XLV

• High Beneish M-Score 0.9167 (96th percentile among Vietnamese peers): the M-Score aggregates eight ratios that flag earnings manipulation risk; this company ranks in the top 4% most aggressive vs Vietnamese listed peers and the M-Score climbed by +1.48 year-over-year.
• Days Sales Receivable Index (DSRI) = 1.4580: this ratio measures whether receivables are growing faster than sales; a DSRI > 1 suggests receivables are increasing relative to sales and can signal revenue recognition or collection issues.
• Receivables quality = 0.0/100 and Receivables outside the trade cycle = 2.8% of total assets (56th percentile): the earnings-quality metric gives the company the lowest score on receivables quality, and 2.8% of assets are classified as receivables or prepayments outside the normal trade cycle (prepayments to suppliers, loans receivable, long-term receivables).
• Sales Growth Index (SGI) = 0.7594 and Gross Margin Index (GMI) = 0.7137 with SGAI = 1.4155: SGI < 1 shows sales contracted year-over-year while SGAI > 1 indicates selling/general/admin expenses rose relative to sales; together these can pressure margins and create incentives to manage earnings.
• AQI (Asset Quality Index) = 10.0000 and LVGI (Leverage Index) = 1.0354: AQI very high (10) means non-current assets or intangible/other assets grew relative to total assets compared with the prior year, which can reflect capitalization choices; LVGI > 1 indicates leverage increased slightly.
• TATA (Total Accruals to Total Assets) = -0.0410: while negative accruals often reflect conservative recognition, the sign and magnitude should be read with the other accruals and cash-flow metrics rather than alone.

• Accruals quality = 100.0/100: this measures the extent to which reported earnings are backed by accruals; a perfect score indicates accrual patterns appear high-quality by the applied metric.
• Cash conversion = 100.0/100 and three-year cash conversion (operating cash flow / net profit, 3 years) = 1.49 (63rd percentile): these indicate operating cash flow has been at least in line with reported profit over the three-year window and the company is above median on this metric among Vietnamese peers.
• No accumulated losses; owner’s equity (excluding minority interest) positive and parent net loss in 0 consecutive years to FY2025: the balance sheet shows retained earnings are not negative and the parent has not reported recent statutory losses.
• Piotroski F-Score = 5/9 (neutral fundamentals): the F-Score shows a mix of signals on profitability, leverage/liquidity, and operating efficiency rather than clear deterioration.

Ownership is concentrated among five individuals: Trần Xuân Chính 17.3%, Trần Xuân Minh 11.1%, Nguyễn Anh Tuấn 11.0%, Ngô Đình Khương 10.8% and Lưu Quang Hưng 5.0%, together forming a closely held top shareholder block. No director-deal registrations were provided in the inputs (director registrations are intentions recorded with the exchange rather than executed trades).

• Compare the receivables and prepayments line items in the FY2025 balance sheet and the related-party note to quantify the 2.8% of assets classified as receivables outside the trade cycle.
• Reconcile operating cash flow and profit in the cash-flow statement and the notes to confirm the three-year cash conversion ratio (operating cash flow / net profit = 1.49) and review any large timing items in the notes to cash flows.
• Inspect the fixed-asset and intangible-asset schedules and the accounting policy note to understand drivers of the AQI = 10.0000 (asset reclassifications, capitalisation of costs, or acquisitions).
• Check the revenue recognition note and trade receivables aging to see whether the elevated DSRI (1.4580) is driven by changed credit terms, slower collections, or related-party receivables.