TBR

• Beneish M-Score = 1.4741 measures the likelihood of earnings manipulation based on eight financial ratios; at the Vietnamese peer level this is the 97th percentile (higher = more aggressive accounting vs VN peers) and the M-Score increased by +5.18 year-over-year (the change signals when accounting began to move). Note: the -1.78 cutoff is US-calibrated and less directly applicable to Vietnam.
• DSRI (Days’ Sales in Receivables Index) = 3.7347 measures receivables growth relative to sales; a DSRI this large suggests receivables (or revenue recognition) are growing much faster than sales.
• Cash conversion (operating cash flow / net profit, 3-year) = -4.70 (6th percentile among VN non-financials) measures the ability of reported profits to convert into operating cash; a negative, very low number indicates profits have not generated cash over the three-year window.
• Receivables outside the trade cycle = 55.8% of total assets (99th percentile) measures non-trade receivables such as prepayments to suppliers, loans receivable and other long-term receivables; this level is very large by Vietnamese peer comparisons.
• Earnings Quality Score = 20.4/100 with Receivables quality = 0.0/100 and Cash conversion = 0.0/100 — these component scores quantify low-quality earnings driven by accruals and non-cash items.
• TATA (Total Accruals to Assets) = 0.1566 measures accrual intensity; a positive, material TATA means earnings rely on accruals rather than cash.
• LVGI (Leverage/Variable growth index) = 1.5287 and SGI (Sales Growth Index) = 1.9030 show rapid revenue growth coupled with higher leverage/growth pressures, which can strain accounting choices when combined with weak cash conversion.

• Altman Z-Score = 3.00 places the company in the ‘safe zone’ for bankruptcy distance (the Z-Score combines profitability, leverage, liquidity, solvency and activity measures).
• Piotroski F-Score = 6/9 indicates neutral-to-favorable fundamental performance across profitability, leverage/liquidity, and operating efficiency tests.
• AQI (Asset Quality Index) = 0.9933 (near 1.0) measures the proportion of non-current, intangible and non-operating assets; a value near 1 suggests asset quality is not unusually deteriorated by itself.
• DEPI (Depreciation Index) = 0.8547 and SGAI (SG&A Index) = 0.1940 — DEPI under 1 indicates recorded depreciation is faster (or that useful lives/expense recognition is higher) relative to prior period; SGAI very low suggests SG&A did not inflate relative to sales this period.

Ownership is concentrated: Tổng Công ty Địa ốc Sài Gòn holds 51.0% (institutional, likely a large state or group shareholder), with the next largest holders being individuals (Cao Toàn Thắng 6.5%, Lê Văn Gia 1.2%, Vũ Thị Thanh Thủy 0.8%) and another institution at 5.5%. No director-deal registrations were provided in the data set (director-deal registrations are exchange-registered intentions, not executed trades).

• Compare the 2025 schedule/note for 'Trade and other receivables' and the 'Other long-term receivables / Loans receivable' note to quantify the 55.8% of total assets classified outside the trade cycle and identify counterparties and related-party designations.
• Reconcile operating cash flow to net profit in the cash flow statement and the notes for FY2023–FY2025 to verify the components that produced the 3-year cash conversion ratio = -4.70 (check major non-cash adjustments, changes in working capital and one-off items).
• Examine the revenue recognition and sales breakdown notes (including aging of receivables and related-party revenue schedules) to assess the drivers of DSRI = 3.7347 and SGI = 1.9030.
• Review the note(s) on transactions with related parties, prepayments, loans to/from affiliates, and the fixed-asset / depreciation policy disclosures to explain the TATA = 0.1566, DEPI = 0.8547 and the large non-trade receivable balance.