SZG

• Beneish M-Score -1.055, Vietnam peer percentile 87th and YoY change +2.75 — the M-Score measures the likelihood of earnings manipulation-style patterns (higher = more aggressive vs peers); the company ranks in the top ~13% for aggressiveness among Vietnamese non-financials and the M-Score rose materially year-over-year.
• DSRI = 1.3074 — Days’ sales receivables index above 1 suggests receivables growing faster than sales, a signal that sales or collectability may be aggressive.
• SGI = 1.4773 — Sales growth index substantially above 1 indicates rapid sales growth, which can stress controls and correlate with aggressive recognition.
• TATA = 0.0999 — Total accruals to total assets near 0.10, indicating non-cash accruals are a non-trivial portion of the balance sheet (this measure contributes to the M-Score).
• Earnings-Quality Score 25.0/100 with Cash conversion 0.0/100 and Receivables quality 0.0/100 — the company’s reported profits are not translating into operating cash and receivables raise quality concerns.
• Receivables outside the trade cycle = 25.4% of total assets (93rd percentile) — a large portion of assets are prepayments/loans/long-term receivables rather than trade receivables, which raises collectability and classification questions.
• Cash conversion (3-year operating cash flow / net profit) = 1.62 (67th percentile) — a relatively low standing; the ratio suggests profit is not being fully converted into operating cash compared with peers.
• Altman Z-Score = 1.29 (distress zone) — this composite financial-distress measure places SZG near the financial distress/bankruptcy distance zone.

• AQI (asset quality index) = 0.9689 — asset reclassifications/write-offs are not showing a large deterioration (AQI near 1 implies limited asset-quality write-ups relative to prior year).
• DEPI = 0.9583 — depreciation index below 1 suggests no reduction in depreciation rates or useful-life stretching that would inflate profits (it goes against an obvious depreciation-manipulation signal).
• SGAI = 0.5324 — selling, general & administrative expenses as a share of sales declined, which can reflect operating leverage or efficiency gains rather than expense capitalization.
• Piotroski F-Score = 5/9 — a neutral score indicating mixed fundamentals (some improving and some weakening indicators rather than uniformly poor financial health).
• No accumulated losses; owner’s equity (excluding minority interest) positive and parent net loss = 0 consecutive years — the statutory headline equity/loss indicators are not in breach.

The largest shareholder is Tổng Công ty Cổ phần Phát triển Khu Công nghiệp (institution) with 46.5% ownership, indicating concentrated, likely controlling interest; the largest individual holds 0.1%. A near-majority institutional owner suggests decisions and intra-group transactions could materially influence accounting and disclosures.

• Compare the FY2025 note(s) on receivables and prepayments: quantify loans to related parties, prepayments to suppliers and long-term receivables that together make up the 25.4% of total assets.
• Reconcile the statement of cash flows (operating cash flow) to reported net profit for the last three years to confirm the components producing the 3-year cash-conversion ratio of 1.62.
• Inspect the revenue recognition and trade-receivable aging notes to verify the composition of receivables that produced DSRI = 1.3074 and to identify any concentration, related-party balances or extended terms.
• Review the fixed-asset note (useful lives, depreciation methods) and the reconciliation to prior-year carrying amounts to confirm the DEPI = 0.9583 and any changes in depreciation policy or revaluations.