BSH

• Days Sales Receivable Index (DSRI) = 2.1235 — measures growth in receivables relative to sales; a value above 1 indicates receivables are growing faster than sales and here it is materially elevated, consistent with the 0.0/100 receivables-quality score.
• Receivables quality = 0.0/100 and Revenue quality = 0.0/100 — these scores indicate concerns about the persistence or collectability of reported revenue and receivables.
• Beneish M-Score year-over-year change = +0.43 (M-Score itself = -1.4291) — the M-Score is above more conservative US cutoffs but, importantly, sits at the 81st percentile among Vietnamese peers and has moved upward this year, which is a secondary cue that accounting signals have become more aggressive.
• SGAI = 1.1807 — measures growth in selling/general/admin expenses relative to sales; an increase suggests expenses are rising faster than revenue, which can be inconsistent with reported margin trends.
• Cash conversion (3-year operating cash flow / net profit) = 0.70 (36th percentile) — indicates that reported profits have not converted into cash as well as most peers (lower percentile = weaker cash conversion).
• Earnings Quality Score = 52.4/100 with Margin quality 65.5/100 — overall middling earnings-quality metrics that, combined with revenue/receivables flags, suggest the need to interrogate revenue recognition and collectability.

• Accruals quality = 97.4/100 — measures the extent to which earnings are explained by accruals; a high score indicates low reliance on accrual accounting adjustments.
• TATA (Total Accruals to Total Assets) = 0.0065 — a low total-accrual ratio indicating limited accrual-based earnings explanation in the period measured.
• Altman Z-Score = 4.89 (safe zone) — a multi-factor score suggesting substantial distance from typical bankruptcy distress thresholds.
• Piotroski F-Score = 4/9 — a neutral fundamentals signal (neither strongly positive nor strongly negative) that, combined with the Z-Score and strong accruals quality, tempers some earnings-quality concerns.
• Receivables outside the trade cycle = 0.3% of total assets (18th percentile) — small absolute amount of long-term/other receivables and prepayments relative to total assets, which reduces one common source of hidden related-party balances in the balance sheet.

The share register is concentrated: the state-related enterprise Tổng Công ty Cổ phần Bia - Rượu - Nước Giải khát Sài Gòn holds 52.1%, and two other institutions hold 11.7% and 10.4%, respectively, leaving limited free float; two individuals hold 2.7% and 1.0%. This concentrated, largely institutional ownership (including a major state-linked holder) implies control by a small number of shareholders and a group context that can affect related-party transactions and reporting practices.

• Compare the year-over-year change in trade receivables (and days sales outstanding) in the notes to revenue by customer or segment to the DSRI = 2.1235 to see whether receivables growth is explained by sales growth or by changes in collection terms.
• Reconcile the line items in the cash-flow statement for operating cash flow to the reported net profit and verify the components that drive the 3-year cash conversion = 0.70 (operating cash flow / net profit).
• Review the related-party note and the schedule of receivables/prepayments for any amounts classified as 'loans receivable', 'prepayments to suppliers' or long-term receivables that support the reported 0.3% of total assets in receivables outside the trade cycle.
• Inspect the SG&A breakdown and segment disclosures to understand drivers behind SGAI = 1.1807 and whether increased SG&A is explained by one-off items, expansion costs, or recurring expense inflation.