AAN

• Beneish M‑Score = -1.2184 (measures the likelihood of earnings manipulation using eight financial ratios); at the 84th Vietnam peer percentile this score is higher (more aggressive) than 84% of Vietnamese non‑financial listed companies.
• DSRI = 1.2438 (Days Sales Receivable Index; a measure of receivables growth relative to sales — values >1 can indicate rising receivables versus sales), which contributes to the elevated M‑Score.
• SGI = 1.3618 (Sales Growth Index; measures sales growth — high values can be associated with pressure to meet growth targets and potential aggressive accounting), increasing manipulation pressure component of the M‑Score.
• TATA = 0.1381 (Total Accruals to Total Assets; measures accruals relative to assets — positive and material accruals can signal earnings management), which raises accrual‑based concerns.
• Earnings Quality Score = 21.0/100 (a composite measure of earnings sustainability and reliability); specifically Cash Conversion = 0.0/100 (operating cash flow failing to convert reported profit) and Receivables Quality = 11.2/100 (weak quality of receivables and related items).
• Three‑year cash conversion ratio = -5.64 (operating cash flow / net profit, FY2023–FY2025 aggregate), ranked in the 5th percentile versus Vietnamese peers — meaning profits are not converting into cash relative to peers.
• Receivables outside the trade cycle = 0.2% of total assets, 15th percentile among Vietnamese companies (captures prepayments, loans receivable and other long‑term receivables outside normal trade receivables), indicating non‑trade receivables exist though not large in absolute terms.

• Altman Z‑Score = 4.05 (measures distance to bankruptcy using liquidity, profitability and leverage metrics) — falls in the ‘safe’ zone, implying low short‑term bankruptcy risk by that model.
• GMI = 1.0000 (Gross Margin Index; a value of 1 indicates stable gross margin year‑over‑year, which does not signal margin deterioration that might trigger aggressive smoothing).
• DEPI = 0.9240 (Depreciation Index; <1 indicates depreciation expense rose relative to prior period or asset base changes that reduce incentive to manipulate via depreciation timing), which does not point to aggressive deferment of depreciation.)
• AQI = 0.9222 (Asset Quality Index; <1 suggests asset reclassification or investment patterns not signaling worsening asset quality relative to the prior year), which is a neutral‑to‑positive input to the Beneish model.
• Accumulated losses: none — undistributed earnings are not negative and owner’s equity (excluding minority interest) is positive, both factual signs of solvency in the reported statements.
• Statutory statutory loss tests: none met under Decree 155/2020 Art.120(1)(e) as amended (these published financial statements do not meet the exchange’s statutory loss triggers for cancellation).

Shareholding is concentrated: Công ty Cổ phần Siba Holdings (institution) holds 52.1%, indicating single‑institution control or dominant influence; the next largest listed individual holdings are small (Trương Mạnh Linh 2.1%, others ≤0.2%). No director‑deal registrations were provided in the input (director registrations are intentions filed with the exchange rather than executed trades).

• Compare the line(s) for 'Cash flows from operating activities' in the FY2025 cash flow statement to the parent net profit (profit/loss after tax) to verify the -5.64 three‑year cash conversion ratio and identify the components driving the shortfall.
• Reconcile trade receivables and 'receivables outside the trade cycle' by comparing the trade receivables note, loans receivable and prepayments schedule in the FY2025 notes to total assets to confirm the 0.2% figure and the nature of those balances.
• Inspect the notes on related‑party transactions and short‑term loans in FY2025 for any large balances or movements (prepayments to suppliers, loans to/from related parties) that could explain weak cash conversion or elevated accruals (TATA = 0.1381).
• Review the fixed‑asset and depreciation note to confirm the components that produced DEPI = 0.9240 and to check for unusual revaluations, disposals or changes in useful lives that might affect depreciation timing.