TBD

• Beneish M-Score = -0.7092 (measures likelihood of earnings manipulation using eight ratios); at the 89th Vietnam percentile this company ranks as more aggressive in accounting than 89% of Vietnamese peers. The M-Score rose by +1.75 year-over-year, indicating a notable shift in the underlying components.
• Accruals / cash-flow concern: 3-year cash conversion (operating cash flow / net profit) = -0.13 (20th percentile among Vietnamese non-financials). This measures whether reported profit is being supported by cash — a negative value and low percentile suggest profits have not converted into cash over the last three years.
• High AQI component: AQI = 2.5336 (part of the M-Score; measures asset quality changes such as increases in receivables, inventory, and other long-term assets relative to sales). A value above 1 indicates rising asset-based non-cash items relative to sales.
• TATA (total accruals to total assets) = 0.1989, which measures the scale of accruals relative to assets; elevated accruals can indicate earnings managed via non-cash items.
• Margin quality = 20.1/100 and SGAI = 1.0459 (SG&A expense growth index >1), indicating pressures on margin sustainability and rising operating expenses relative to sales (SGAI measures change in SG&A/sales).

• Receivables outside the trade cycle = 2.1% of total assets (50th percentile). This metric (prepayments, loans receivable and other long-term receivables) is average among Vietnamese peers, reducing concern about unusually large non-trade receivables.
• Receivables quality score = 82.4/100, indicating reported receivables appear relatively high quality versus available checks.
• Altman Z-Score = 5.46 (measures short-term bankruptcy/financial distress risk); this value places the company well inside the ‘safe’ zone for distress risk.
• Piotroski F-Score = 6/9 (measures nine fundamental signals including profitability, leverage, liquidity and operating efficiency); a 6 is a neutral-to-positive fundamental profile.
• No accumulated losses; owner's equity (excluding minority interest) is positive and the parent has reported no net loss in the last 3 years (0 years of net loss up to FY2025), which are favorable statutory balance-sheet facts.

Ownership is highly concentrated and dominated by two large institutions: Gelex holds 46.9% and Vietnam Electricity (EVN) holds 46.5%, together controlling 93.4% of shares. No director-deal registrations were provided in the supplied data (director-deal registrations are intentions registered with the exchange rather than executed trades).

• Compare the FY2025 and prior years’ operating cash flow line in the consolidated cash-flow statement with consolidated net profit to verify the -0.13 three-year cash-conversion figure and reconcile large differences in specific years.
• Inspect the notes for receivables, prepayments and other long-term receivables (aging and related-party breakdown) to validate the 2.1% of total-assets figure and whether receivables outside the trade cycle include related-party balances.
• Review the supporting schedules for 'changes in fixed and other non-current assets' and the asset composition note to confirm components that feed into AQI = 2.5336 (increases in non-current or slow-turning assets relative to sales).
• Reconcile total accruals/TATA (0.1989) by comparing profit-before-tax to cash from operations and reviewing the reconciliation in the accounts (accrual items such as provisions, unrealised FX, deferred revenue) in the auditor's notes.