UTT

• Beneish M-Score -1.3773 (measures statistical likelihood of earnings manipulation); 82nd percentile among Vietnamese peers and YoY change +1.39 (shows an upward move relative to last year).
• Earnings-Quality Score 31.4/100 (measures overall earnings reliability); Accruals quality 26.9/100 and Cash conversion 0.0/100 (three-year operating cash flow / net profit = -2.24, 9th percentile), indicating profits are not converting into cash.
• Altman Z-Score 1.74 (measures distance to bankruptcy); falls in the distress zone used to gauge solvency risk.
• Piotroski F-Score 3/9 (measures fundamental strength); a low score indicating weak profitability, leverage/liquidity, or operating efficiency.
• TATA (total accruals to total assets) = 0.2242 (measures accruals magnitude); relatively high accruals suggest earnings may be driven by non-cash items.
• GMI (1.1896) >1 (measures deterioration in gross margin) and LVGI 1.1875 (leverage growth) — both components point to margin pressure and rising leverage.

• Receivables outside the trade cycle = 0.1% of total assets (9th percentile) and Receivables quality 100.0/100 (measures size and quality of receivables); suggests limited long-term/related-party receivable exposure reported on the balance sheet.
• DSRI 0.9765 (days sales in receivables index measures receivables growth relative to sales) below 1.0, implying receivables are not growing faster than sales.
• SGAI 0.8171 (selling, general & admin expense index) <1.0 (measures SGA growth vs sales), indicating SGA expenses have not grown faster than sales.

Ownership is concentrated: a state-linked institution (Công ty TNHH MTV Môi Trường Đô Thị Hà Nội) holds 60.0%, with two individuals holding 17.0% and 10.5% respectively. Such concentration and group/state ownership can influence related-party transactions, strategic reporting choices and corporate governance dynamics; director-deal registrations were not provided in the data.

• Compare the three-year operating cash flows and the cash-flow-from-operations line in the audited cash-flow statements to the consolidated net profit to confirm the -2.24 cash-conversion ratio and reconcile major non-cash adjustments.
• Inspect the notes for 'Receivables', 'Loans and advances to customers/related parties', and 'Prepayments' to verify the 0.1% of total assets figure and to identify any large balances outside the normal trade cycle.
• Read the 'Related-party transactions' and 'Balances with affiliated entities' notes for intra-group loans, guarantees or off-balance arrangements given the 60% institutional group ownership.
• Check the statement of changes in equity and the accumulated-losses / retained-earnings line to confirm accumulated losses = 0.18x paid-in capital and to verify parent equity remains positive as stated.