X20

• Beneish M-Score = -1.5187 (measures likelihood of earnings manipulation based on eight ratios); this is above the US -1.78 cutoff and sits at the 79th percentile among Vietnamese peers, meaning this company shows more aggressive accounting signals than ~79% of local non-financial firms.
• Year-over-year change in M-Score = +2.02 (measures directional change in the composite score); a large positive jump indicates accounting signals moved toward greater aggressiveness versus the prior year.
• DSRI = 1.5825 (days-sales-in-receivables index; measures whether receivables are growing faster than sales): >1.0 suggests receivables grew disproportionately to sales in the period measured.
• AQI = 1.1807 (asset quality index; measures shift into less-depreciable or hard-to-value assets): >1.0 indicates an increase in higher-risk or capitalized assets relative to total assets.
• DEPI = 1.0572 (depreciation index; measures a slowdown in depreciation expense relative to prior period): >1.0 suggests depreciation expense fell relative to depreciation base, which can inflate profit.
• TATA = 0.0905 (total accruals to total assets; measures accruals magnitude): positive and non-trivial accruals (9.05% of assets) mean reported earnings include material accrual components rather than cash earnings.
• Earnings-quality sub-scores very weak: Cash conversion = 0.0/100 and Receivables quality = 0.0/100 and Revenue quality = 0.0/100 (these measure, respectively, the conversion of reported profit to operating cash flow over three years, the quality/normality of receivables, and the likelihood revenue is sustainable).

• SGI = 0.8569 (sales growth index <1.0; measures sales growth relative to prior year): below 1 suggests sales did not accelerate; slower top-line growth reduces one common motive for aggressive recognition to hit growth targets.
• GMI = 1.0288 (gross margin index; measures deterioration in gross margin): only a slight worsening (GMI ~1.03), not a large collapse in margins that often precedes aggressive accounting.
• LVGI = 0.8876 (leverage index <1.0; measures whether leverage decreased): <1 indicates leverage fell year-over-year, which lessens immediate balance-sheet distress pressure.
• Accruals quality = 63.8/100 (moderate): suggests accruals are not extremely poor when assessed by the accruals-quality model.
• Receivables outside the trade cycle = 0.5% of total assets (25th percentile): a low proportion of receivables outside the trading cycle (prepayments, loans receivable, long-term receivables) relative to peers reduces concern about off-cycle receivables.

Ownership is highly concentrated: Bộ Quốc Phòng (state) holds 71.7%, with no material stakes from the named individuals (each listed at 0.0%) and a small institutional holder at 2.9%. No director-deal registrations were provided in the input (registrations, when present, are intentions filed with the exchange).

• Compare FY2025 and FY2024 notes: reconcile the change in 'Receivables' and the DSRI components (days sales, allowance movements) to the DSRI = 1.5825 signal.
• Inspect the fixed-asset and intangible-asset schedules and depreciation policies / estimates to assess DEPI = 1.0572 and AQI = 1.1807 (look for increases in capitalized costs or slower depreciation rates).
• Reconcile operating cash-flow to net profit across the last three years in the cash-flow statement and cash-flow note to verify the reported three-year cash conversion ratio = 1.39.
• Check related-party disclosures and the schedule of loans/advances to see whether the 0.5% of assets categorised as 'receivables outside the trade cycle' are prepayments, related-party loans, or other long-term receivables.