GLC

• Beneish M-Score = -1.3014 (83rd percentile vs Vietnamese peers). The M-Score aggregates 8 manipulation-related ratios; the company ranks higher (more aggressive) than about 83% of local peers.
• DSRI (Days Sales in Receivables Index) = 3.9144. This measures receivables growth relative to sales and is an input that can indicate revenue/receivables recognition pressure.
• DEPI (Depreciation Index) = 4.2450 and SGAI (Sales, General & Administrative index) = 3.0170. These indicate large year-over-year shifts in reported depreciation patterns and SG&A relative to sales, components that feed into the M-Score's signal of aggressive accounting.
• TATA (Total Accruals to Total Assets) = -0.1346. While negative accruals can reflect cash-based earnings, the standalone figure must be read alongside poor cash-conversion and receivables metrics.
• Earnings Quality overall = 33.3/100 with Cash conversion = 0/100 and Receivables quality = 0/100. These measure, respectively, how profit converts to cash and how receivables behave relative to revenues; both are at the bottom of the scale.
• Altman Z-Score = -9.56 (distress zone). The Z-Score is a composite of liquidity, profitability and leverage variables and this level indicates a large distance from healthy thresholds.
• Piotroski F-Score = 3/9. The F-Score summarizes nine fundamental signals (profitability, leverage/liquidity, operating efficiency); a 3/9 is a weak fundamentals signal.
• Receivables outside the trade cycle = 4.9% of total assets (66th percentile among Vietnamese non-financials). The line includes prepayments to suppliers, loans receivable and other long-term receivables and is elevated relative to many peers.
• Accumulated losses = 1.13x paid-in capital and owner's equity (without minority interest) is negative. The financials report accumulated losses exceeding paid-in capital and negative parent equity.
• Net loss (parent profit) for 7 consecutive years up to FY2025 and losses in each of the latest 3 years. These are persistent operating losses reported by the parent.
• Statutory loss tests: the audited statements meet the conditions listed in Decree 155/2020 Art. 120(1)(e) as amended (accumulated losses above paid-in capital, losses in each of the latest 3 years, negative owner's equity). Note the company trades on UPCoM where the HOSE/HNX delisting rule does not apply.

• Accruals quality = 100.0/100. This subscore measures the extent to which earnings are driven by accruals rather than cash flows; a top score indicates low accruals-based distortion by that metric.
• LVGI (Leverage index or asset growth index depending on implementation) = 1.1570. This component suggests only modest leverage/asset growth pressure in the M-Score inputs compared with other extreme components.

Ownership is highly concentrated among five individuals: NGUYỄN TIẾN ĐẠT 23.8%, Nguyễn Thu Thảo 23.8%, Uông Huy Giang 22.9%, Trần Quang Đặng 19.2% and Nguyễn Tiến Hải 11.4%. Such concentration means control is effectively held by a small group of insiders; additionally, director-deal information (if any) would be registrations with the exchange rather than settled trades.

• Compare the FY2025 'receivables and prepayments' schedule to total revenue and to prior-year balances in the footnotes to assess the composition of the 4.9% of assets labelled as receivables outside the trade cycle.
• Reconcile the accumulated losses line and paid-in capital in the equity note to confirm the reported 1.13x ratio and the components driving negative owner's equity (parent only).
• Review the parent profit (loss) and consolidated profit (loss) notes for the seven-year loss sequence to identify non-operating items, one-offs, related-party transactions or restructuring charges that explain persistent losses.
• Inspect the depreciation policy and fixed-asset schedules (useful life, additions, disposals) and the SG&A breakdown to understand drivers behind DEPI = 4.2450 and SGAI = 3.0170 in the M-Score components.