DVN

• Beneish M-Score -1.5461 (79th percentile vs Vietnamese peers; YoY change +0.56) — the M-Score summarizes several variables associated with earnings manipulation risk; the YoY increase shows accounting behaviour has shifted recently relative to the company’s own history.
• TATA (Total Accruals to Total Assets) = 0.1368 — this measures discretionary accruals as a share of assets; a positive TATA can indicate earnings supported by accruals rather than cash.
• AQI (Asset Quality Index) = 1.2459 — this measures growth in non-current assets and intangibles that can be associated with capitalising costs or reclassifications; a value >1 signals rising relative asset illiquidity.
• DSRI (Days Sales in Receivables Index) = 1.1386 — receivables are growing faster than sales, which can indicate revenue recognition or collection issues.
• Earnings Quality Score 24.7/100 with Cash conversion 0.0/100 and Revenue quality 0.0/100 — these specific scores indicate that reported profits have not converted into cash (cash conversion) and that revenue patterns raise concerns versus peers or historical norms.
• Three-year cash conversion (operating cash flow / net profit) = -0.31 (18th percentile among Vietnamese non-financials) — this low/negative ratio shows profits have not translated into operating cash over the last three years.
• Receivables outside the trade cycle = 0.3% of total assets (19th percentile) — while a small percentage, its low percentile ranking suggests relative weakness versus peers in the composition of receivables (prepayments, loans receivable, long-term receivables).
• Altman Z-Score = 2.37 (grey zone) — indicates middle-ground distance to traditional bankruptcy thresholds rather than a strong safety margin.
• Piotroski F-Score = 4/9 — a neutral-to-weak score on nine fundamental checks (profitability, leverage/liquidity, operating efficiency).

• SGAI (Sales, General & Admin Index) = 0.9501 — a ratio below 1 shows SGA expenses growing more slowly than sales, which can be a sign of operating leverage or expense control.
• DEPI (Depreciation Index) = 1.0010 — roughly stable depreciation policy year-over-year, suggesting no large discretionary change in depreciation rates.
• LVGI (Leverage Index) = 1.0369 — only modest increase in leverage relative to assets; not an extreme leverage jump.
• No accumulated losses and owner’s equity (excluding minority interest) positive — the company’s audited statements do not show undistributed losses and net equity is positive.
• No net parent loss in any of the most recent 0 years up to FY2025 — the parent company did not report a statutory net loss in the period described.

Ownership is highly concentrated: the state entity Tổng Công ty Đầu Tư Và Kinh Doanh Vốn Nhà Nước holds 65.0%. The listed group influence is modest (SAM Holdings 4.8%) and institutional ownership is small (PVI Opportunity Fund 2.8%). No director-deal registrations were provided in the input (director registrations are exchange-filed intentions, not executed trades).

• Compare FY2025 operating cash flow and net profit line items in the consolidated cash flow statement and profit & loss to reproduce the three-year cash conversion ratio and note any timing or one-off items.
• Inspect the notes for receivables (trade receivables, prepayments, loans to related parties, long-term receivables) and reconcile the 0.3% of total assets figure to specific line items and related-party disclosures.
• Review the property, plant & equipment and intangible asset schedules to verify components driving the AQI = 1.2459 and the DEPI = 1.0010; check for reclassifications or large additions in non-current assets.
• Reconcile total accruals to total assets (TATA = 0.1368) by comparing profit before tax to cash flows from operations and the changes in working capital items shown in the notes.