NQN

• Beneish M-Score = 0.0882 (measures likelihood of earnings manipulation patterns); company ranks in the 94th percentile among Vietnamese peers (higher = more aggressive accounting) and the M-Score rose by +2.28 year-over-year (shows a notable change in accounting signals versus last year). Note: the -1.78 cutoff is US-calibrated and less informative for Vietnam, so percentile and trajectory matter more.
• DSRI = 4.3117 (Days Sales Receivables Index measures receivables relative to sales; a value well above 1 suggests receivables are growing faster than sales and can signal revenue recognition or collection issues).
• AQI = 1.5402 (Asset Quality Index measures the proportion of intangible, deferred, and non-current assets to total assets; >1 indicates rising non-operating or hard-to-value assets that can be used to manage earnings).
• Receivables quality = 0.0/100 and Revenue quality = 29.3/100 (these earnings-quality sub-scores measure the conservatism and persistence of revenue and receivables; the company scores extremely poorly on both, consistent with the high DSRI).
• Cash conversion (operating cash flow / net profit, 3-year) = 4.53 (90th percentile among Vietnamese non-financials; a high number here means profit is not converting into operating cash flow, which is a concern for earnings quality despite the single-year cash-conversion subscore being 100/100).
• Altman Z-Score = 1.45 (measures distance to bankruptcy; 1.45 is in the distress zone, indicating low insolvency buffer under the Altman model).

• Accruals quality = 100.0/100 and TATA = -0.1573 (Total Accruals to Total Assets is negative, and the accruals-quality score is perfect; these indicate low accruals or conservative accrual patterns in reported profit).
• Cash conversion (earnings-quality component) = 100.0/100 (on the earnings-quality scoring, the company shows strong short-term cash vs profit alignment for the most recent reporting period).
• Margin quality = 98.7/100 (measures stability and plausibility of margins; company scores highly here).
• SGI = 1.0713 and DEPI = 1.0000 (sales growth index modest at ~7% and depreciation index stable at 1.0, suggesting growth is present but not extreme and depreciation policies are stable).
• Piotroski F-Score = 5/9 (measures fundamentals; a middle score indicating neither strong deterioration nor clear improvement).
• No accumulated losses; owner’s equity (excluding minority interest) is positive and the parent company has not reported net loss in any of the last 0 consecutive years to FY2025 (i.e., no recent parent-level losses).

Extremely concentrated state ownership: Ủy Ban Nhân Dân Tỉnh Quảng Ninh holds 96.2% of shares (state shareholder). Remaining named individual shareholders each hold 0.1%. Such concentration implies state control and potential related-party interactions consistent with Vietnamese SOE practices; no director-deal registrations were provided in the data (registrations, when present, are intentions recorded with the exchange rather than completed trades).

• Compare the growth in accounts receivable and the composition of receivables in the FY2025 notes (receivables note / schedule) to the revenue note to assess whether receivables growth is trade-related or includes prepayments, long-term receivables, or loans to related parties.
• Reconcile consolidated operating cash flow (cash flow statement) to consolidated net profit for FY2023–FY2025 to confirm the three-year cash conversion ratio (operating cash flow / net profit = 4.53) and identify timing or noncash drivers of profit.
• Review the related-party transactions note for FY2025 for any large balances or flows (prepayments to suppliers, loans receivable, amounts due from related parties) that would explain the 4.5% of total assets reported as receivables outside the trade cycle.
• Examine the statement of changes in equity and the auditor’s report for disclosures on solvency and going-concern to corroborate the positive owner’s equity and the absence of accumulated losses, and to see auditor commentary given the Altman Z-Score = 1.45 (distress-zone indicator).