SDD

• Beneish M-Score: -2.9357, Vietnam peer percentile 17th — the score sits below the 1980s US -1.78 cutoff but ranks in the more aggressive accounting side relative to 83% of Vietnamese peers (17th percentile), and it moved upward by +2.60 year-over-year (a material trajectory signal).
• Earnings-quality: Revenue quality 0.0/100 and Margin quality 7.8/100 — these very low scores indicate weak reported top-line persistence and poor margin stability in the accounting-period measures used.
• Altman Z-Score: -0.81 — the company is in the 'distress' zone by the Altman Z model, indicating limited distance from bankruptcy under that metric.
• Three-year parent net loss: Parent recorded net losses in 5 consecutive years up to FY2025 and the audited statements show losses in each of the latest 3 years — the financials meet the statutory 3-year loss criterion used by exchanges for delisting on HOSE/HNX (note: the company trades on UPCoM, where that listing rule does not apply).
• Accumulated losses: 0.51x paid-in capital — retained losses equal about 51% of paid-in capital, a material erosion of accumulated equity compared with peers.
• Cash conversion and related cash signals: Cash-conversion component of the Earnings Quality Score is 21.8/100 (weak), and TATA (total accruals) is -0.0704 — these indicate operating cash generation and accrual patterns that are concerning compared with the accruals-quality headline but warrant closer inspection of cash flows.

• Accruals quality: 100.0/100 — the accruals component scores at the maximum, suggesting few aggregate accrual-based distortions according to the applied metrics.
• Receivables quality: 100.0/100 and Receivables outside the trade cycle: 0.3% of total assets (18th percentile) — receivables that sit outside the trade cycle are small in absolute and relative terms versus Vietnamese peers, reducing a common channel for revenue manipulation.
• DSRI (Days Sales Receivable Index): 0.9982 and SGI (Sales Growth Index): 0.8960 — receivables growth roughly matches or slightly underperforms sales growth, and sales are not accelerating unusually, which lowers one typical manipulation pressure.
• GMI (Gross Margin Index): 0.9257 and DEPI (Depreciation Index): 1.0000 — gross margins have not deteriorated per the index (GMI <1) and depreciation practices are not showing obvious softening per DEPI, consistent with less aggressive fixed-asset accounting shifts.

Ownership is concentrated among individuals: the top five named shareholders together hold about 41.9% (Nguyễn Thúy Nga 11.5%, Bùi Kim Thanh 10.2%, Nguyễn Phương Anh 9.1%, Nguyễn Bảo Ngọc 5.9%, Nguyễn Thục Anh 5.2%). Director-deal activity in 2025–10–30 to 2026–10–30 shows 2 sale registrations (one registrant; 112,500 shares) and 7 purchase registrations (three registrants; seven without disclosed volume) — these are exchange-registered intentions, not confirmed executed trades.

• Compare the line(s) for 'Prepayments to suppliers', 'Loans receivable' and 'Other long-term receivables' in the FY2025 balance sheet and related-party notes to the 0.3% of total assets figure for receivables outside the trade cycle.
• Reconcile operating cash flow (cash flow from operations) in the FY2025 cash-flow statement with reported profit to validate the Cash-conversion score (21.8/100) and the TATA accruals figure of -0.0704.
• Examine the income-statement and auditors' notes for FY2021–FY2025 to confirm the sequence of five consecutive parent net losses and the audited statement disclosure that the company showed losses in each of the latest three years (the statutory-loss test condition referenced).
• Check the statement of changes in equity and the 'Accumulated losses' or retained-earnings note to verify the accumulated losses equal 0.51x paid-in capital and any explanations for capital injections or restructurings.