MGR

• High relative M-Score: 0.0976, at the 94th percentile among Vietnamese peers (a high percentile indicates more aggressive accounting versus Vietnamese peers).
• High Sales Growth Index (SGI = 5.2794) — this measures year-over-year sales growth and can magnify incentives to manage earnings when growth is very large.
• Asset quality index elevated (AQI = 1.1204) — AQI measures the proportion of non-current or potentially illiquid assets (e.g., receivables, other assets) relative to total assets; values >1 indicate an increase in such assets.
• High DEPI = 1.1536 — depreciation index above 1 signals slower depreciation expense (lower current depreciation relative to prior year), which can inflate reported profits.
• Large proportion of receivables and non-trade assets: receivables outside the trade cycle = 25.3% of total assets (93rd percentile vs Vietnamese non-financial firms). This line aggregates prepayments to suppliers, loans receivable and long-term receivables and is unusually large.
• Five consecutive years of net loss at the parent (up to FY2025) and audited statements that show losses in each of the latest 3 years (the statutory loss test condition is met in the financials, though UPCoM listings are not subject to the exchange cancellation rule).
• Earnings-quality sub-scores showing weaknesses: cash-conversion = 0/100, margin quality = 0/100 and revenue quality = 0/100, indicating poor cash generation relative to earnings and weak evidence on the sustainability/quality of margins and revenue.

• Accruals quality = 100/100 — this measures the behavior of accruals versus cash flows and suggests accruals are currently behaving consistently with revenue recognition and cash items.
• Receivables quality = 100/100 — the receivables profile (turnover/aging patterns used in the score) does not, by itself, indicate classic revenue-recognition manipulation, despite the large absolute size of non-trade receivables.
• TATA (total accruals to total assets) = -0.0716 — a negative TATA implies accruals reduced reported earnings (the company recorded accrual adjustments that lowered earnings rather than inflated them in the period measured).
• DSRI = 0.1557 and GMI = 0.1027 and SGAI = 0.1646 — these low values imply inventory/sales and gross-margin deterioration metrics (DSRI, GMI) and SG&A intensity (SGAI) are not signaling upward pressure on revenue recognition or big SG&A-driven profit management in the measured periods.
• Altman Z-Score = 3.33 — places the firm in the 'safe' zone on the bankruptcy-distance metric.
• Piotroski F-Score = 5/9 — a middling score indicating neither strong nor extremely weak operating and profitability fundamentals.

Ownership is highly concentrated: Mai Đức Hùng (29.7%), the Mai Đức Hùng investment fund (25.8%) and Mai Đức Tú (20.0%) together control about 75.5% of shares, with smaller individual holdings following. Director-deal registrations in the year show net registered sale volume of -3.00% of shares outstanding (registrations, not executed trades).

• Compare the FY2025 balance-sheet line(s) for 'prepayments to suppliers', 'loans receivable' and 'other long-term receivables' with the related-party disclosures and the notes to accounts to break down the 25.3% of total assets classified as receivables outside the trade cycle.
• Reconcile operating cash flow and profit: match the cash-flow-from-operations (CFO) in the cash-flow statement to reported net profit to verify the cash-conversion weakness (the cash-conversion score = 0/100).
• Read the auditor's report and management discussion for explanations of depreciation and useful-life policy changes related to DEPI = 1.1536 and check fixed-asset schedules for major revaluations or life extensions.
• Locate the statutory and parent-company profit lines and the statement of retained earnings/accumulated losses to confirm five consecutive years of parent net loss and the accumulated loss amount equal to 0.36× paid-in capital.