BCR

• Beneish M-Score -1.6279: measures a composite likelihood of earnings manipulation; company ranks at the 80th percentile among Vietnamese peers (higher percentile = more aggressive accounting metrics) and the M-Score rose by +1.06 year-over-year (the change is a secondary cue because single-year serial correlation of M-Scores is low). Note: the -1.78 US cutoff is US-calibrated and about 28% of Vietnamese companies cross it, so peer percentile and trajectory are more informative here.
• DSRI (Days Sales Receivable Index) = 1.7984: measures growth in receivables relative to sales; a value >1 suggests receivables are growing faster than sales and may indicate revenue recognition timing or collectability issues.
• GMI (Gross Margin Index) = 1.5329: measures deterioration in gross margins year-over-year (values >1 indicate gross margin deterioration), which can pressure management to manage earnings.
• Receivables outside the trade cycle = 51.8% of total assets (98th percentile among Vietnamese non-financials): measures non-trade receivables such as prepayments to suppliers, loans receivable and other long-term receivables; a very large share is a high-ranking outlier in Vietnam and raises questions about the nature, terms and collectability of these balances.
• Receivables quality score = 0.0/100 and Revenue quality = 0.0/100: indicates weak metrics on receivables collectability and revenue sustainability in the scoring model.
• Cash conversion (operating cash flow / net profit, 3-year) = -1.62 (13th percentile): measures whether reported profits convert into operating cash flows; a negative multi-year ratio in the low percentile signals profits have not translated into cash.
• Altman Z-Score = 0.55 (distress zone): measures distance to bankruptcy based on profitability, leverage, liquidity and activity — this value places the company in the distress zone by the Altman model.
• Piotroski F-Score = 3/9: measures nine accounting and financial signals of firm strength; a score of 3 indicates relatively weak fundamental accounting signals.
• Margin quality = 17.3/100 and SGAI (SG&A Index) = 1.2103: margin-quality scoring is low and SG&A grew faster than sales (SGAI >1), which together suggest margin pressure and cost behavior that may mask underlying profitability trends.

• Accruals quality = 94.6/100: the accruals component scores highly, suggesting reported earnings are not dominated by unusual accrual patterns as measured by this metric.
• TATA (Total Accruals to Total Assets) = 0.0136: measures the scale of total accruals relative to assets; a small positive number implies accruals are present but not large in absolute proportion to assets.
• LVGI (Leverage Index) = 0.8925: measures change in leverage (values <1 indicate leverage fell year-over-year); a decrease in leverage can be a stabilizing signal.
• SGI (Sales Growth Index) = 0.7087: measures sales growth (values <1 indicate sales declined versus prior year), which can reduce incentives to push aggressive revenue recognition compared with rapidly growing peers (but declining sales can also introduce other pressures).
• No accumulated losses / owner's equity positive and parent net profit not in consecutive loss years: the statutory balance-sheet indicators show retained earnings are not negative and equity (excluding minority interest) is positive.

The ownership is highly concentrated: Bamboo Capital (BCG) holds 62.1% (control, disclosed 2026-02-13). The listed parent also controls or significantly influences several other listed companies (BGE 47.7%, DTG 21.0%, TCD 43.9%), which indicates the company is part of a larger group structure. Other top shareholders are smaller (Tracodi 9.4%, individuals below 1%).

• Compare the line items for 'Loans and receivables' and 'Prepayments to suppliers' in the FY2024 balance sheet and reconcile them against the related-party schedules and note disclosures to identify how much of the 51.8% of total assets classified as receivables outside the trade cycle are to related parties and what terms are disclosed.
• Review the cash-flow statement and the notes to operating cash flows for FY2022–FY2024 to verify the components that produced the three-year operating cash / net profit = -1.62 (check non-cash adjustments, changes in working capital, and one-off items).
• Examine the revenue recognition and trade-receivable notes for FY2024 to see policies, allowances for doubtful accounts, ageing schedules and any large receivable concentrations that would explain the DSRI = 1.7984 and the receivables-quality score of 0.0.
• Inspect the segment or related-party disclosures and the consolidated group schedules to map intra-group balances and transactions with BCG and other group companies (BCG, BGE, DTG, TCD), and check for large intercompany prepayments, loans or guarantees in FY2024.