CLC

• Beneish M-Score = -1.6039 (measures the statistical likelihood of earnings manipulation based on eight ratios). The score rose by +0.46 year-over-year, indicating a material shift in the inputs driving the M-Score in the last year (consecutive-year M-Scores correlate weakly, so the trajectory is a secondary cue).
• Beneish earnings-quality components pointing to deterioration in margins and asset composition: GMI (Gross Margin Index) = 1.0993 (measures year-over-year deterioration in gross margins; >1 indicates margins worsened), and AQI (Asset Quality Index) = 2.6989 (measures the proportionate increase in non-current and other less-liquid assets; higher values indicate faster growth of these asset categories relative to total assets).
• Three-year cash conversion (operating cash flow / net profit) = 0.33 (28th percentile among Vietnamese non-financials). This measures the extent to which reported profits convert to operating cash — a low ratio suggests profits are not being supported by operating cash flow.
• Margin quality = 50.0/100 (measures stability and reliability of reported margins). A mid/low score here aligns with GMI >1 and signals that reported profitability may be less robust than peer firms'.

• Earnings-quality overall = 82.7/100 (composite measure of accruals, cash conversion, receivables, margins and revenue quality).
• Accruals quality = 100.0/100 and TATA (Total Accruals to Total Assets) = -0.0038 (measures the extent of accruals in earnings relative to assets; near-zero/negative indicates low aggregate accruals), suggesting reported earnings are not being driven by large accrual adjustments.
• Receivables outside the trade cycle = 0.1% of total assets (10th percentile). This measures prepayments to suppliers, loans receivable and other long-duration receivables; a low percentage indicates limited exposure to receivables that lie outside normal trade relationships.
• LVGI (Leverage Index) = 0.9365 (<1 indicates leverage fell year-on-year). Altman Z-Score = 4.21 (measures distance to bankruptcy using profitability, leverage, liquidity and activity — 4.21 sits in the model's 'safe' zone). Piotroski F-Score = 8/9 (measures nine aspects of profitability, leverage, liquidity and operating efficiency — a high score indicates strong fundamentals).
• SGAI (Sales, General & Admin Index) = 0.7395 (measures the change in SG&A relative to sales; <1 indicates SG&A grew less than sales or declined), and SGI (Sales Growth Index) = 1.1204 confirms sales grew ~12% year-over-year, so operating expense control improved relative to sales.

The share register is highly concentrated in state-owned tobacco enterprises: Tổng Công ty Thuốc lá Việt Nam 51.0%, Công ty TNHH MTV Thuốc lá Sài Gòn 6.4%, Công ty TNHH Một thành viên Thuốc lá Thăng Long 4.1%. Individuals hold only small stakes (largest individual 1.0% and 0.6%). This indicates dominant institutional/state ownership and likely group/industry alignment in strategy and reporting; no director-deal registrations were provided in the input (director-deal registrations are exchange-recorded intentions, not executed trades).

• Compare the FY2025 note(s) on prepayments, loans to/from related parties and 'other receivables' to confirm the 0.1% of assets labeled as receivables outside the trade cycle and to identify counterparty and terms.
• Reconcile operating cash flow in the consolidated cash flow statement with consolidated net profit to verify the three-year cash conversion ratio of 0.33; check the cash flow from operations schedule and any working-capital movement notes.
• Inspect the fixed-asset and intangible-asset schedules and the notes on reclassifications/asset additions to understand the drivers of AQI = 2.6989 (asset-quality index) and whether increases are capex, capitalized costs, or reclassifications.
• Review the auditor's report and the statutory-loss disclosure lines referenced by Decree 155/2020 Art.120(1)(e) (amended) to confirm that none of the statutory loss tests are met in the published audited FY2025 statements.