BVN

• High DSRI (3.1628): the days-sales-receivables index of 3.1628 is markedly elevated and is a primary contributor to the elevated M-Score; DSRI measures growth in receivables relative to sales and can indicate earlier revenue recognition or slower collections.
• Beneish peer percentile 89th and YoY increase +1.95: the M-Score of -0.7473 sits well above the US -1.78 threshold but, in the Vietnamese context, the company ranks at the 89th percentile versus local peers and its M-Score rose by +1.95 year-over-year — a trajectory signal to monitor (the 1980s US cutoff is not directly transferable; ~28% of Vietnamese firms exceed -1.78).
• Revenue quality 0.0/100 and Receivables quality 0.0/100: the earnings-quality sub-scores report zero for both revenue and receivables quality, indicating revenue growth or composition and receivable collectability are weak by the scoring model used.
• Receivables outside the trade cycle 3.6% of total assets (60th percentile): 3.6% of total assets are classified as receivables outside the trade cycle (prepayments to suppliers, loans receivable and other long-term receivables), which aligns with low receivables quality and the high DSRI.
• Cash conversion ratio (3-year operating cash flow / net profit = 1.35) at the 59th percentile: although cash conversion is scored 100/100 in the Earnings Quality score, the three-year ratio of 1.35 (59th percentile) is not in the top decile and indicates profit does not fully convert into cash as quickly as many peers.

• Altman Z-Score 4.76: the Z-Score is 4.76, placing the company in the ‘safe’ zone for bankruptcy-distance models and suggesting low financial-distress risk on that metric.
• Piotroski F-Score 7/9: a score of 7 indicates generally strong accounting fundamentals (profitability, leverage/liquidity, and operating efficiency signals).
• Accruals quality 100.0/100 and Cash conversion 100.0/100 in the Earnings-Quality breakdown: the model rates accrual accounting quality and short-term cash generation highly (accruals-quality 100.0/100; cash-conversion 100.0/100), consistent with a small total-accruals TATA of -0.0485.
• No accumulated losses; owner’s equity positive (excluding minorities): the statements show undistributed earnings are not negative and owner’s equity without minority interest is positive.
• Director-deal registrations lean to purchase: one purchase registration of 77,900 shares and no sale registrations over 2025-10-30 to 2026-10-30, representing net registered volume of +1.56% of shares outstanding (registrations are intentions disclosed to the exchange, not executed trades).

Control is highly concentrated: individual Trương Văn Dũng holds 89.9% of shares, with the next largest holders at 0.8% and below. Such concentration implies group/insider control over corporate decisions and limits public float; the disclosed director-deal activity shows a single purchase registration equivalent to +1.56% of shares outstanding during the 12-month window.

• Compare the receivables and prepayments schedule in the notes to the balance sheet: quantify the components that make up the 3.6% of total assets reported as receivables outside the trade cycle (prepayments to suppliers, loans receivable, other long-term receivables).
• Reconcile revenue growth to the revenue-recognition note and the accounts-receivable ageing: check whether the large DSRI (3.1628) arises from expanding credit terms, one-off large invoices, related-party sales, or delayed write-offs.
• Verify related-party transaction disclosures and the schedule of loans/advances to/from related parties: assess whether material amounts are included in receivables outside the trade cycle and whether they are on market terms.
• Compare the consolidated profit to operating cash flow reconciliation (cash-flow statement and notes): trace the three-year cash-conversion ratio (1.35) components and any non-cash adjustments that drive the high accruals-quality score and the TATA of -0.0485.