LGL

• Beneish M‑Score = -1.6716 (measures likelihood of earnings manipulation patterns; US cutoff -1.78 is not directly portable; this company is at the 76th percentile among Vietnamese peers, meaning 76% of peers show less aggressive accounting signals).
• Year‑over‑year M‑Score change = -0.38 (measures change in the composite manipulation signal; a negative move from prior year toward the cutoff; consecutive-year M‑Scores have low autocorrelation, so this is a secondary cue).
• DSRI = 0.5391 (days‑sales‑in‑receivables index; values <1 suggest receivables decreasing relative to sales, but in combination with other items this needs context).
• GMI = 1.2630 (gross margin index; >1 indicates gross margins deteriorated year‑over‑year, which can pressure management incentives).
• DEPI = 1.6393 (depreciation index; >1 indicates slower depreciation (i.e., lower depreciation expense) relative to prior year, which can inflate earnings).
• AQI = 1.1235 (asset quality index; >1 indicates an increase in non‑current or intangible assets relative to total assets, which can signal capitalization of costs or growth in non‑trade receivables).
• TATA = 0.1429 (total accruals to assets; positive accruals of 14.29% of assets indicate earnings increasingly driven by accruals rather than cash).
• Earnings Quality Score = 32.7/100 with Cash conversion = 0.0/100 and Margin quality = 0.0/100 (measures the firm’s ability to convert accruals to cash and stability of margins; very low scores are a concern for earnings sustainability).
• Revenue quality = 3.8/100 (measures persistence and cash backing of reported revenue; a very low score signals weak quality of reported revenue).
• Altman Z‑Score = 0.37 (measures bankruptcy distance using balance‑sheet ratios; 0.37 is in the distress zone).
• Receivables outside the trade cycle = 43.3% of total assets (98th percentile vs Vietnamese peers; this line includes prepayments to suppliers, loans receivable and other long‑term receivables and is unusually large).
• Director‑deal registrations (2025‑10‑30 to 2026‑10‑30): 2 sale registrations for 24,819,166 shares, net registered volume = -48.20% of shares outstanding (registrations are intentions filed with the exchange; volumes can repeat when the same holder re‑registers).

• Receivables quality = 100.0/100 (measures aging, collectibility and alignment of receivables with trade activity; this highest score indicates recorded receivables that pass the quality checks used in the metric).
• SGAI = 0.1780 (sales, general & admin index; a number significantly <1 can indicate relatively lower SGA expense pressure versus prior year).
• LVGI = 0.7942 (leverage index; <1 can indicate leverage decreased or improved relative to prior year).
• Piotroski F‑Score = 5/9 (measures nine fundamentals; a 5 is neutral — not clearly weak across the standard fundamental checks).
• No accumulated losses; owner’s equity (excluding minority interest) positive, and statutory loss tests under Decree 155/2020 (as amended) are not met (these are factual checks of the published statements).

Ownership is moderately concentrated: the largest individual, Lê Hà Giang, holds 20.7%. Other named holders are much smaller (next largest 2.5%, 2.1% by BSI, 1.8%, 1.0%). Director‑deal registrations show insiders/related persons registered significant sales (net registered -48.20% of shares outstanding), noting registrations are intentions filed with the exchange and are not executed trades.

• Compare the 2025 note(s) that detail receivables and prepayments to the line items 'Receivables outside the trade cycle' to confirm composition (prepayments to suppliers, loans receivable, long‑term receivables) and amounts that sum to 43.3% of total assets.
• Reconcile the depreciation policy and fixed‑asset schedules with DEPI = 1.6393: check the notes on useful lives, depreciation methods and any changes in estimates or fair‑value adjustments in FY2025.
• Compare the consolidated cash‑flow from operations to reported profit and the TATA calculation (total accruals to assets = 0.1429) to see how much of profit is non‑cash accruals versus cash generation.
• Examine related‑party schedules and the loans/advance disclosures for FY2025 to see whether large balances are included in the non‑trade receivables or prepayments and to confirm terms and recoverability.