DRL

• Beneish M-Score: 0.0233 and Vietnam peer percentile 93rd — the M-Score measures a composite likelihood of earnings manipulation (higher = more aggressive accounting); against Vietnamese peers this company sits in the top 7% for aggressive accounting signals.
• Year-over-year M-Score change: +3.00 — the score has moved materially year over year (Beneish scores have low serial correlation), so the trajectory is a secondary cue to investigate.
• DSRI (Days Sales Receivable Index): 1.7597 — this measures growth in receivables relative to sales; a value above 1 suggests receivables rose faster than sales, which can indicate revenue recognition stretching.
• AQI (Asset Quality Index): 3.7885 — AQI measures the proportion of non-current, intangible and non-operating assets to total assets; a high AQI can indicate increasing capitalization of costs, reclassification to long-term assets, or growth in non-core assets.
• SGAI (Sales, General & Administrative Index): 1.2213 — SGA rising faster than sales (SGAI >1) suggests operating costs are growing faster than revenue, which can prompt management to reclassify or capitalize expenses.
• TATA (Total Accruals to Total Assets): 0.1491 — this measures accruals relative to assets; a positive and sizable TATA indicates earnings contain a material accrual component rather than cash.
• LVGI (Leverage Index): 1.2693 — leverage increasing relative to prior year (LVGI>1) shows balance-sheet funding pressure which can influence accounting choices.

• Altman Z-Score: 19.31 (safe zone) — measures distance to bankruptcy; a high Z-Score indicates low short-term insolvency risk.
• Piotroski F-Score: 6/9 — a neutral-to-healthy operating and balance-sheet fundamentals score (profitability, leverage/liquidity, and operating efficiency signals).
• Receivables outside the trade cycle: 0.0% of total assets (2nd percentile) — the company reports effectively no prepayments to suppliers, loans receivable or other long-term receivables outside the trade cycle, reducing one common route for off-cycle receivables.
• No accumulated losses and 0 years of net loss through FY2025 — retained earnings are positive and the parent reported profit in FY2025, meeting the statutory indicators that would trigger potential exchange action.

Ownership is concentrated: Tổng Công Ty Điện Lực Miền Trung holds 30.4% (institutional, likely strategic/state-related), with the next largest individuals at 2.1% and below; this indicates a dominant controlling shareholder. Director-deal registrations show 5 sale registrations totaling 161,500 shares (net registered volume -1.70% of shares outstanding) between 2025-10-30 and 2026-10-30 — these are registered intentions, not executed trades, and can repeat if a holder registers multiple times.

• Compare the year-over-year change in trade receivables (note/schedule for receivables) with revenue growth to validate the DSRI (1.7597) calculation.
• Inspect the fixed/intangible/other non-current asset schedules to reconcile the high AQI (3.7885) and identify what asset classes increased (capitalised costs, reclassifications, acquisitions).
• Reconcile cash flow from operations to reported net profit across the last three years to confirm the 3-year cash conversion ratio (0.79) and the components of the TATA (0.1491).
• Review related-party disclosures and the notes on prepayments, loans to/from related parties and other receivables to corroborate the 0.0% figure for receivables outside the trade cycle and to check for off-cycle arrangements.