TMT

• Beneish M-Score change +3.56 year-over-year: the M-Score moved closer to aggressive-accounting territory relative to last year (the absolute -2.4128 is below the US -1.78 cutoff but the YoY rise is a secondary cue).
• DSRI = 1.1541: Days Sales in Receivables Index above 1.0 measures growing receivables relative to sales, which can indicate revenue recognition or collection issues.
• DEPI = 1.4040: Depreciation Index > 1.0 indicates depreciation expense decreased relative to prior period (i.e., reported depreciation fell), which can inflate reported profits.
• Receivables quality = 29.2/100 and receivables outside the trade cycle = 2.8% of total assets (55th percentile): low receivables quality and a non-trivial proportion of receivables classified outside the trade cycle suggest collection, classification or related-party timing issues.
• Margin quality = 0.0/100: the metric measuring persistence and reliability of margins is at the lowest possible score, signalling volatile or non-sustainable margin drivers.
• Altman Z-Score = 1.59 (distress zone): the composite indicates limited distance to financial distress under the Z-Score model.

• Earnings Quality overall = 68.7/100 with Accruals quality = 99.4/100: very high accruals quality means reported earnings are supported by low discretionary accruals, reducing one common manipulation channel.
• Revenue quality = 100.0/100: revenue appears to be of high quality by the model's measures (consistent with recorded sales metrics).
• TATA = 0.0016: total accruals to total assets is very small, reinforcing the high accruals-quality score.
• Piotroski F-Score = 7/9: multiple fundamental indicators (profitability, leverage/liquidity, operating efficiency) are strong, which supports the company's operational signal despite the Z-Score and some accounting flags.
• AQI = 0.9957 and LVGI = 0.9965 (both close to 1): asset quality and gross-margin related indices show limited deterioration year-over-year by these specific Beneish components.

Shareholding is highly concentrated among individuals: Bùi Văn Hữu holds 33.4%, and four other individuals hold 11.7%, 10.5%, 10.0% and 9.1% respectively — together these five shareholders control 74.7% of shares. This indicates strong insider/family control; no director-deal registrations were supplied in the data provided (so none are reported here).

• Inspect the notes to the financial statements for the breakdown of receivables and 'receivables outside the trade cycle' to reconcile the 2.8% of total assets figure (look for prepayments to suppliers, loans receivable and other long-term receivables lines).
• Compare the company's depreciation policy note and the fixed-asset schedule to verify drivers of DEPI = 1.4040 (check for changes in useful lives, methods, or retrospective adjustments).
• Reconcile cash flow from operations versus net income in the cash flow statement to validate TATA = 0.0016 and the accruals-quality assessment (check the operating cash flows line and reconciliation schedule).
• Review the capital and accumulated-loss disclosures to confirm the accumulated losses = 0.56x paid-in capital and to verify the parent-net-profit (no net loss years reported) and the statement that owner's equity (excluding minority interest) is positive.