SHG

• Beneish M-Score -1.5833 at the 78th Vietnam percentile: measures the likelihood of earnings manipulation relative to peers; higher percentile means more aggressive accounting versus Vietnamese peers and the score moved by -0.42 year-over-year (the YoY change is a secondary cue).
• Altman Z-Score -4.08: measures bankruptcy distance; a negative score in the distress zone suggests weak balance-sheet solvency.
• Receivables outside the trade cycle = 37.7% of total assets (97th Vietnam percentile): this line includes prepayments to suppliers, loans receivable and other long-term receivables and is unusually large relative to peers.
• Accumulated losses = 5.23× paid-in capital and owner’s equity (excluding minority interest) is negative: measures historical retained losses relative to contributed capital and implies a deficit in equity.
• Net loss at parent for 11 consecutive years to FY2025 and losses in each of the latest 3 years: the statements meet statutory loss conditions (accumulated losses above paid-in capital; 3-year loss sequence; negative equity).
• Very low cash-conversion component: Cash conversion score 10.8/100 and TATA (total accruals) = -0.0966 indicate poor ability to convert reported profit to operating cash flows.
• Revenue and margin quality scores are 0/100: the Earnings-Quality composite flags weakness in revenue sustainability and margin reliability.
• SGI (sales growth index) = 2.5359 and GMI (gross margin index) = 1.9761: measures of rapid sales growth and deteriorating gross margins relative to the prior period, which can be associated with aggressive recognition or margin pressure.

• Accruals quality 100.0/100 and Receivables quality 100.0/100: within the earnings-quality framework these components score at the top, suggesting reported accruals and the trade-receivables pattern (as measured by the applied tests) do not raise internal flags.
• DSRI (days' sales receivable index) = 0.3936: this specific Beneish component is well below 1, which typically does not indicate receivable buildups from trade-sales recognition.
• LVGI (leverage change index) = 1.0515 and DEPI (depreciation index) = 1.0586 are close to neutral: these metrics do not show extreme swings in leverage provisioning or depreciation policies.

Ownership is highly concentrated among five individuals: Nguyễn Thương Huyền 24.9%, Đinh Văn Mạnh 24.5%, Nguyễn Thị Hoa 21.2%, Phạm Thị Phương Thúy 11.1% and Lã Tuấn Hưng 9.6%. This concentrated, closely held ownership increases the importance of related-party, group and insider disclosures in the filings.

• Compare the FY2025 note(s) that break down ‘receivables and prepayments’ with the related‑party disclosures to identify how much of the 37.7% of total assets is loans to or prepayments for related parties.
• Reconcile the cash-flow statement (operating cash flows) with reported profit and the TATA/total-accruals note to verify the source of the low cash conversion (10.8/100).
• Inspect the statement of changes in equity and the audited notes showing accumulated losses to confirm the 5.23× paid-in capital figure and the classification that led to negative owner’s equity (excluding minority interest).
• Review the revenue recognition policy note and schedules (segment/revenue rollforwards) to see whether the components behind SGI = 2.5359 and the 0/100 revenue-quality score are explained by legitimate one-off items, related-party contracts, or recurring sales.