WCS

• Beneish M-Score -1.1927: measures the likelihood of earnings manipulation using eight ratios; this absolute value is above the US -1.78 cutoff but that cutoff is US-calibrated and should be considered in Vietnam context. The company is at the 85th percentile among Vietnamese peers (higher = more aggressive accounting) and the M-Score rose by +0.94 year-over-year, signalling a sizeable change in the accounting profile relative to last year.
• DSRI 1.4560 (days-sales-receivable index): measures changes in receivables relative to sales; a value >1 suggests receivables grew faster than sales and can indicate revenue recognition or collection timing differences.
• AQI 2.0203 (asset quality index): measures increases in non-current and other long-lived assets relative to total assets; a value above 1 suggests increased capitalization of items or growth in unusual asset categories that can be used to manage earnings.
• Receivables quality 0.0/100 and Receivables outside the trade cycle 1.4% of total assets (42nd percentile): the receivables-quality metric at the bottom score and DSRI indicate collection or classification concerns; 1.4% of assets are receivables outside the normal trade cycle (prepayments, loans receivable, long-term receivables) which is non-trivial to verify in the notes.
• Revenue quality 19.1/100 and SGI 1.0865 (sales growth index): low revenue quality score plus sales growth >1 implies some revenue growth but with low quality (recognition/timing issues).
• TATA 0.0836 (total accruals to total assets): while relatively small (low accruals), it also indicates there are still accruals present; combined with other signals it means accrual-driven effects cannot be ignored.
• GMI 0.9995 (gross margin index near 1): little deterioration in gross margin is observed year-over-year, which tempers some manipulation red flags but does not remove concerns from receivable and asset-quality signals.

• Altman Z-Score 14.59: measures distance from default using profitability, leverage, liquidity and activity ratios; a value of 14.59 is in the ‘safe’ zone and indicates large distance from typical bankruptcy thresholds.
• Piotroski F-Score 7/9: measures nine fundamental signals (profitability, leverage/liquidity, operating efficiency); a 7 indicates relatively strong reported operating performance and balance-sheet improvements.
• TATA 0.0836: total accruals to assets are modest (8.36% of assets), indicating reported earnings are not overwhelmingly driven by accruals.
• DEPI 0.8024 (depreciation index <1): measures changes in depreciation rate; a value <1 suggests increased depreciation expense (or lower useful lives), which is the opposite of a common earnings-management trick that delays expense recognition.

Ownership is highly concentrated: Tổng Công ty Cơ khí Giao thông Vận tải Sài Gòn holds 51.0%, and two institutional holders together with an apparent related-party pair (Công Ty Cổ Phần Đầu Tư Thái Bình 10.0% and Ctcp Đầu Tư Thái Bình 10.0%) control large stakes; a foreign institution holds 24.0%. This level of concentrated, mainly institutional/state-related ownership can influence related-party transactions and group reporting practices.

• Compare the FY2025 notes/schedule for 'Receivables' and 'Other receivables' to verify the 1.4% of total assets classified as receivables outside the trade cycle and identify whether these are prepayments, loans to related parties, or long-term receivables.
• Reconcile the DSRI drivers by comparing FY2025 trade receivables and sales breakdown (note on revenue recognition and aging schedules) to see why DSRI is 1.4560 and whether days-sales-outstanding or revenue timing explain the change.
• Review the fixed-asset and intangible-asset notes and the reconciliation for FY2025 to examine components behind AQI = 2.0203 (increases in non-current/non-operating asset categories or capitalization policy changes).
• Inspect the cash-flow statement and notes for operating cash flow vs net profit (three-year cash-conversion ratio = 0.78) to identify non-cash items or timing differences explaining why only 78% of reported profit converted to operating cash over three years.