ATG

• Beneish M-Score 3.3332 (measures likelihood of earnings manipulation patterns); the company ranks in the 98th percentile versus Vietnamese peers, indicating more aggressive accounting than most peers.
• Year-over-year M-Score change +12.87 (measures trajectory in the composite manipulation score); a large positive change indicates recent movement toward more aggressive indicators.
• DSRI 1.5334 (days-sales-related index — measures growth in receivables relative to sales); elevated DSRI can signal revenue recognition or receivable collection issues.
• AQI 10.0000 (quality of accruals index — measures unusual accrual patterns); an extreme AQI points to large or unusual accrual activity.
• SGI 4.1332 (sales growth index — measures sales growth pressure); very high SGI can create incentives to manage earnings.
• Altman Z-Score -0.76 (measures distance to bankruptcy); a negative score places the company in the distress zone.
• Earnings-quality sub-scores: Receivables quality 0.0/100, Margin quality 0.0/100, Revenue quality 10.5/100 (these measure earnings components’ reliability and indicate weak revenue and margin persistence and receivable quality).
• Cash-conversion (operating cash flow / net profit, 3 years) 4.24 (89th percentile among Vietnamese non-financials — measures how well reported profit converts to cash); a high ratio here reflects profit not turning into cash and is a red flag for earnings quality.

• Accruals quality 100.0/100 (measures the reliability of accrual components); this suggests accruals behave consistently with reported earnings over the assessment period.
• Cash conversion sub-score 100.0/100 (measures the short-term cash realization of earnings components); despite the three-year ratio above, the sub-score indicates recent operating cash flows align with reported profits on the scoring algorithm used.
• Piotroski F-Score 5/9 (measures nine fundamental signals of financial health); a middling score indicates neither clear deterioration nor strong improvement in fundamentals.

Shareholding is dispersed among several individuals: top five individual shareholders hold 9.1%, 6.2%, 4.9%, 4.8% and 4.4% respectively. No group or state majority is shown in the provided ownership list, and no director-deal registrations were supplied in the data provided (director-deal registrations are exchange-registered intentions, not executed trades).

• Compare the FY2025 notes: reconcile the receivables and 'receivables outside the trade cycle' line to the balance-sheet total (the reported outside-trade-cycle amount is 0.8% of total assets) and review the split between trade receivables, prepayments to suppliers, loans to related parties and other long-term receivables.
• Reconcile operating cash flow to reported net profit across the last three years using the cash-flow statement and the management discussion: the three-year cash-conversion ratio is 4.24 (89th percentile), so verify major non-cash adjustments and working-capital movements that explain the gap.
• Inspect the revenue recognition and sales-detail notes for policy changes or large one-off sales: DSRI is 1.5334 and revenue-quality score is 10.5/100, so check timing of revenue, returns/allowances, related-party sales and concentration disclosures.
• Verify the accumulated-loss and equity lines in the audited statements: accumulated losses are 0.98x paid-in capital, owner's equity (excluding minority interest) is reported positive, and parent net profit shows no consecutive-year statutory net loss up to FY2025. Also note the statutory loss test for HOSE/HNX delisting does not apply because the company is listed on UPCoM.