USC

• Beneish M-Score -1.4602 (80th percentile among Vietnamese peers) and YoY change +0.81 — the M-Score has risen materially year-over-year and sits well above the US -1.78 cutoff in absolute terms, but the peer percentile and trajectory are the more relevant signals for Vietnam.
• Altman Z-Score 1.34 — places the company in the distress zone (a low distance to bankruptcy under the Altman model).
• Cash conversion (3-year operating cash flow / net profit) = 2.58, 82nd percentile among Vietnamese non-financials — profits are not converting into operating cash as efficiently as most peers (a high ratio here implies weak cash conversion).
• Receivables outside the trade cycle = 6.0% of total assets, 72nd percentile — a material portion of assets are non-trade receivables (prepayments, loans to related parties or other long-term receivables) compared with peers.
• Margin quality 48.5/100 — the earnings-quality subscore for margins is low relative to other quality components, suggesting weaker persistence or volatility in margins.

• Earnings Quality overall 90.9/100 with Accruals quality 100/100 and Cash conversion quality 100/100 — the reported earnings show high-quality accrual and cash-flow characteristics by the scoring model.
• Receivables quality 100/100 — within the earnings-quality framework, receivable recognition and aging patterns score well despite the level of non-trade receivables noted above.
• Piotroski F-Score 7/9 — the company exhibits several strong fundamental signals (profitability, leverage/liquidity/operating efficiency measures) under the Piotroski test.
• Beneish components: DSRI 0.6229 (lower days sales in receivables index), TATA -0.0077 (total accruals to total assets near zero), and LVGI 1.0524 (little unusual leverage growth) — some Beneish inputs are not suggestive of aggressive manipulation.

Ownership is concentrated: Tổng Công ty Tư vấn Xây dựng Việt Nam holds 57.8% (institutional, likely state-affiliated), with three individuals holding a further ~16% combined. The large controlling shareholder and group context increase the likelihood of related-party transactions, common in Vietnamese listed groups.

• Compare FY2025 and prior-year schedules of 'Receivables and Other Receivables' and the related-party note to identify the composition of the 6.0% of assets labelled as receivables outside the trade cycle (prepayments, loans receivable, long-term receivables).
• Reconcile the consolidated cash flow from operating activities to consolidated net profit across the last three years to verify the 3-year cash conversion ratio of 2.58 and identify items causing poor profit-to-cash conversion (changes in working capital, non-cash items, related-party receipts/payments).
• Examine the notes on related-party transactions, short-term advances and prepayments to see whether significant balances are with group entities or state-owned affiliates (note any terms, collateral or repayment schedules).
• Review the equity section of the audited FY2025 financial statements and the parent-company profit line to confirm there are no accumulated losses, that owner's equity (excluding minority interest) is positive, and that the parent reported no consecutive-year statutory net losses up to FY2025.