receivables', 'Prepayments to suppliers', 'Loans receivable' and 'Other long-term receivables' to reconcile the 56.3% of total assets figure and identify counterparties and maturities.
• Inspect the related-party disclosures and the schedule of receivables/loans to see what portion of receivables outside the trade cycle are with related parties or affiliates.
• Review the parent-company (owner) profit (loss) and consolidated statements and the accumulated losses reconciliation to confirm the 0.37x paid-in capital ratio and the two consecutive years of net loss at parent level.
• Check the cash-flow statement and the operating cash conversion note to reconcile the 0.0/100 cash-conversion score with reported cash from operations, and compare operating cash flow to net income for FY2023 and prior years.