SSH

• Beneish M-Score = 0.3451 (94th percentile vs Vietnamese peers; YoY change +1.61) — the M-Score measures the likelihood of earnings manipulation using eight financial-ratio inputs and here ranks high versus local peers, with a notable upward trajectory year-on-year.
• DSRI = 4.5920 — the Days Sales Receivable Index measures abnormal growth in receivables relative to sales; a value this large suggests receivables grew much faster than sales (possible revenue recognition timing or extended receivable terms).
• DEPI = 1.8704 — the Depreciation Index measures changes in depreciation policy/estimates; >1 implies slower depreciation or capitalization changes that inflate reported profit.
• SGAI = 2.7661 — the Sales, General & Administrative Index measures SG&A growth relative to sales; a rise can indicate cost capitalization or one-off timing differences affecting margins.
• TATA = 0.1026 — Total Accruals to Assets is positive indicating accrual-based earnings rather than cash, consistent with weak cash conversion (see below).
• Earnings Quality = 14.8/100 with component zeros for cash conversion, receivables, margin and revenue quality — this composite measures the persistence and cash backing of reported earnings and is very weak here.
• Three-year cash conversion (operating cash flow / net profit) = -2.81 (8th percentile) — profits are not converting into operating cash, a red flag for earnings quality.
• Receivables outside the trade cycle = 44.4% of total assets (98th percentile) — a very large share of assets is tied in prepayments, loans receivable or other long-term receivables rather than normal trade receivables.
• Piotroski F-Score = 3/9 — weak fundamentals across profitability, leverage/liquidity, and operating efficiency tests.

• Altman Z-Score = 3.60 — this bankruptcy-distance measure places the company in the 'safe' zone, indicating balance-sheet indicators (working capital, retained earnings, EBIT, equity market value proxy) do not signal imminent insolvency.
• AQI = 0.8387 and LVGI = 0.9624 — Asset Quality Index below 1 and low leverage-growth indicator point away from some types of asset write-down manipulation and extreme leverage jumps.
• No accumulated losses and owner's equity (excluding minority interest) positive — the published statements do not show deficit retained earnings and equity remains positive.

Control appears highly concentrated: Công ty Cổ phần Tập đoàn Sunshine is listed as owning 100.0% (institutional) with several named individuals also disclosed (small single-digit percentages). Such concentrated/group ownership often implies related-party activity and intra-group transactions that should be checked in the notes; director-deal registrations show heavy registered volume (net registered +100% of shares outstanding) which are registrations of intent rather than executed trades.

• Compare the line(s) or note(s) disclosing 'receivables', 'loans receivable', 'prepayments to suppliers' and 'other long-term receivables' in FY2025 with total assets to confirm the 44.4% figure and identify related-party counterparties.
• Reconcile the consolidated operating cash flow and consolidated net profit in the cash-flow statement and the notes to confirm the three-year cash-conversion ratio of -2.81 and to trace large non-cash accruals (depreciation, provisions, working-capital movements).
• Examine the fixed-asset and depreciation policy notes to quantify the change implied by DEPI = 1.8704 (check useful lives, capitalization thresholds, and any retrospective policy changes).
• Review the related-party transactions and group-company schedules (sales/purchases, loans, guarantees) and the director-share-registration disclosures to verify counterparties, volumes and whether the large registered purchase (375,000,000 shares) or sale (3,750 shares) are centrally disclosed as related-party intentions.