L45

• Beneish M-Score -0.5139, Vietnam peer percentile 91st: the score itself is above most Vietnamese peers and has risen by +2.07 year-over-year; the -1.78 US cutoff is not directly applicable here, so the peer percentile and upward move are the more relevant cues.
• Altman Z-Score -0.26: this places the company in the distress zone for bankruptcy distance (Altman framework), indicating thin or negative insolvency buffers on published financials.
• Statutory loss tests / balance-sheet outcomes: accumulated losses = 1.72x paid-in capital; negative owner's equity (excluding minority interest); and net losses reported for four consecutive years up to FY2025 — the published statements meet the statutory loss conditions described (noting UPCoM listing is outside HOSE/HNX cancellation rules).
• Margin quality 0.0/100 and low Cash conversion 40.0/100: these indicate reported margins are not supported by underlying operational cash flows and that cash conversion of profits is weak.
• SGI (sales growth index) = 4.2140 and DEPI = 1.1032: very high sales growth index combined with DEPI >1 suggests rapid revenue expansion alongside slower depreciation recognition (DEPI >1 means depreciation expense fell relative to the prior period), which can be a mechanical source of rising profits or distortion in profit margins.

• Piotroski F-Score 7/9: the F-Score implies several strengthening operational and profitability fundamentals (e.g., improved ROA, cash flow, leverage or working-capital metrics embedded in the F-Score components).
• Accruals quality 100/100 and Receivables quality 100/100: accrual measures and the composition/aging of receivables (as measured here) appear high quality on the published statements.
• TATA (total accruals to total assets) = -0.0256: a small negative TATA indicates modest total accruals relative to assets in the period measured, consistent with the high accruals-quality score.
• AQI (asset quality index) = 0.9966 and LVGI (leverage growth index) = 1.0150: AQI ≈1 indicates no large jump in asset reclassifications or capitalization that inflate profit; LVGI near 1 indicates leverage has been relatively stable year-over-year.

Major shareholder Tổng Công ty lắp máy Việt Nam holds 36.0%, indicating concentrated institutional/group control; the next largest individual holdings are small (2.1%, 1.8%, 1.6%, 0.4%). No director-deal registrations were supplied in the provided data (director registrations are exchange-filed intentions rather than executed trades).

• Compare the line items and note for 'Accumulated losses' and 'Paid-in capital' in the audited FY2025 statement to confirm the 1.72x ratio and the statutory loss wording in the accountant's report.
• Reconcile the cash-flow-from-operations (consolidated and parent) for FY2025 with reported profit to check the Cash conversion score (verify statement of cash flows, operating section).
• Inspect the notes for property, plant and equipment and depreciation to confirm the DEPI = 1.1032 implication (check depreciation expense and any changes in useful lives or revaluations).
• Examine related-party schedules and the notes to receivables/prepayments to verify the 1.1% of total assets classified as receivables outside the trade cycle and to identify their counterparties and terms.