DLR

• Beneish M-Score 6.9961 (100th percentile vs VN peers; YoY change +9.93) — the M-Score measures statistical likelihood of earnings manipulation features; the extreme percentile and large annual jump indicate the company’s accounting profile has moved markedly relative to Vietnamese peers.
• DSRI (Days Sales Receivable Index) = 10.0000 — measures growth of receivables relative to sales; an extremely high DSRI suggests receivables (or revenue recognition patterns) have expanded far faster than sales.
• Earnings Quality score 8.3/100 and Receivables quality 0.0/100 — measures of how much reported profit is supported by cash and the likelihood receivables are collectible; these very low scores indicate reported earnings have little backing in high-quality receivables or cash flows.
• Cash conversion (3-year OCF / net profit) = 0.38 (28th percentile) — measures how much of accounting profit becomes operating cash; low ratio indicates profit is not converting into cash.
• Altman Z-Score = 1.54 (distress zone) — a bankruptcy-distance measure combining liquidity, profitability and leverage factors; this value places the company in the model’s distress zone.
• TATA (Total Accruals to Assets) = 0.2546 — measures accrual-heavy earnings (higher = more accruals relative to assets); this level points to significant accrual content in profit.
• LVGI (Leverage Growth Index) = 0.3451 and DEPI (Depreciation Index) = 0.9314 — DEPI < 1 suggests slower depreciation (or policy changes) relative to asset write-downs; LVGI indicates leverage has grown and can stress solvency metrics.
• Accumulated losses = 0.83x paid-in capital — accumulated losses approaching paid-in capital is a balance-sheet concern under Vietnamese disclosure norms.

• Piotroski F-Score = 6/9 — measures nine fundamentals (profitability, leverage/liquidity, and operational efficiency); a 6 indicates several positive operating or balance-sheet signals remain.
• Receivables outside the trade cycle = 5.6% of total assets (70th percentile) — while receivables quality is flagged, the size of non-trade receivables/prepayments/loans (5.6% of assets) is moderate relative to peers and not unusually large on an absolute percent basis.
• SGI (Sales Growth Index) = 0.9993 — near 1.0, indicating sales growth is roughly flat year-over-year, so SGI is not inflating the M-Score via rapid revenue growth.
• Director-deal registrations: 2 purchase registrations, 0 sale registrations (period 2025-10-30 to 2026-10-30) — insiders registered to buy (16,300 shares aggregated, one registration without volume) rather than sell; registrations are intentions recorded with the exchange.

Ownership is concentrated in individuals: the largest shareholder holds 24.5% (Đinh Thanh Tâm) and the top five individuals together hold approximately 50% (24.5%, 9.1%, 7.3%, 5.0%, 5.0%). There were 2 director-deal purchase registrations and no sale registrations disclosed in the past year; registrations are pre-trade filings and do not indicate executed trades.

• Compare the year-over-year change in trade receivables and the breakdown of receivables in the notes (trade receivables vs loans/other receivables/prepayments) in the FY2025 audited financial statement to see the components driving DSRI = 10.0000 and Receivables outside trade cycle = 5.6% of assets.
• Reconcile operating cash flow to net profit in the cash-flow statement and the accruals note to verify the components of TATA = 0.2546 and 3-year cash conversion = 0.38 (check impairment charges, changes in working capital, and non-cash items).
• Inspect the fixed-asset and depreciation notes for policy changes or useful-life adjustments that could explain DEPI = 0.9314 (check for accelerated/slower depreciation, revaluations, or additions/disposals).
• Review the equity and retained-earnings schedules for details on accumulated losses (0.83x paid-in capital) and any disclosures about capital injections, loss-absorption measures, or related-party transactions that affect equity.