AGX

• Beneish M-Score -1.5459 (79th percentile among Vietnamese peers; higher values indicate more aggressive accounting relative to peers). The M-Score rose by +0.38 year-over-year, showing a material movement in the metric compared with the prior year.
• AQI (Asset Quality Index) = 1.4935. AQI higher than 1 suggests increased non-current asset or non-standard asset balances (prepayments, long-term receivables, capitalized items) relative to sales.
• DEPI (Depreciation Index) = 1.2539. DEPI > 1 indicates depreciation expense has fallen relative to prior-year implied depreciation (a sign that useful lives or depreciation methods/assumptions may have changed or that asset mix changed).
• DSRI (Days' Sales in Receivables Index) = 1.0725. DSRI > 1 signals receivables grew faster than sales in the year, which can indicate looser credit terms or timing differences.
• SGI (Sales Growth Index) = 1.2676. Rapid sales growth (SGI >1) can make earnings quality comparisons harder and can correlate with some aggressive accounting choices.
• Cash conversion (3-year operating cash flow / net profit) = 0.81 (38th percentile among Vietnamese non-financials). A ratio below 1 means reported profits have not fully converted into operating cash over the three-year window.
• Receivables outside the trade cycle = 0.8% of total assets (30th percentile). Although small in absolute terms, the company ranks low versus peers on this check, suggesting some off-cycle receivables/prepayments exist.
• TATA (Total Accruals to Total Assets) = 0.0673. While not large, positive accruals show profits are supported in part by accrual accounting rather than cash.

• Altman Z-Score = 12.14. This places the company in the 'safe' zone for bankruptcy distance by the Altman model.
• Piotroski F-Score = 7/9. A score of 7 indicates generally strong financial fundamentals (profitability, leverage/liquidity improvements, operating efficiency).
• SGAI (Sales, General & Administrative Index) = 0.7213 (SGAI < 1). This indicates S,G&A expenses fell relative to sales, which can reflect operating leverage or cost control rather than accrual manipulation.
• LVGI (Leverage Index) = 0.7414 and GMI (Gross Margin Index) = 0.9109. LVGI < 1 indicates leverage declined year-over-year; GMI < 1 indicates gross margins improved or did not deteriorate, both supportive of healthier fundamentals.
• No accumulated losses; owner's equity (ex-minority) positive; parent net loss count = 0 years to FY2025. These statutory statement facts show retained earnings and equity are positive and there were no parent-level net losses in the window reported.

Shareholding is highly concentrated among institutions: Công ty TNHH Phát Triển VF 24.5%, Công ty Cổ Phần Đầu Tư Và Thương Mại An Long 23.0%, Công ty TNHH Đầu Tư Và Thương Mại Sg 19.1%, Tổng Công ty Thương Mại Sài Gòn 18.3% — these four institutions together hold ~85% of shares; an individual, Lê Ngọc Khoa, holds 5.8%. Director-deal disclosures show 0 sale registrations and 1 purchase registration (one registrant, one registration without a volume) between 2025-10-30 and 2026-10-30. Concentrated institutional ownership and limited insider sale registrations are notable governance facts to record.

• Compare the FY2025 note/schedule for 'long-term receivables' and 'prepayments to suppliers' to the 0.8% of total assets figure labeled 'receivables outside the trade cycle' to identify the line items behind AQI and the 0.8% metric.
• Review the fixed-asset and depreciation note for FY2025 for changes in useful lives, depreciation methods or large asset revaluations to explain DEPI = 1.2539.
• Reconcile sales, trade receivables and allowance-for-doubtful-accounts movements in the receivables aging and revenue note to investigate DSRI = 1.0725 and the 3-year cash conversion ratio (0.81).
• Inspect the cash-flow statement (operating cash flows) and the reconciliation of profit to cash from operations for the three-year period used to compute cash conversion = 0.81 to see timing or non-cash drivers of profit.