CMT

• Beneish M-Score = 0.7536. The score is well above the US -1.78 cutoff but that cutoff is US-calibrated; here the company sits in the 95th percentile among Vietnamese peers (higher = more aggressive accounting) and the M-Score rose by +2.67 year-over-year, indicating a material change in the accounting signal.
• AQI (Asset Quality Index) = 10.0000. AQI measures increases in non-current assets and other items that can signal capitalisation or reclassification; an AQI this high is an outlier within the Beneish components and contributes strongly to the elevated M-Score.
• SGI (Sales Growth Index) = 1.3387. Sales grew materially (≈33.9% year-over-year as measured by SGI), which can put pressure on recognition policies and is one of the drivers of the overall M-Score movement.
• DEPI (Depreciation Index) = 0.6271 (below 1). DEPI < 1 indicates a lower rate of depreciation expense relative to prior period, which can reflect changes in depreciation policy or asset lives; it is a component that affects the M-Score.
• LVGI (Leverage Index) = 1.0758. Leverage increased about 7.6% year-over-year per this metric, which can interact with accounting choices and risk profile.
• Cash conversion (three-year operating cash flow / net profit) = 2.16 (77th percentile). A value above 1 indicates profits are not fully turning into operating cash (here profitability exceeds operating cash by a factor), which is a medium-level concern in the Vietnamese peer set.

• Earnings Quality Score = 93.0/100 with Accruals quality = 100.0/100, Cash conversion = 100.0/100 and Receivables quality = 100.0/100. These sub-scores indicate that, by the applied earnings-quality metrics, accruals, cash conversion and receivables exhibit high quality.
• Receivables outside the trade cycle = 4.6% of total assets (65th percentile). The amount of non-trade receivables, prepayments or loans receivable is modest relative to peers and not exceptionally large.
• Piotroski F-Score = 6/9. A 6 indicates generally neutral-to-favourable fundamental signals (profitability, leverage/liquidity, and operating efficiency tests).
• No accumulated losses; owner's equity (excluding minority interest) is positive and the parent has recorded 0 consecutive years of net loss up to FY2025. These are favorable statutory/statement-level facts about capital and profitability continuity.

Ownership is concentrated: three individuals hold a combined 59.5% (Lê Ngọc Tú 34.7%, Trần Thanh Hải 18.0%, Lê Thành Trung 6.8%), with a fourth large institutional holder (afc vietnam fund) at 4.5%. This concentrated, largely insider ownership means major decisions and related-party transactions are likely affected by a small group of controllers.

• Compare the 2025 change in non-current assets and the fixed-asset note to explain the AQI = 10.0000 (look for reclassifications, capitalisations or changes in useful lives).
• Reconcile the components of cash flow from operations in the FY2025 statement of cash flows with reported profit to examine the three-year cash conversion = 2.16 and the high cash-vs-profit divergence.
• Inspect the receivables and other receivables / prepayments notes to verify the composition of the 4.6% of total assets classified as receivables outside the trade cycle.
• Check the depreciation policy note and property, plant and equipment schedules to see what changed in FY2025 that produced DEPI = 0.6271 (changes in depreciation rates, methods or asset revaluations).