QCC

• Beneish M-Score -0.899 (88th percentile vs Vietnamese peers; YoY change +2.40) — the M-Score measures a composite likelihood of earnings manipulation using eight financial ratios; the peer percentile and the positive YoY move indicate the company is more aggressive on accounting metrics than most Vietnamese peers and that the metrics have trended toward greater aggressiveness this year.
• TATA (Total Accruals to Total Assets) = 0.2456 — this component measures the extent of accruals in reported earnings; a positive and sizable TATA indicates earnings are being supported by accruals rather than cash.
• Cash-conversion component of Earnings Quality = 0.0/100 and three-year cash conversion (operating cash flow / net profit) = 1.09 (49th percentile) — these measure how much reported profit translates into operating cash; the very low score and middling percentile suggest profit is not reliably converting into cash.
• GMI (Gross Margin Index) = 1.2896 and SGI (Sales Growth Index) = 1.2758 — GMI > 1 signals deteriorating gross margins year-over-year and SGI > 1 signals sales growth; together they can reflect margin pressure amid growth, which is one of Beneish's inputs associated with manipulation risk.
• Director-deal registrations: 2 sale registrations (2 traders; 924,500 shares) and 2 purchase registrations (2 traders; 320,000 shares, one registration without a volume) between 2025-10-30 and 2026-10-30 — these are exchange filings of intended trades (registrations), not evidence of executed market trades, but show insider intent to transact during the year.

• Altman Z-Score = 7.72 (safe zone) — this measures bankruptcy distance; a value this high indicates low bankruptcy risk under the Altman framework.
• Receivables-quality 68.6/100 and receivables outside the trade cycle = 4.5% of total assets (65th percentile) — the receivables-quality score and a modest level of non-trade receivables suggest receivables are not unusually large relative to assets for Vietnamese peers.
• AQI (Asset Quality Index) = 0.7080 and SGAI (Sales, General & Administrative Expense Index) = 0.6795 — AQI < 1 indicates no large shift toward capitalising costs or rising long-lived asset ratios that Beneish flags, and SGAI < 1 indicates SG&A expenses did not rise relative to sales; both can be interpreted as counters to certain manipulation signals.
• No accumulated losses, owner’s equity (excluding minority interest) positive, and parent profit not in net loss for any of the last three years — these are factual signals from the statements that the company is not showing statutory loss indicators in its reported equity or parent profit series.

Ownership is concentrated: the top individual shareholder, Kỳ Minh Khương, holds 21.3%, with the next largest holders at 3.5%, 3.1%, 2.7% and 2.7%. This concentration implies a dominant individual shareholder presence; director-deal registrations (2 sales totalling 924,500 shares and 2 purchase registrations totalling 320,000 shares, one without a volume) were disclosed in the past year and are registrations of intended trades, not evidence of executed transactions.

• Compare the 2025 operating cash flow (statement of cash flows) with net profit in the parent income statement and the notes to cash flow to reconcile the three-year cash-conversion ratio cited (operating cash flow / net profit = 1.09).
• Inspect the breakdown of 'receivables and other long-term receivables' in the notes (trade receivables vs prepayments to suppliers vs loans receivable) to verify the 4.5% of total assets classified as receivables outside the trade cycle.
• Review the accruals and provisioning notes and reconcile the components used to compute TATA = 0.2456 (total accruals / total assets) — check depreciation, changes in working capital, provisions and any non-cash adjustments.
• Check the director/insider transaction registry entries and related-party transaction schedule in the annual report to confirm the nature and counterparty relationships behind the registered sales and purchase intentions disclosed between 2025-10-30 and 2026-10-30.