SSM

• Beneish M-Score 1.9996 (measures likelihood of earnings manipulation via an eight-variable model) — at the 97th percentile among Vietnamese peers, implying the company's accounting profile is unusually aggressive relative to the Vietnamese sample.
• Year-over-year M-Score change +3.31 (measures the change in the M-Score from the prior year) — a large upward move that signals the accounting profile changed materially this year.
• DSRI = 1.8359 (Days Sales Receivable Index; measures receivables growth relative to sales) — a value well above 1 suggests receivables grew faster than sales, which can indicate revenue recognition pressure or slower collections.
• GMI = 2.2368 (Gross Margin Index; deterioration in gross margin) — >1 indicates gross margins worsened year-over-year, a pressure often associated with weaker earnings quality.
• AQI = 9.9365 (asset quality index; higher values reflect asset reclassification or rising non-current assets relative to sales) — a very large value implying substantial shifts in asset composition (e.g., capitalisation, long-term receivables, or other non-current items) relative to sales.
• SGI = 0.6035 (sales growth index; <1 indicates sales declined) — falling sales can increase incentives to manage earnings; here SGI below 1 shows contraction in top-line.
• SGAI = 1.2035 (sales, general & admin index; rising SGA relative to sales) — >1 implies SGA expenses increased relative to sales, pressuring margins and potentially motivating margin management.
• LVGI = 1.0781 (leverage index; >1 indicates rising leverage) — indicates an increase in leverage year-over-year, which can create financial pressure.
• Earnings Quality Score 30.0/100 with Cash conversion 0/100, Receivables quality 0/100, Margin quality 0/100 and Revenue quality 0/100 (these sub-scores measure realised cash conversion of reported earnings, the quality of receivables, stability/credibility of margins, and revenue sustainability) — collectively indicate weak earnings convertibility to cash and low-quality top-line and margin signals.
• Piotroski F-Score 2/9 (measures nine fundamental health signals; low score signals weak profitability, liquidity, and operating efficiency) — a weak fundamentals profile.
• Altman Z-Score 2.12 (bankruptcy-distance model; 'grey zone') — indicates increased distance-to-failure risk compared with healthy firms though not in the distress zone.
• Accumulated losses = 0.43x paid-in capital (measures retained losses relative to contributed capital) — non-trivial accumulated losses relative to equity base, a balance-sheet concern to monitor.
• Net loss at parent in 1 consecutive year up to FY2025 (a statutory fact) — the parent reported a net loss in the most recent year, which ties to weak profitability indicators above.
• AQI extreme value combined with DSRI and GMI movement (AQI 9.9365, DSRI 1.8359, GMI 2.2368) — together these suggest asset reclassifications and receivables/sales dynamics that warrant scrutiny in the notes.

• Accruals-related measures are not elevated: TATA = -0.0296 (Total Accruals to Total Assets; negative indicates earnings were not driven by positive accrual build-up) and Accruals quality 100.0/100 (measures reliability of accruals) — both suggest reported accruals are not the source of the aggressive M-Score signal.
• Receivables outside the trade cycle are small at 0.3% of total assets (18th percentile among Vietnamese peers) — low balance of prepayments/loans/long-term receivables outside normal trade reduces one common route for earnings misstatement under VAS.
• Owner's equity (excluding minority interest) is positive and statutory loss triggers were not met (Decree 155/2020 Art.120(1)(e) as amended) — the published statements do not meet Vietnam's statutory tests for mandatory delisting on loss grounds.
• Contraction in sales (SGI = 0.6035) matched with higher SGAI (1.2035) and no large positive accruals implies deterioration in operating performance rather than aggressive accrual boosting—consistent with real economic weakness in the year rather than purely accounting manipulation.

Ownership is highly concentrated in individuals: four founders/individuals hold a combined majority (Hồ Thái Hòa 20.4%, Nguyễn Văn Tình 17.1%, Nguyễn Thành Công 16.6%, plus Lê Công Xinh 6.0% and Phạm Đình Hồng 5.6%). This concentrated insider ownership can influence accounting and related-party transactions; no director-deal registrations were provided in the data.

• Compare the line items and disclosures in the notes for 'receivables and prepayments' and 'loans receivable' with the balance-sheet totals to confirm the 0.3% of assets classified outside the trade cycle.
• Reconcile the components of AQI (non-current asset additions, reclassifications or other movements) in the fixed-asset and intangible-asset notes with the AQI value 9.9365 to identify what drove the large asset-quality change.
• Review the revenue recognition note and the schedule of trade receivables aged by period to assess the drivers of DSRI = 1.8359 (i.e., compare revenue growth to receivables growth and ageing).
• Examine the statement of cash flows and the reconciliation of profit to cash from operations to verify the Cash conversion sub-score of 0/100 and the reported TATA = -0.0296 (total accruals effect).