TH1

• Beneish M-Score = -0.2598 (92nd percentile among Vietnamese peers): the absolute score is above the US -1.78 threshold but that US cutoff is not directly transferable; the high Vietnam peer percentile and the YoY change (+2.02) show the company’s accounting profile has moved toward more aggressive peers.
• Gross Margin Index (GMI) = 1.9397: GMI > 1 measures deterioration in gross margins year-over-year (higher = worsening gross margin performance).
• Sales Growth Index (SGI) = 2.3559: SGI > 1 measures rapid sales growth (here, strong revenue growth, which can put pressure on controls and quality of reported revenue).
• Total accruals to total assets (TATA) = 0.1716: TATA measures accruals relative to assets (higher values indicate earnings are more driven by accruals than cash); 0.1716 is a material positive accruals signal.
• Altman Z-Score = 1.61 (distress zone): this Z-Score measures distance to bankruptcy using balance-sheet and earnings ratios; 1.61 places the company in the distress zone by the Altman classification.
• Three-year cash conversion (operating cash flow / net profit, FY2025) = -2.38 (9th percentile): this measures whether reported profit is converting into operating cash; -2.38 (very low, 9th percentile) indicates profits have not converted to cash over the period.
• Accumulated losses = 0.96 × paid-in capital: the company’s accumulated losses nearly equal paid-in capital (this is a balance-sheet fact requiring attention to solvency and equity composition).
• Director-deal registrations (2025-10-30 to 2026-10-30): 1 sale registration (1 trader; 1 without a volume) and 0 purchase registrations — registrations are intentions disclosed to the exchange and are not executed trades.

• Receivables outside the trade cycle = 1.8% of total assets (47th percentile): this measures amounts such as prepayments, loans receivable and long-term receivables; at 1.8% and the 47th percentile it is middling within Vietnamese peers and not unusually large.
• Receivables quality = 100.0/100: this earnings-quality component measures the quality of receivables relative to revenue and other indicators; a score of 100 indicates strong receivables metrics by the scoring system used.
• Revenue quality = 61.8/100: this measures consistency and sustainability of reported revenue; 61.8 is a moderate score, suggesting some reliability in reported sales compared with peers.
• Piotroski F-Score = 5/9 (neutral fundamentals): this measures nine fundamentals (profitability, leverage/liquidity, operating efficiency); a 5 is middling rather than strongly negative.

Ownership is concentrated: three individuals hold large stakes (Đinh Đức Tùng 20.7%, Nguyễn Vĩnh Huy 15.9%, Hoàng Trí Cường 5.6%) and two institutions hold smaller positions (VOF Investment 4.5%, HFC Vietnam 2.2%). High individual ownership concentration can influence related-party transactions and disclosures; director-deal filings show only a single sale registration in the past year (registrations, not executed trades).

• Compare the operating cash flow line in the consolidated cash-flow statement for FY2023–FY2025 with consolidated net profit to verify the reported three-year cash conversion ratio (-2.38).
• Inspect the notes for 'Receivables', 'Prepayments', 'Loans to related parties' and any long-term receivable schedules to confirm the 1.8% of total assets classified as receivables outside the trade cycle and to identify counterparty and related-party descriptions.
• Review the equity and retained earnings notes to confirm accumulated losses equal 0.96× paid-in capital and to see any auditor commentary or management explanation.
• Open the disclosures of shareholdings and director/insider transactions to confirm the registered director-deal (one sale registration) and to read any accompanying explanatory notes or intended volumes.