AFX

• Beneish M-Score = -1.23 (measures the likelihood of earnings manipulation using an eight-variable model); this score is at the 84th percentile among Vietnamese peers (higher percentile = more aggressive accounting relative to VN peers) and the M-Score rose by +1.71 year-over-year (a sizable upward move in accounting aggressiveness).
• DSRI = 1.2041 (days-sales-in-receivables index; >1 can indicate revenue recognition pressure or slower collections).
• GMI = 1.5383 (gross-margin index; >1 indicates worsening gross margins year-over-year, which in Beneish is associated with higher manipulation risk).
• TATA (total accruals to total assets) = 0.1597 (measures accrual-based earnings; higher positive values suggest earnings are supported by accruals rather than cash).
• Receivables outside the trade cycle = 17.0% of total assets (88th percentile among Vietnamese non-financials; this line includes prepayments to suppliers, loans receivable and other long-term receivables and is high in cross-section).
• Cash conversion (operating cash flow / net profit, 3-year) = -1.68 (11th percentile; indicates profits are not converting into operating cash over the three-year window).
• Earnings-quality composite = 23.0/100 with low sub-scores in revenue quality (13.4/100) and receivables quality (19.2/100), consistent with the high receivables-outside-trade-cycle and DSRI signals.

• Altman Z-Score = 2.79 (the model’s grey zone; this is not an immediate bankruptcy signal but shows the company is not in the safest quintile by the Altman measure).
• Piotroski F-Score = 5/9 (a neutral score on fundamentals; some healthy items offset weaknesses).
• SGAI = 0.6965 (selling, general & administrative expenses index <1 in Beneish indicates SGA did not increase relative to sales, which reduces one pressure point for aggressive accounting).
• AQI = 0.0280 (asset quality index in the Beneish model close to zero indicates limited change in the proportion of intangible/other non-current assets relative to total assets, rather than a large shift that could mask problems).
• DEPI = 1.0263 and LVGI = 0.8770 (depreciation index just above 1 and leverage index below 1 do not point to extreme changes in depreciation policies or leverage in the Beneish components).
• No accumulated losses and owner’s equity (excluding minority interest) is positive; parent net loss count = 0 consecutive years up to FY2025 (the published statements do not meet the statutory loss cancellation tests under Decree 155/2020 Art.120(1)(e) as amended).

Ownership is concentrated: an individual (Đặng Quang Thái) holds 24.4%, and two state-affiliated/institutional entities (Công ty TNHH MTV Xổ Số Kiến Thiết An Giang 8.6%; Tổng Công ty Lương thực Miền Nam 4.8%) together with other institutions hold material stakes. Director-deal registrations show 1 purchase registration (1,000,000 shares) and no sales in the past 12 months, with net registered volume = +2.86% of shares outstanding (registrations are declared intentions, not executed trades).

• Compare the 2025 note(s) for 'receivables and prepayments' with total assets to confirm the 17.0% of assets labelled as receivables outside the trade cycle and list the counterparties and maturities.
• Reconcile the operating cash flow to reported net profit in the consolidated cash flow statement and the management discussion for the three-year period to verify the three-year cash conversion ratio of -1.68 and explanations for cash/non-cash differences.
• Inspect the related-party schedules for loans, advances and prepayments (note and schedule) to see whether the high receivables-outside-trade-cycle balance includes related-party items or long-term advances.
• Review the auditor’s report and accounting-policy notes on revenue recognition and allowances (bad debt, provision policies) to assess the drivers behind DSRI = 1.2041 and revenue-quality = 13.4/100.