SBB

• Beneish M-Score -1.767: this is marginally above the US -1.78 benchmark used by Beneish; Vietnamese context matters (about 28% of VN stocks cross the US cutoff), so the peer percentile (73rd) and the +2.29 YoY rise are important signals of increased earnings-management attributes relative to local peers and versus last year.
• DSRI (Days’ Sales in Receivables Index) = 1.3638: measures receivables growth relative to sales; a value >1 indicates receivables are rising faster than sales and can signal revenue recognition or collection timing differences.
• Receivables quality = 0.0/100 and Receivables outside the trade cycle = 0.8% of total assets (32nd percentile): the formal receivables-quality metric scores worst-in-sample while the disclosed amount outside the trade cycle (prepayments to suppliers, loans receivable, other long-term receivables) is small but non-zero — the 0.8% figure should be inspected for composition.
• Earnings-quality sub-scores Revenue quality = 0.0/100 and Margin quality = 0.0/100: these indicate the model sees weak evidence of sustainable revenue and margin performance in the reported numbers.
• Year-over-year M-Score change +2.29: the M-Score moved materially in one year (noting consecutive-year M-Scores have low autocorrelation), which is a secondary cue to examine recent accounting choices and disclosures.

• Accruals quality = 94.9/100: indicates that accrual accounting appears clean by the accruals-quality model’s measures.
• TATA (Total Accruals to Total Assets) = 0.0126: low absolute aggregate accruals (about 1.26% of assets) supporting the high accruals-quality score.
• Altman Z-Score = 3.02 (safe zone): indicates distance from bankruptcy risk per the Z-Score framework.
• Piotroski F-Score = 8/9: strong score on profitability, leverage/liquidity, and operating efficiency signals.
• AQI = 0.9345 and DEPI = 0.9713: asset quality and depreciation indices are not extreme in directions commonly associated with aggressive capitalization or depreciation policy changes.

Ownership is highly concentrated: Tổng Công ty Cổ phần Bia - Rượu - Nước Giải khát Sài Gòn holds 59.6% and another institutional shareholder owns 6.3%, with several individuals holding small stakes (1.8%, 1.2%, 1.1%). This dominant institutional majority implies control by a large shareholder entity and suggests group or related-party transactions and disclosures warrant attention under Vietnamese group/related-party norms.

• Compare the 2025 schedule or note for 'receivables and prepayments' to verify the 0.8% of total assets classified as prepayments to suppliers, loans receivable and other long-term receivables and inspect the counterparties (related parties vs third parties).
• Reconcile revenue growth and the DSRI by comparing the revenue note and the receivables ageing/turnover schedule for FY2024 and FY2025 to see whether receivables rose faster than sales (DSRI = 1.3638).
• Examine the notes on depreciation and fixed assets to confirm DEPI = 0.9713 and the explanation for any changes in estimated useful lives or disposals that could affect margin and revenue quality scores.
• Review the consolidated statement of changes in equity and the parent profit (lợi nhuận sau thuế của công ty mẹ) to confirm there are no accumulated losses and that owner’s equity (excluding minority interest) is positive as reported.