TS3

• Beneish M-Score = -1.2681 (measures likelihood of earnings manipulation using eight financial ratios); this score ranks at the 84th percentile among Vietnamese peers (higher = more aggressive accounting) and rose by +0.24 year-over-year (the movement is a secondary cue).
• DSRI = 1.1998 (days sales receivables index; >1 can indicate rising receivables relative to sales), contributing to the M-Score.
• GMI = 1.2017 (gross margin index; >1 signals deteriorating gross margins year-over-year).
• TATA = 0.1701 (total accruals to total assets; positive and relatively large accruals imply earnings are supported by accruals rather than cash).
• Earnings-Quality Score = 24.7/100 with Cash conversion = 0.0/100 and Receivables quality = 20.0/100 (measures show profits are not converting to cash and receivables are a weakness).
• Three-year cash conversion (operating cash flow / net profit, FY2025) = -25.60 (2nd percentile among Vietnamese non-financials; low value means reported profit is not turning into operating cash).
• Receivables outside the trade cycle = 16.9% of total assets (88th percentile; this line includes prepayments to suppliers, loans receivable and other long-term receivables and is unusually large).
• Altman Z-Score = 1.09 (measures distance to bankruptcy; this value sits in the distress zone).
• Director-deal registrations in 2025-10-30 to 2026-10-30: 11 sale registrations and 15 purchase registrations (these are exchange-registered intentions, not executed trades; 1 trader for sales and 1 trader for purchases, and many registrations listed without a volume).

• AQI = 0.6333 (asset quality index; <1 can indicate lower write-offs relative to assets year-over-year).
• SGAI = 0.7747 (sales, general & admin index; <1 suggests selling/administrative expenses did not grow faster than sales).
• DEPI = 1.0000 and LVGI = 1.0094 (depreciation and leverage indices roughly stable year-over-year).
• Piotroski F-Score = 5/9 (measures fundamental strength; a middling score indicating neither clear operational deterioration nor strong improvement).
• No accumulated losses (undistributed earnings are positive) and parent net loss = 0 consecutive years up to FY2025 (the statutory reported equity position is positive).

The share register is highly concentrated: state-owned Tổng Công ty Xây Dựng Trường Sơn holds 68.5%, with a single notable individual shareholder at 9.8% (Cao Thị Thu Thủy). This indicates dominant institutional/group control with limited free float; director-deal registrations show multiple registered intentions but are not executed trades.

• Compare the FY2025 note(s) for 'Receivables and prepayments' to the line items making up the 16.9% of total assets labelled as receivables outside the trade cycle (break down: prepayments to suppliers, loans receivable, other long-term receivables).
• Reconcile operating cash flow to reported profit in the consolidated cash-flow statement and the notes to quantify the components causing Cash conversion = -25.60 (check large non-cash adjustments and working-capital movements across the three-year schedule).
• Inspect the audit report and the management discussion & analysis for explanations of the DSRI = 1.1998 and TATA = 0.1701 (look for revenue recognition policies, changes in allowance for doubtful accounts, and significant accruals).
• Review the register/schedule of related-party balances and transactions (note on related parties) to see whether the sizeable receivables outside the trade cycle include related-party prepayments, loans or long-term receivables.