GTS

• Beneish M-Score = -0.1667 (92nd percentile vs Vietnamese peers; YoY change +2.97). The M-Score measures the likelihood of earnings manipulation signals; a high peer percentile and a rising year-over-year trajectory are signals to examine accounting choices.
• AQI (Asset Quality Index) = 5.3626. AQI measures the proportion of assets that are potentially subject to capitalization or reclassification (e.g., increases in receivables, inventory, intangibles); a high AQI relative to peers can indicate aggressive asset recognition or capitalization.
• Revenue quality = 0.0/100. This earnings-quality subscore indicates weak quality of reported revenue relative to peers or to cash/earnings patterns.
• Cash-conversion (3-year operating cash flow / net profit) = 3.03 (85th percentile among Vietnamese non-financials). A high ratio here (profit not turning into cash) is a common warning sign about earnings sustainability.
• Receivables outside the trade cycle = 7.3% of total assets (75th percentile). This line includes prepayments to suppliers, loans receivable and other long-term receivables and is relatively large compared with peers.
• LGVI (Leverage Growth Index) = 1.0980 and SGI (Sales Growth Index) = 1.6405. These indicate leverage and sales have grown year-over-year; combined with AQI and revenue-quality weakness this can be a pattern seen when accounting choices change to support reported growth.
• Revenue-related Beneish components: DSRI = 0.9518 (suggests receivables days slightly decreased) but SGAI = 0.7242 (selling/general/admin expense growth lower than sales) — the mixed signals on revenue and margin dynamics warrant look-through.

• Accruals quality = 100.0/100 and TATA = -0.0489. The Accruals-quality score and a small negative TATA (total accruals) suggest reported earnings are not being driven by large accrual increases in the period measured.
• Cash conversion subscore = 100.0/100 despite the 3-year aggregate cash-conversion metric being high; this suggests near-term operating cash flows and accrual patterns are judged clean by the earnings-quality model used here.
• Receivables quality = 100.0/100 even though receivables outside the trade cycle are 7.3% of assets — the receivables-profile scoring indicates those receivables may be documented or aged in a way that scores positively on the applied metric set.
• DEPI = 0.9997 (Depreciation Index near 1.00). DEPI near 1 indicates no large, abrupt changes in depreciation policy or salvage estimates year-over-year.
• Piotroski F-Score = 5/9 (neutral). The F-Score shows neither strongly deteriorating nor strongly improving fundamental signals across profitability, leverage/liquidity, and operating efficiency.

Shareholding is concentrated: the state financial-investment company (Công ty Đầu tư Tài chính Nhà nước Thành phố Hồ Chí Minh) holds 49.0%, and two individuals hold 18.6% and 14.8% respectively, so ~82.4% of shares are held by the top three shareholders. Director-deal disclosures show 0 sale registrations and 1 purchase registration (1 trader; 1 without a volume) filed between 2025-10-30 and 2026-10-30; these are registered intentions with the exchange, not executed trades.

• Compare the FY2025 line(s) for 'Prepayments to suppliers', 'Loans receivable' and 'Other long-term receivables' in the balance-sheet notes to the reported 7.3% of total assets labelled 'receivables outside the trade cycle'.
• Reconcile operating cash flow and parent net profit in the cash-flow statement and the parent-profit note to understand the drivers of the 3.03 (3-year) cash-conversion metric; check the cash-flow from operations note and any explanations for non-cash adjustments.
• Inspect the revenue-recognition note, the schedule of accounts receivable aging and related-party transaction schedules to assess the cause of Revenue quality = 0.0/100 and the DSRI = 0.9518 result.
• Review the auditors’ report and the notes on fixed assets and depreciation policy to confirm the basis for DEPI = 0.9997 and the treatment of capitalized costs that contribute to AQI = 5.3626.