SB1

• Beneish DSRI = 2.1221 — the Days’ Sales Receivable Index measures the change in receivables relative to sales; a value well above 1 suggests receivables are growing faster than revenue and can be a signal of revenue recognition or collection issues.
• Beneish M-Score = -1.6079 (Vietnam peer percentile 77th) — the M-Score aggregates eight earnings-quality signals; relative to Vietnamese peers the company sits in the more aggressive 23% (higher percentile = more aggressive accounting), and the M-Score moved by -0.24 year-over-year (the direction and magnitude of change is a secondary cue).
• Earnings-quality Receivables quality = 0.0/100 — this metric indicates materially weak receivables quality in the scoring model used here and is a strong signal to inspect receivable composition and permitting items outside the normal trade cycle.
• Three‑year cash conversion (operating cash flow / net profit) = 1.78 (71st percentile) — the company shows relatively low conversion of reported profit into operating cash versus peers (higher percentile here signals worse cash conversion), which can indicate earnings booked without matching cash inflows.
• SGI = 0.9469 and GMI = 0.8476 — sales growth index below 1 means sales shrank year-on-year (SGI < 1), while GMI < 1 indicates gross margins improved; that combination can accompany margin management or changes in revenue mix that merit review.

• TATA (total accruals / total assets) = 0.0053 — very low total accruals relative to assets, and accruals-quality = 97.9/100, both suggest reported earnings are not primarily driven by accruals in the most recent period.
• AQI = 0.8782 — the Asset Quality Index below 1 indicates no broad deterioration in capitalisation of costs or reclassification of expenses to assets (improving or stable asset quality by this index).
• DEPI = 0.9114 and SGAI = 0.9973 — depreciation and SG&A change indices close to or below 1 indicate no obvious upward re‑allocation of expenses to boost short‑term earnings (DEPI <1 here does not point to slower depreciation) and relatively stable SG&A relative to sales.
• Altman Z‑Score = 3.33 — places the company in the 'safe' zone for bankruptcy distance by the Z‑Score model.
• Piotroski F‑Score = 7/9 — a score of 7 indicates several improving accounting/fundamental signals (profitability, liquidity, leverage, and operating efficiency metrics) compared with lower‑scoring peers.

A single institutional shareholder, Tổng Công ty Cổ phần Bia - Rượu - Nước Giải khát Sài Gòn, holds 54.7% (majority concentration). The remaining listed individuals hold small stakes (largest individual 1.0%). This is a concentrated ownership structure with a dominant corporate shareholder; director-deal registrations were not provided in the data.

• Compare the year-end receivables aging schedule and the related-party receivables/loans note to see whether receivables are trade receivables, long-term receivables, prepayments or related‑party balances (given DSRI = 2.1221 and receivables-quality = 0.0/100).
• Reconcile profit to operating cash flow in the cash-flow statement and the notes (three‑year operating cash flow / net profit = 1.78): inspect the components of working capital movement (inventory, payables, receivables) and one‑off items affecting cash conversion.
• Review the fixed-asset register / depreciation policy note and movements in accumulated depreciation (DEPI = 0.9114) to confirm depreciation rates, revaluations or changes in useful lives that affect earnings.
• Check the related-party transactions and balances note (prepayments, loans to/from related parties and guarantees) and the schedule of non-trade receivables (the Vietnamese check on receivables outside the trade cycle was 0.4% of total assets, 22nd percentile) to reconcile the low external receivables-outside-trade figure with the low receivables-quality score.