TS4

• High Beneish M‑Score: 2.2087 and Vietnam peer percentile 98th — this measures a composite of eight ratios that Beneish uses to detect earnings manipulation; 98th percentile means the score is higher (more aggressive) than 98% of Vietnamese listed peers.
• Extreme Sales Growth Index (SGI): 7.5156 — SGI measures sales growth; a high SGI indicates very rapid revenue growth year over year and can stress margins and controls.
• Gross Margin Index (GMI) >1: 1.1294 — GMI measures deterioration in gross margins; above 1 suggests margins worsened versus prior year.
• Operating expense pressure (SGAI): 0.2104 — SGAI here is low relative to typical Beneish scaling (but note SGAI <1 usually reduces M‑Score); combined with margin deterioration it flags margin stress.
• Tangible asset abnormality (TATA): -0.1014 — TATA measures total accruals (negative here indicates cash outperformance versus earnings, but in context with other signals may reflect non‑recurring items).
• Distress by Altman Z‑Score: -6.82 (distress zone) — Z‑Score measures distance to bankruptcy based on working capital, retained earnings, EBIT, market value of equity vs liabilities and sales; -6.82 is deep in the distress zone for the model.
• Accumulated losses and statutory criteria: accumulated losses equal 4.87x paid‑in capital, seven consecutive years of parent net losses up to FY2025, and owners’ equity (without minority interest) is negative — these are concrete statement facts and meet the statutory loss tests cited (accumulated losses above paid‑in capital, losses in each of the latest 3 years, negative owners’ equity) though the company is on UPCoM where the HOSE/HNX delisting rule does not apply.
• Poor margin and revenue quality: Margin quality 0/100 and Revenue quality 0/100 in the Earnings Quality Score — these metrics measure stability and sustainability of margins and the nature of revenue (e.g., one‑off, reversible), indicating concerns about the quality of reported revenue and margins.
• Very low receivables outside trade cycle: 0.0% of total assets (2nd percentile among VN non‑financials) — while low off‑cycle receivables reduce one form of risk, such an extreme percentile paired with the other distress signals is notable as an outlier in the profile.

• Accruals quality 100/100 — accruals measures (e.g., the size and direction of accruals versus cash flows) are scored highly, suggesting reported earnings are not being driven by large unusual accruals in the statutory statements.
• Receivables quality 100/100 and 0.0% receivables outside the trade cycle (2nd percentile) — trade receivables appear (by the checks used) to be within the normal trade cycle and not materially composed of long‑term/prepayment/loan receivable balances, which reduces one common channel of earnings manipulation.
• Cash conversion is imperfect but present: Cash conversion score 40/100 — while weak, it is not the bottom of the scale and should be interpreted together with the 100/100 accruals quality (i.e., accruals do not fully explain cash weakness).
• Piotroski F‑Score 5/9 (neutral) — this measures fundamentals (profitability, leverage/liquidity, operating efficiency) and a 5 is neither strongly healthy nor deeply deficient, signalling some operational metrics are stable.

No shareholder or group structure data were provided in the input. The filings note negative owners’ equity (excluding minority interest) and prolonged losses, which in Vietnamese context often correlate with complex group support, state ownership objectives, or intra‑group funding patterns; absence of specific largest‑shareholder details prevents further description of concentration or director registration activity.

• Compare the line items for 'Prepayments to suppliers', 'Loans and receivables', and 'Other long‑term receivables' in the FY2025 balance sheet and related notes to confirm the reported 0.0% of total assets receivables outside the trade cycle.
• Verify the accumulated losses figure and composition in the shareholders’ equity note (accumulated losses = 4.87x paid‑in capital) and confirm the components that produce negative owners’ equity (e.g., retained losses, revaluation reserves, minority interest adjustments).
• Confirm the seven consecutive years of parent net losses by reviewing the parent entity income statement or profit/(loss) for each of the last seven annual reports up to FY2025 and the statutory audit report references to the loss tests.
• Reconcile cash flow from operations versus reported profit in the cash flow statement and the notes to understand the TATA (total accruals) implication for FY2025 and to see whether cash outflows, one‑offs, or non‑cash items explain the accruals/cash conversion pattern.