BVG

• High Vietnam peer percentile on Beneish M-Score: -1.009 at the 88th percentile versus Vietnamese peers — this measures a composite likelihood of earnings manipulation relative to local peers (note: the US cutoff of -1.78 is not directly transferable; ~28% of Vietnamese firms cross it).
• AQI (Asset Quality Index) = 1.6294 — measures increases in asset components that can hide expenses (higher than 1 suggests rising capitalization of costs or reclassification of current items into long‑lived assets).
• SGAI (Sales/General & Admin index) = 1.2639 — measures unusually large growth in SG&A relative to sales, which can signal capitalization or reclassification of expenses or cost shifting into non-operating lines.
• TATA (Total Accruals to Total Assets) = 0.3009 — measures the extent of accruals in reported earnings; a positive, material TATA indicates earnings include non‑cash accrual components that may be unstable.
• LVGI (Leverage index) = 0.0225 — while small, this contributes to the composite M-Score and reflects leverage movement that interacts with other accrual signals.
• Poor multi-year cash conversion: operating cash flow / net profit over 3 years = 0.57 (32nd percentile among VN non-financials) — this measures the ability of reported profits to convert into cash and suggests profits are not fully cash-backed.
• Earnings-quality sub-scores very weak: cash conversion 0.0/100, accruals quality 13.2/100, margin quality 0.0/100 and revenue quality 0.0/100 — these measure, respectively, cash backing of profits, reliability of accruals, stability of margins, and sustainability of reported revenue.
• Accumulated losses relative to paid-in capital = 0.51x — this measures the historical deficit scale versus contributed capital and indicates a meaningful accumulated loss position (though owner’s equity excluding minority interest remains positive).

• Receivables outside the trade cycle = 0.0% of total assets (5th percentile) — this measures non-trade receivables such as long-term receivables, loans to related parties or large prepayments; a zero value is a favourable sign for receivables quality and is consistent with the receivables-quality score of 100/100.
• DSRI (Days Sales Receivables Index) = 0.4940 — measures receivables growth relative to sales; a value below 1 indicates receivables are not growing faster than sales, which supports revenue quality.
• GMI (Gross Margin Index) = 1.0000 and SGI (Sales Growth Index) = 1.0000 — GMI at 1 suggests stable gross margins year-on-year and SGI at 1 indicates no revenue growth pressure that might have forced aggressive recognition; both moderate some manipulation risk components.
• Altman Z-Score = 75.45 (safe zone) — this measures financial distress/bankruptcy distance; a very high score indicates low bankruptcy risk by the Altman model metrics.

Top shareholders are moderately concentrated: the largest holder is King Invest (institution) at 5.3%, with three individuals owning 5.0%, 4.6% and 1.7% respectively. No single dominant controlling shareholder is shown in the provided list; this ownership mix reduces single-owner control risks but does show meaningful insider exposure through several individuals.

• Compare FY2025 operating cash flow (cash flow statement) with reported net profit in the parent-company profit (separate parent-profit line or consolidated profit) to trace the 3-year cash-conversion trend (operating cash flow / net profit = 0.57).
• Inspect the notes and schedules for receivables, prepayments and loans to related parties to verify the 0.0% of total assets reported as receivables outside the trade cycle and to identify any large off-cycle items.
• Review the fixed‑asset and intangible‑asset schedules and the accounting policy note to understand why AQI = 1.6294 (look for reclassification, capitalization policies or one‑off asset additions in FY2025).
• Reconcile total accruals to total assets: check the components behind TATA = 0.3009 by comparing profit reconciliation (net profit to cash flows) and detailed accrual movements in working‑capital notes.