STH

• Beneish M-Score = 1.3234 (96th percentile among Vietnamese peers). The M-Score measures statistical likelihood of earnings manipulation-style signals; this company ranks higher (more aggressive) than 96% of Vietnamese listed peers. The absolute cutoff -1.78 is US-calibrated and not directly transferable to Vietnam, so the peer percentile and the YoY change are the stronger cues here.
• Year-over-year change in M-Score = +3.59. This measures the change in the composite manipulation signal versus last year and indicates the accounting profile moved materially in one year (consecutive-year M-Scores have low autocorrelation, so the move itself is an additional signal).
• SGI (Sales Growth Index) = 10.0000. SGI measures sales growth; a value of 10 indicates very large reported sales growth relative to the prior period, which can be a source of aggressive revenue recognition or related pressure on other accounts.
• LVGI (Leverage Index) = 9.5224. LVGI measures leverage growth; a value this large shows rapid growth in leverage on the balance sheet relative to the prior year and may indicate financing or debt-driven expansion.
• Revenue quality = 0.0/100 and Margin quality = 0.0/100. These scores indicate the revenue and margin components of earnings-quality screening flag concern: the patterns in reported revenue and margins look poor on the metrics used to construct those subscores.
• Altman Z-Score = 1.27 (distress zone). The Z-Score is a distance-to-bankruptcy metric; a value of 1.27 places the company in the classic distress zone.
• Receivables outside the trade cycle = 9.1% of total assets (79th percentile among VN peers). This measures prepayments to suppliers, loans receivable and other long-term receivables outside normal trade receivables and is relatively high versus peers, so non-trade receivables are a material balance-sheet item to inspect.

• Earnings Quality score = 70.0/100. This aggregate measures multiple accounting-quality dimensions; overall the company scores above many peers on this composite.
• Accruals quality = 100.0/100 and TATA (Total Accruals to Assets) = -0.0671. Accruals-quality metrics measure the reliability of earnings relative to cash flows; a perfect score and negative TATA indicate reported earnings are conservative with respect to accruals in the period measured.
• Cash conversion quality = 100.0/100 and three-year cash conversion (operating cash flow / net profit) = 2.18 (77th percentile). The three-year ratio of 2.18 means cumulative operating cash flow exceeds cumulative reported profit over the window; at the 77th percentile this is relatively strong conversion versus peers.
• Receivables quality = 100.0/100 and DSRI (Days' Sales Receivable Index) = 0.1447. DSRI measures receivables relative to sales; a low DSRI indicates receivables did not grow faster than sales in the Beneish component, which supports the high receivables-quality score.
• GMI (Gross Margin Index) = 0.6966, DEPI (Depreciation Index) = 0.2006, and SGAI (Sales, General & Admin index) = 0.3007. GMI < 1 indicates gross margins improved year-over-year (not deterioration); DEPI and SGAI < 1 indicate depreciation and SG&A patterns that are not signalling upward earnings-management pressure on those components.
• Piotroski F-Score = 7/9. This score measures nine fundamentals (profitability, leverage/liquidity, and operating efficiency); a 7 suggests relatively strong fundamental performance under Piotroski's tests.

Top shareholders are concentrated: Công ty TNHH MTV STH Gateway (institution) 40.8% and Công ty TNHH Sigma Group (institution) 21.4% together hold 62.2% of shares; the two largest individuals together hold ~15.1% (Nguyễn Thị Vinh 10.1%, Nguyễn Viết Cường 5.0%). This indicates a tightly held, institutionally dominated ownership structure with limited public float.

• Compare the FY2025 note(s) that break down 'receivables and other receivables' to quantify the 9.1% of total assets classified outside the trade cycle (identify amounts for prepayments to suppliers, loans receivable and long-term receivables).
• Reconcile the three-year cumulative operating cash flow and cumulative net profit in the cash-flow statement and management discussion to see how the 2.18 cash-conversion ratio (operating cash flow / net profit) was generated.
• Inspect the revenue-reconciliation schedules, recognition policies and significant contracts disclosed (revenue note and contract disclosures) to understand drivers behind the SGI = 10.0000 and the Revenue-quality = 0/100 signal.
• Review the debt and lease notes and the movement table for borrowings to verify sources of leverage growth consistent with LVGI = 9.5224, and check depreciation policy notes and fixed-asset movement schedules given DEPI = 0.2006.