DIC

• Beneish M-Score -0.6084 (90th percentile vs Vietnamese peers; YoY change -3.03). The M-Score measures likelihood of earnings manipulation relative to accounting-variable models; in Vietnam, ~28% cross the US -1.78 cutoff, so peer percentile and trajectory are important.
• DSRI (Days' Sales Receivable Index) = 3.3556. DSRI measures receivables growth relative to sales and signals receivable-based revenue recognition pressure.
• DEPI (Depreciation Index) = 5.3490. DEPI >1 indicates a slowdown in depreciation expense (or asset-life extension), which can inflate reported earnings or carrying values.
• SGAI (Sales, General & Administrative Index) = 1.7035. SGAI >1 shows SG&A growing faster than sales, which can signal expense capitalization or cost recognition timing issues.
• Receivables outside the trade cycle = 25.5% of total assets (93rd percentile among Vietnamese non-financials). This includes prepayments to suppliers, loans receivable and other long-term receivables and points to material non-trade receivables on the balance sheet.
• Earnings-quality breakdown: Accruals quality 100/100 and cash conversion 100/100, but Receivables quality 0/100, Margin quality 0/100 and Revenue quality 0/100. This pattern indicates clean accrual/cash metrics but very weak revenue and receivable quality.
• Altman Z-Score = -0.58 (distress zone). The Z-Score measures distance to bankruptcy using working capital, retained earnings, EBIT, market value of equity and sales, and a negative value indicates high financial distress under its model.
• Accumulated losses = 1.23x paid-in capital; Owner's equity excluding minority interest is negative. These are balance-sheet solvency concerns in the published statements.
• Statutory loss tests: audited FY2025 statements show accumulated losses above paid-in capital and negative owner's equity. The company is listed on UPCoM where the Hanoi/HOSE statutory automatic-cancellation rule does not apply; this is a factual statement about the published statements.
• Director-deal registrations over 2025-10-30 to 2026-10-30: 0 sale registrations and 6 purchase registrations (total registered 1,065,000 shares), net registered volume +4.08% of shares outstanding. Registrations are intentions filed with the exchange, not executed trades.

• Accruals quality = 100/100. This score measures how much reported earnings are driven by accruals; a high score indicates low abnormal accruals in the metric used.
• Cash conversion = 100/100. This measures operating-cash conversion of earnings; a high score indicates strong cash conversion relative to reported profits.
• Piotroski F-Score = 6/9. The Piotroski score summarizes nine fundamentals (profitability, leverage/liquidity, operating efficiency); a 6 indicates generally neutral-to-fair operating and financial fundamentals.

Top individual shareholders are concentrated: Nguyễn Đức Hải 10.8%, Nguyễn Thanh Sơn 6.9%, Vũ Tiến Việt 4.8%, plus three other individuals totaling another ~7.2% (aggregate ~25.5%). There is no listed controlling state or corporate group in the provided data; director-deal registrations show net registered insider purchases equal to +4.08% of outstanding shares (registrations, not executed trades).

• Compare the FY2025 line items for 'Receivables' / 'Loans receivable' / 'Prepayments to suppliers' in the balance sheet with the related-party note and the long-term receivables schedule to quantify how much of the 25.5% of assets are non-trade or related-party.
• Reconcile revenue, trade receivables and days-sales-outstanding in the revenue note and the receivables ageing schedule to assess the drivers of DSRI = 3.3556 (e.g., rapid receivables growth, write-offs, or changes in collection terms).
• Inspect the depreciation policy note and fixed-asset schedule for useful lives, changes in depreciation method or revaluation entries that could explain DEPI = 5.3490 (slowdown in depreciation expense or asset-life extensions).
• Verify the components of owner's equity and the accumulated loss line in the statement of changes in equity to confirm the 1.23x accumulated-losses-to-paid-in-capital ratio and the reported negative owner's equity (exclude minority interest reconciling items).