TOP

• Beneish M-Score -1.3641 is above the US -1.78 cutoff but the Vietnamese context matters; the company sits at the 82nd percentile among VN peers (higher = more aggressive accounting vs VN peers) and the M-Score moved by -4.88 year-over-year (the YoY trajectory is a secondary cue).
• Gross margin index (GMI) = 2.5458 and SGI = 3.2919: GMI >1 implies gross margin deterioration versus prior year; SGI >>1 indicates rapid sales growth (3.29x) which can strain controls and create incentives for aggressive recognition.
• Leverage/volume growth index (LVGI) = 3.5463: unusually large change in leverage or shares outstanding relative to peers, which can affect the M-Score interpretation.
• Earnings-quality components: Cash conversion = 0.0/100, Margin quality = 0.0/100, Revenue quality = 0.0/100 — these zero scores point to very weak operating cash conversion and deteriorating margins and revenue persistence measures in the applied metric.
• Piotroski F-Score = 2/9: weak fundamentals on profitability, leverage/liquidity, and operating efficiency measures used by Piotroski.
• Receivables outside the trade cycle = 2.1% of total assets (50th percentile): presence of prepayments, loans receivable and other long-term receivables is non-negligible and should be checked in schedules.
• Accumulated losses = 0.36x paid-in capital and the company reported a net loss (parent profit) in 1 consecutive year up to FY2025: retained losses relative to capital are material to note even though owner’s equity (excluding minority interest) remains positive.

• Accruals quality = 99.4/100 and Receivables quality = 100.0/100: the applied metrics show high-quality accrual accounting and receivables classification under the scoring method used.
• DSRI = 0.0152 and TATA = 0.0015 (both near zero): days-sales-in-receivables index and total accruals change as used in the Beneish model are very low, which in isolation suggests no large unexplained increases in receivables or total accruals by those measures.
• DEPI = 0.0000: the depreciation index showed no change under the Beneish component calculation, reducing one common manipulation signal.
• Altman Z-Score = 91.37 (safe zone): the company is measured as a large distance from bankruptcy risk by the Altman metric.

Top ownership is concentrated in individuals: Trần Hồng Tài holds 25.0%, followed by other individuals at 4.3%, 4.1%, 3.0% and 2.8%. No institutional or state majority is listed in the top five; this concentration in one individual (25%) is a governance characteristic to note in interpreting related-party transactions and group influence.

• Compare the FY2025 note or schedule for 'Prepayments to suppliers' and 'Loans receivable' with the line items aggregated as 'Receivables outside the trade cycle' (2.1% of total assets) to see composition and related parties.
• Reconcile accumulated losses disclosed in the equity notes to the paid-in capital to confirm the 0.36x figure and review the retained earnings / accumulated loss rollforward.
• Inspect the cash-flow statement and the notes to confirm operating cash conversion drivers that produce Cash conversion = 0.0/100 (look at cash-from-operations versus reported profit and changes in working capital).
• Review revenue recognition and segment or sales-detail notes to understand the inputs behind Revenue quality = 0.0/100 and Margin quality = 0.0/100, especially any large one-off sales or adjustments in FY2025.