V21

• Elevated Beneish percentile: M-Score -1.4514 (80th percentile vs Vietnamese peers) — the score is above many peers and rose by +0.78 year-over-year (the YoY move is a signal of changing accounting tendencies).
• Low earnings-quality overall: Earnings-Quality Score 32.6/100; Cash-conversion 0.0/100 and Margin quality 0.0/100 — these measure cash-generation vs earnings and stability of margins, respectively, and both are very weak.
• Altman distress signal: Altman Z-Score 0.96, which falls in the standard 'distress' zone (measures multivariate bankruptcy distance using balance-sheet and income components).
• Receivables outside the trade cycle are material: 12.6% of total assets (84th percentile among Vietnamese non-financials) — this line includes prepayments to suppliers, loans receivable and other long-term receivables and suggests non-operating receivables are relatively large.
• Revenue-quality and accruals concerns: Revenue quality 28.6/100 and Accruals quality 33.4/100 — these metrics indicate reported revenue and accrual patterns that score poorly on the earnings-quality model.

• Reduced receivables relative to sales: DSRI 0.7970 (Beneish DSRI <1 implies days sales in receivables fell year-over-year); Receivables quality 100.0/100 — measures specific indicators around receivables aging and alignment with sales.
• Low reported total accruals: TATA 0.1999 (measures total accruals scaled; a relatively low positive number implies limited accrual buildup in that metric).
• Sales growth present: SGI 1.3403 (the sales growth index >1 shows year-over-year sales increased; Beneish SGI captures growth pressure that can affect accounting choices).
• Neutral operational fundamentals: Piotroski F-Score 5/9 — a middling score showing neither clear operational deterioration nor clear improvement in the nine fundamental signals Piotroski uses.

Top-five shareholders are concentrated: Nguyễn Xuân Việt 18.6%, Nguyễn Mạnh Hà 11.8%, Nguyễn Huy Cường 11.4%, Vũ Đức Hoà 7.8%, and Nguyễn Ngọc Xuyên 7.6% (top five sum = 57.2%). No state ownership is indicated from the provided list. Director-deal registrations (0 sales, 6 purchase registrations between 2025-10-30 and 2026-10-30) are filings of intent rather than executed trades.

• Compare the 'Receivables, prepayments and other receivables' schedule in the FY2025 notes with the related-party transactions note to see what portion of the 12.6% of assets in 'receivables outside the trade cycle' are loans or prepayments to related parties.
• Reconcile cash-flow from operations to reported net income in the statement of cash flows and profit & loss (verify the components behind Cash-conversion = 0.0/100) to assess whether weak cash conversion stems from one-off timing items or persistent operating cash shortfalls.
• Inspect the revenue recognition note and the sales breakdown (domestic vs export, by product/segment) to understand drivers behind SGI = 1.3403 and Revenue quality = 28.6/100 (look for changes in contract terms, extended payment terms, or significant one-off sales).
• Check the accruals and provisions detail (movement in allowance for doubtful accounts, inventory provisions, depreciation policy) and the 'other receivables' aging to validate the low TATA 0.1999 and the high receivables-quality score.