DDB

• Beneish DSRI = 2.5704 — this measures the growth in days sales in receivables (high values suggest receivables are rising faster than sales).
• Beneish SGAI = 1.4220 — this measures growth in selling, general and administrative expenses relative to sales (values >1 indicate SGA rising faster than sales).
• Receivables quality = 0.0/100 and Revenue quality = 0.0/100 — these scores indicate very weak evidence that reported receivables and recognized revenue are high quality by the scoring model used.
• Receivables outside the trade cycle = 12.7% of total assets (85th percentile vs VN peers) — this line aggregates prepayments to suppliers, loans receivable and other long-term receivables and is relatively large compared with peers.
• Beneish M-Score = -1.6516 with VN percentile 76th and YoY change +0.65 — while the absolute -1.78 US cutoff is not directly applicable in Vietnam, the percentile and the positive YoY move indicate accounting measures are more aggressive than most Vietnamese peers and recently moved in that direction.
• Beneish GMI = 1.1554 and DEPI = 1.0413 — GMI >1 suggests gross margin deterioration year-over-year; DEPI >1 indicates a lengthening of average depreciation lives or slower depreciation relative to prior year, both of which can inflate current profits.
• Beneish AQI = 0.0873 (asset-quality index component) — this component measures changes in the proportion of non-current assets and asset capitalization; while interpretation depends on scale, it is one of the inputs associated with asset-side restructuring of numbers.
• Director-deal registrations: 7 sale registrations (5 traders; 1,657,500 shares; one registration without a volume) vs 2 purchase registrations (1 trader; volume not provided for two) — these are registered intentions to trade and may reflect insiders' intentions to sell more frequently than buy in the disclosed period.

• Accruals quality = 100.0/100 — the accruals-based assessment indicates reported earnings are supported by cash-based accounting relationships (the specific TATA component is -0.0446, a small negative total accruals to total assets measure).
• Cash conversion score = 100.0/100 and three-year cash-conversion ratio = 1.03 (operating cash flow / net profit; 47th percentile) — the company’s aggregate operating cash flow over three years roughly equals reported profit (1.03x), indicating profits are, on balance, converting into cash rather than being purely accrual-driven.
• No accumulated losses; owner's equity (excluding minority interest) positive; parent net loss years = 0 up to FY2025 — the statutory and balance-sheet indicators show retained earnings and equity are positive in published statements.
• Altman Z-Score = 2.22 (grey zone) — this indicates the company is not in the low-risk 'safe' zone but also not in the high-risk distress zone by the Z-Score metric.
• Piotroski F-Score = 5/9 — this is a neutral score on fundamentals (profitability, leverage/liquidity, and operating efficiency).

Ownership is concentrated among individuals: Nguyễn Viết Cường 11.9%, Đồng Văn Quang 6.7%, Đặng Thanh Sơn 6.2%, Nguyễn Thị Thuyến 5.0% and Lê Văn Hoà 4.0% (top five = 33.8%). No state or corporate controlling shareholder is indicated in the provided list. Director-deal registration activity shows more registered sales than purchases among insiders/related persons in the last year (7 sales vs 2 purchases), noting these are registrations of intent disclosed to the exchange, not executed trades.

• Compare the line items and notes for 'receivables' (trade receivables, prepayments to suppliers, loans receivable, other long-term receivables) in the FY2025 balance sheet and related-party disclosures to quantify the 12.7% of total assets labelled as receivables outside the trade cycle.
• Reconcile revenue by segment and the revenue recognition policy note to the revenue roll-forward or customer-contract disclosures to verify why revenue quality scored 0 (e.g., concentration, timing, or unusual contract terms).
• Trace selling, general & administrative expenses in the income statement and the SGA note to explain SGAI = 1.4220 (identify one-off items, marketing or admin cost increases, and any capitalization policy changes).
• Compare the statement of cash flows (operating cash flow) to profit and the profit-to-cash reconciliation note for FY2023–FY2025 to verify the reported three-year cash conversion ratio = 1.03 and the accruals components underpinning the TATA = -0.0446.