VIE

• Beneish M-Score = -1.2119 (measures likelihood of earnings manipulation; -1.78 is the US threshold but the Vietnam peer context matters). The company sits at the 84th percentile among Vietnamese peers (higher = more aggressive versus VN peers) and the M-Score moved +0.96 year-over-year (an upward trajectory).
• Margin quality = 0.0/100 (this Earnings-Quality component measures how sustainable reported margins look; a score of 0 indicates weak margin-quality signals despite other quality measures).
• Altman Z-Score = 0.74 (this measures distance to bankruptcy; 0.74 falls in the distress zone and indicates low buffer versus insolvency benchmarks used by the Altman model).
• Cash conversion (3-year OCF / net profit) = 6.84, ranked at the 94th percentile among Vietnamese non-financial companies (this measures how much profit converts into cash; a high ratio here is a concern because it indicates profits not turning into operating cash).
• M-Score components: GMI = 1.6520 (Gross margin index; >1 suggests deterioration in gross margin), AQI = 1.2487 (asset quality index; >1 indicates rising non-current assets relative to total assets), SGI = 2.8389 (sales growth index; large value shows very high sales growth which can stress controls), LVGI = 1.1573 (leverage growth index; >1 indicates rising leverage). These component values point to pressure on margins, rising asset intensity and leverage alongside strong sales growth.

• Earnings Quality Score = 82.4/100 (a composite measure of accruals, cash conversion, receivables and margins; overall shows reasonably high reported earnings quality despite the margin issue).
• Accruals quality = 100.0/100 and TATA = -0.0411 (total accruals to assets; the perfect accruals-quality score and a small negative TATA indicate low or modest aggregate accruals, which is generally a quality signal about earnings recognition).
• Cash conversion quality = 100.0/100 and Receivables quality = 100.0/100 (these measure operating cash flow conversion and the nature/aging of receivables respectively; both perfect scores and receivables outside the trade cycle = 0.3% of total assets (17th percentile) suggest receivables and cash-flow mechanics look transparent in the filings).
• SGAI = 0.3901 (sales, general & administrative expense growth index; a value below 1 indicates SG&A is not growing faster than sales, which can be a sign of operational efficiency or limited discretionary spend growth).
• Piotroski F-Score = 6/9 (a middling-to-strong score measuring profitability, leverage/liquidity and operating efficiency; indicates neutral-to-sound fundamental signals in several accounting ratios).
• Statutory listing-risk context: although some statutory loss tests were listed for Vietnamese disclosures, this company trades on UPCoM where the HOSE/HNX de-listing rule referenced does not apply (a statement of the listing fact, not a judgment).

Ownership is concentrated: the top five individual shareholders together hold 70.9% (Đỗ Nam Anh 18.8%, Nguyễn Văn Đồng 15.8%, Đinh Thị Hương Loan 14.6%, Nguyễn Thị Hồng Thái 12.5%, Ngô Quang Vinh 9.2%). Director-deal disclosures show 2 sale registrations (one registrant; 1,531,231 shares) and 5 purchase registrations (5 registrants; 475,000 shares, one without volume) filed between 2025-10-30 and 2026-10-30 — these are registered intentions reported to the exchange, not executed trades.

• Compare the 2025 consolidated statement of cash flows (operating cash flow) with the parent net profit line and the cash-conversion calculation; verify the line(s) used to compute the 3-year operating-cash-flow / net-profit ratio (reported as 6.84).
• Inspect the notes for receivables, prepayments and other long-term receivables (look for the schedule or note that discloses ‘loans to/from related parties’, ‘prepayments to suppliers’ and ‘other long-term receivables’) and confirm the 0.3% of total assets figure and the counters/related-party disclosures.
• Review the audited equity and accumulated-loss roll-forward or the statement of changes in equity to confirm accumulated losses = 0.09x paid-in capital and to verify that parent net profit shows 0 consecutive years of net loss up to FY2025.
• Open the exchange disclosure pack for director/insider registrations to confirm the 2 sale registrations (1,531,231 shares) and 5 purchase registrations (475,000 shares, one with no volume) and read the registrants’ stated intended volumes and timing.