SJM

• Beneish M-Score 1.0497 (94th percentile among Vietnamese peers): the M-Score aggregates eight ratios that indicate earnings manipulation risk; this level places the company high versus the VN peer group even though the US -1.78 cutoff is not directly applicable.
• SGI (Sales Growth Index) = 4.4081: measures sales growth; a high SGI means very rapid revenue growth year-over-year, which can stress recognition/collectibility controls.
• AQI (Asset Quality Index) = 1.0912: measures the proportion of non-current and intangible assets relative to total assets; an AQI >1 suggests rising asset capitalisation or slower write-offs.
• TATA (Total Accruals to Total Assets) = 0.3188: measures accrual intensity; a TATA of 0.3188 indicates material accruals relative to assets, consistent with the low accruals-quality score (10.8/100).
• LVGI (Leverage Index) = 1.0286: measures increase in leverage; >1 shows rising leverage year-on-year.
• Receivables outside the trade cycle = 23.0% of total assets (94th percentile): a large portion of assets are prepayments, loans receivable and other long-term receivables rather than trade receivables, which can obscure true working-capital dynamics.
• Cash conversion = 0.0/100 (Earnings-Quality components): indicates operating cash flow generation is weak relative to reported earnings.
• Margin quality = 0.0/100 and Revenue quality = 0.0/100: measures that reported profits and revenue have low observable quality by the applied metrics.
• Altman Z-Score = -1.68 (distress zone): this score measures distance to bankruptcy using balance-sheet and income variables; a negative score sits in the distress zone.
• Piotroski F-Score = 3/9: a low F-Score indicates weak fundamental signals (profitability, leverage/liquidity, operating efficiency).
• Accumulated losses = 0.91x paid-in capital: retained losses approaching paid-in capital show prior deficit history (per the FY2020 check).
• Director-deal registrations (2025-10-30 to 2026-10-30): six sale registrations (four registrants; 698,000 shares; three without a volume specified) and nine purchase registrations (three registrants; nine without a volume): these are registered intentions disclosed with the exchange, not executed trades.

• DSRI (Days' Sales in Receivables Index) = 0.2861: measures change in receivables relative to sales; a DSRI well below 1 typically indicates receivables did not grow faster than sales in the period measured.
• DEPI (Depreciation Index) = 1.0000: measures change in depreciation policy; a DEPI of 1.0 suggests no material change in depreciation rates between the two years assessed.
• Receivables quality = 100.0/100: by the applied metric, trade receivables that relate to core operations score well.
• Owner's equity (excluding minority interest) is positive: indicates the consolidated equity position is not negative despite accumulated losses in the past.

Ownership is highly concentrated among individuals: five named individuals hold large stakes (Nguyễn Viết Lịch 21.0%, Trương Khắc Tâm 14.7%, Nguyễn Việt Dũng 13.3%, Nguyễn Thị Ngọc Tú 11.5%, Trịnh Thị Quyên 11.0%). This concentrated, largely individual ownership structure may correspond to group-control dynamics typical in Vietnamese listed firms.

• Compare the line items for 'prepayments to suppliers', 'loans receivable' and 'other long-term receivables' in the FY2020 balance sheet and related-party note to substantiate the 23.0% of total assets figure.
• Reconcile the consolidated cash-flow from operations with reported net income and the 'total accruals' computation to verify the TATA = 0.3188 and the cash conversion = 0.0/100 result.
• Inspect the fixed-asset and depreciation note to confirm DEPI = 1.0000 (check for changes in useful lives, residuals, or new capitalisations that could affect AQI = 1.0912).
• Review the statement of changes in equity and the retained-earnings (accumulated losses) line to confirm accumulated losses = 0.91x paid-in capital and the parent net-loss occurrence (one consecutive year up to FY2020).