DMX

• Beneish M‑Score = -1.5188 (measures likelihood of earnings manipulation using 8 accounting ratios); this is above the US -1.78 cutoff but that cutoff is US‑based — the company sits in the 79th percentile among Vietnamese peers, and the M‑Score increased by +1.03 year‑over‑year (the change indicates a material move in accounting profile).
• AQI (Asset Quality Index) = 2.7840 (measures shifts in noncurrent and unusual assets; higher values can indicate capitalization or shifting of costs to assets), which is high relative to other Beneish components and may reflect increased non‑trade receivables or long‑dated prepayments.
• Receivables outside the trade cycle = 7.8% of total assets (measures prepayments to suppliers, loans receivable and other long‑term receivables; 76th percentile among Vietnamese non‑financials) — a relatively large share of assets are non‑trade receivables or prepayments.
• Cash conversion (3‑year operating cash flow / net profit) = 1.25 (55th percentile; measures the extent to which reported profit converts to cash). While above 1.0 (cash > profit) in absolute terms, the percentile shows it is middling versus peers, and the earnings‑quality subscore for cash conversion is only 69.2/100.
• LVGI (Leverage Index) = 1.1350 (measures change in leverage; >1 indicates rising leverage) and SGI (Sales Growth Index) = 1.1727 (measures sales growth; growth can press management to manage earnings).

• Accruals quality = 94.5/100 (measures the reliability of accruals; a high score indicates low abnormal accruals and cleaner earnings recognition).
• TATA (Total Accruals to Total Assets) = 0.0138 (measures the size of accruals relative to assets; a low positive number indicates modest accruals).
• GMI (Gross Margin Index) = 1.0000 (measures deterioration in gross margins; 1.0 indicates no deterioration year‑over‑year), and DEPI (Depreciation Index) = 0.8350 (>0 but below 1 suggests reported depreciation expense increased relative to prior period assumptions), both limiting some manipulation signals in the M‑Score components.
• Altman Z‑Score = 4.26 (measures distance from bankruptcy; this is in the safe zone) and Piotroski F‑Score = 4/9 (measures nine fundamental health signals; a middle score indicating mixed but not uniformly weak fundamentals).
• No accumulated undistributed losses; owner's equity (excluding minority interest) is positive; statutory loss tests under Decree 155/2020 (amended) are not triggered in the published audited annual statements.

MWG (Công ty Cổ phần Đầu tư Thế Giới Di Động) holds 86.0% (control per VAS definitions), indicating highly concentrated control within a listed group. Director‑deal activity shows 3 purchase registrations (total 1,100,000 shares) and 0 sale registrations between 2025‑10‑30 and 2026‑10‑30, with net registered volume equal to +0.09% of shares outstanding; these are exchange registrations of intent, not executed trades.

• Compare the FY2025 line items and notes for 'Loans and receivables' and 'Prepayments to suppliers' to quantify the components of the 7.8% of total assets classified as receivables outside the trade cycle.
• Reconcile operating cash flow and the consolidated profit‑after‑tax in the cash flow statement and the notes to confirm the three‑year cash conversion ratio (1.25) and identify large timing items or noncash adjustments.
• Inspect the fixed‑asset and intangible‑asset schedules and the depreciation note to understand drivers of DEPI = 0.8350 and whether capitalization policies changed (supporting the high AQI = 2.7840).
• Review related‑party transaction disclosures and the schedules of receivables from related parties to see if material amounts are included in non‑trade receivables or long‑term receivables.