SGN

• Beneish M-Score -1.6458 (measures likelihood of earnings manipulation using an 8‑variable model); the company is at the 76th percentile among Vietnamese peers (higher = more aggressive accounting versus VN peers) and the M‑Score increased by +1.19 year-over‑year (the trajectory moved materially).
• Days Sales Receivable Index (DSRI) = 2.1441 (measures growth in receivables relative to sales; a value >1 suggests receivables growing faster than sales).
• Receivables outside the trade cycle = 13.1% of total assets (85th percentile among VN non‑financials; this line captures prepayments to suppliers, loans receivable and other long‑term receivables).
• Receivables quality score = 0.0/100 and Revenue quality score = 0.0/100 (these quantify the quality of reported receivables and revenue recognition; both are very weak).
• SGAI = 1.1532 and GMI = 1.1372 (SGA expense growth relative to sales >1 and deterioration in gross margins; both are components that, when >1, indicate pressure on core profitability or increasing selling/administrative expenses).
• AQI = 0.5000 and LVGI = 1.0328 (asset quality and leverage/growth inputs to the M‑Score indicate changes in asset composition and modestly higher leverage/growth signals).

• Accruals quality = 100.0/100 (measures the extent of accruals versus cash—high score indicates accruals are not the primary driver of reported profit).
• TATA = -0.0079 (total accruals as a fraction of assets is very small/near zero, supporting the high accruals-quality score).
• Margin quality = 95.2/100 (measures stability/quality of reported margins—score near top suggests reported margins are supported by underlying results).
• Altman Z‑Score = 6.15 (measures bankruptcy risk; a value well above distress thresholds indicates sizeable buffer on traditional solvency ratios).
• Piotroski F‑Score = 5/9 (measures nine fundamental signals; a middling score indicates mixed but not deeply deteriorated fundamentals).
• No accumulated losses; owner's equity (excluding minority interest) is positive; parent net loss = 0 consecutive years up to FY2025 (these are factual statutory balance-sheet signals of solvency and profitability continuity).
• Statutory loss tests per Decree 155/2020 Art.120(1)(e) (as amended) — none met in the audited annual statements (this is a defined regulatory test and the company’s statements do not meet any of the cancellation criteria).

Top shareholders are concentrated: Tổng Công ty Cảng Hàng không Việt Nam holds 48.0% (a large, likely state‑linked industrial shareholder), a foreign entity labeled 'america limited liability company' holds 25.0%, and industry-related institutions hold further stakes (Vietjet 9.1%, Trường Sơn real-estate 4.7%, SSI AM 2.5%). Director‑deal registration data were not supplied in the input (registrations, when present, are intentions recorded with the exchange rather than executed trades).

• Compare the line item(s) for 'Receivables', 'Loans and advances to customers/third parties', and 'Prepayments to suppliers' in the FY2025 balance-sheet/schedule to confirm the 13.1% of total assets classification and to identify counterparty/related‑party disclosures.
• Reconcile the DSRI implication (DSRI = 2.1441) by comparing year‑over‑year revenue (sales) and trade‑receivables days in the revenue note and ageing schedule; check for any new long‑dated receivables or reclassifications in the notes.
• Review the cash‑flow statement and the note to cashflows to verify the three‑year operating cash flow / net profit series that produced cash conversion = 1.36 (59th percentile) and to see which items (working capital movements, non‑cash adjustments) drove the conversion rate.
• Examine the related‑party/transactions note and the loans/other‑receivables schedules for disclosures on prepayments, loans to related parties, or other non‑trade receivable balances supporting the 'receivables outside the trade cycle' figure; check contract terms and collateral or settlement dates.