PPE

• Beneish M-Score = 5.3678 (99th percentile vs VN peers; measures likelihood of earnings manipulation using eight accrual and performance ratios) and YoY change +9.10 (large upward move in the score; indicates material change in accounting signals year-over-year).
• SGI (Sales Growth Index) = 10.0000 (part of the M-Score set; extreme growth signal that can stress revenue recognition and related controls).
• AQI (Asset Quality Index) = 1.9627 (part of the M-Score; elevated value indicates a higher share of non-current or potentially less-productive assets such as other receivables, prepayments or intangible reclassifications).
• LVGI (Leverage Index) = 1.3548 (part of the M-Score; rising leverage relative to prior year can pressure profit reporting and off-balance arrangements).
• Cash conversion (3-year operating cash flow / net profit) = -0.41 (18th percentile among Vietnamese non-financials; profits are not converting into cash and the company ranks low on this metric).
• Receivables outside the trade cycle = 10.1% of total assets (81st percentile; material amount of prepayments, loans receivable or long-term receivables relative to peers).
• Margin quality = 0.0/100 and Revenue quality = 0.0/100 (earnings-quality sub-scores; both indicate concerns about the sustainability or reliability of reported margins and revenue flows).
• TATA (Total Accruals to Total Assets) = 0.0099 (non-zero accruals exist; while small in isolation, must be read with other signals such as weak cash conversion).

• Altman Z-Score = 8.40 (places the company in the safe zone for bankruptcy distance; a measure combining profitability, leverage, liquidity and activity).
• Accruals quality = 96.0/100 and Receivables quality = 100.0/100 (high scores; suggest reported accruals and receivables are of relatively high quality by the applied metrics).
• Piotroski F-Score = 4/9 (neutral fundamentals; not deeply negative on the basic nine-point operating/fundamental checklist).
• No statutory loss tests triggered under Decree 155/2020 Art.120(1)(e) (amended by Decree 245/2025) — the audited annual statements do not meet the exchange cancellation conditions listed in that rule.

Ownership is highly concentrated: an individual, Hoàng Việt, holds 44.5%, and two foreign institutional vehicles (ARO2O FINTECH 20.3% and Great Master Pte. Ltd. 19.3%) together control 39.6%, leaving limited public free float. Director-deal registrations between 2025-10-30 and 2026-10-30 show 2 sale registrations (95,200 shares across 2 registrants, one registration without a volume) and 4 purchase registrations (3 registrants, 4 without a volume); these are exchange-registered intentions to trade, not evidence of executed trades.

• Compare the FY2025 notes/schedule for 'Other receivables' and 'Prepayments' to the balance-sheet line to verify the composition of the 10.1% of total assets reported as receivables outside the trade cycle.
• Reconcile operating cash flow and profit in the cash-flow note and management discussion to trace the drivers of the three-year cash conversion ratio of -0.41 (identify non-cash items, working-capital movements and related-party cash flows).
• Inspect the revenue recognition policy note and the revenue schedule for FY2025 to explain the SGI = 10.0000 and the revenue-quality = 0.0 score (look for one-off sales, related-party sales, contract terms, or timing differences).
• Review the capital and reserves note (paid-in capital and retained earnings) and the accumulated losses disclosure to confirm accumulated losses = 0.13x paid-in capital and to verify the parent profit/loss history (0 consecutive years of net loss up to FY2025).