SPV

• Beneish M-Score -1.5656 (measures likelihood of earnings manipulation using eight accrual- and performance-based ratios); the value is above the US -1.78 threshold and sits at the 78th percentile among Vietnamese peers, suggesting relatively more aggressive accounting in the local context.
• M-Score year-over-year change +0.73 (measures the trajectory of the M-Score); a sizable positive change indicates accounting signals moved materially versus the prior year.
• DSRI = 1.5439 (days-sales-in-receivable index; higher values suggest revenue may be recognized earlier or receivables growing faster than sales).
• DEPI = 1.4551 (depreciation index; >1 indicates depreciation expense fell relative to prior-year asset base, which can inflate margins).
• TATA = 0.0396 (total accruals to total assets; positive accruals indicate earnings not fully backed by cash flows).
• Receivables quality = 0.0/100 (measures quality/aging/collectibility of receivables in the earnings-quality model); this is the lowest score and flags concerns about revenue collectibility or classification of receivables.
• Three-year cash conversion (operating cash flow / net profit) = -0.19 (20th percentile among VN non-financials; low/negative means reported profit has not converted into operating cash).
• Earnings-quality margin and revenue signals are weak: margin quality 39.5/100 and revenue quality 47.9/100 (indicating profitability and revenue metrics are less robustly supported by underlying cash/recurring performance).

• Altman Z-Score = 3.04 (measures distance to bankruptcy using working capital, retained earnings, EBIT, market/book and sales; 3.04 is in the safe zone, suggesting moderate insolvency distance).
• Piotroski F-Score = 7/9 (measures nine fundamental signals of financial strength; 7 indicates relatively strong operating and financial fundamentals).
• Accruals quality = 84.2/100 (measures how much earnings are explained by accruals vs cash; high score indicates accruals are not extreme on this metric).
• LVGI = 0.9975 (sales growth index close to 1; sales growth dynamics not extreme) and SGI = 1.2247 (sales growth index used in Beneish; growth exists but is not extremely high compared with some aggressive-growth cases).
• AQI = 0.8849 (asset quality index <1 here; within Beneish this can reflect fewer intangible/long-term asset expansions that would mask earnings).

Ownership is concentrated: Transimex (TMS) holds 31.1%, Công ty Cổ Phần Đầu Tư Vi Na holds 21.9%, and Tổng Công ty Thủy sản Việt Nam holds 18.0%; together these three account for 71.0% of shares. The company sits within a listed group with several sibling companies (CLX 28.1%, TJC 57.7%, TOT 82.3%, VMT 22.5%, VNF 61.1%, VNT 22.8%) under the same listed parent, suggesting significant group links and potential related-party activity to review. Director-deal registrations (insider intentions) show 4 sale registrations (2 registrants; 4 without volume disclosed) and 15 purchase registrations (3 registrants; aggregate registered volume 16,270,000 shares; 1 registration without a volume) between 2025-10-30 and 2026-10-30 — these are registered intentions, not executed trades.

• Compare the change in trade receivables and related-party receivables between FY2024 and FY2025 in the Receivables note and the Related-party transactions note to reconcile the DSRI = 1.5439 and the receivables-quality 0.0/100.
• Reconcile depreciation and PPE schedules with the reported depreciation expense to explain DEPI = 1.4551 (check fixed-asset note for changes in useful lives, revaluations or additions/disposals).
• Review the cash-flow statement and the notes to cash flows to verify the three-year operating cash flow / net profit = -0.19 and the TATA = 0.0396 (check the reconciliation of profit before tax to cash flows from operating activities and the composition of working-capital movements).
• Inspect the Related-party transactions note and the schedules for prepayments/loans to parties to confirm the 0.8% of total assets reported as receivables outside the trade cycle, and to identify large prepayments or financing to affiliates.
• Confirm the statutory presentation items cited under Decree 155/2020 Art.120(1)(e) (as amended) in the audit report and the auditor’s opinion; note that the company is listed on UPCoM, where the HOSE/HNX cancellation rule cited does not apply.