DSN

• Beneish components: DSRI = 1.7244 (days-sales outstanding / sales receivables index) — a high DSRI typically indicates rising receivables relative to sales and can signal revenue recognition or collectability pressure.
• Beneish components: AQI = 1.6947 (asset quality index) — an elevated AQI implies more assets being reclassified to long‑lived, intangible or other non‑current categories, which can reflect cost capitalization or shifts in asset mix.
• Earnings-quality sub-scores: Receivables quality = 0.0/100 and Revenue quality = 0.0/100 — these scores indicate the weakest possible signal on those two dimensions, consistent with concerns about the persistence/quality of reported revenue and the composition/collectability of receivables.
• Vietnamese cash-conversion check (3-year operating cash flow / net profit) = 0.51 (31st percentile) — a low conversion ratio indicates profits are not being converted into cash at the same pace as peers.
• Beneish GMI = 1.0666 (gross margin index > 1) — a GMI > 1 measures deteriorating gross margins year-over-year, which can create pressure to manage earnings.
• M-Score year-over-year change = +1.68 — the M-Score has moved substantially year-on-year; Beneish year-to-year correlation is low, so this trajectory is an important secondary cue rather than a deterministic label.
• DEPI = 0.8407 (depreciation index < 1) — a DEPI below 1 means depreciable assets’ reported depreciation expense is rising relative to the prior period (or the opposite depending on sign conventions); it can reflect changes in useful lives, impairment, or asset additions and should be checked in notes.

• Altman Z-Score = 14.90 — places DSN well into the ‘safe’ range on the Altman bankruptcy-distance metric, indicating low near-term insolvency risk by that model.
• Margin quality = 95.7/100 — suggests reported margins are stable and of high quality relative to peers.
• Accruals quality = 70.2/100 and TATA = 0.0745 (total accruals to total assets) — the accruals metrics are not extreme; a relatively low TATA indicates overall reported accruals are modest relative to assets.
• SGI = 0.8339 (sales growth index < 1) — SGI < 1 measures a contraction in reported sales year-over-year, which can reduce incentive to aggressively inflate growth-driven revenues.
• Vietnamese statutory and loss checks: no accumulated losses, parent profit not negative in any of the last years, owner’s equity (excluding minority interest) positive, and no statutory loss-test triggers under Decree 155/2020 as amended — these are measurable facts in the audited statements that reduce certain statutory accounting concerns.

Shareholdings are concentrated: Công ty Cổ phần Dịch vụ Du lịch Phú Thọ holds 33.5% (largest institutional block), and an individual, Kenji Yabe, holds 10.6%; other institutional and individual stakes are smaller (afc vietnam fund 4.7%, two individuals at 0.6% and 0.4%). This indicates a dominant institutional majority owner plus a material individual holder, which can affect group-related transactions and related-party flows in the financials.

• Compare FY2025 and prior-year notes on trade receivables, prepayments and ‘loans and long-term receivables’ to reconcile the high DSRI (1.7244) and the receivables-outside-the-trade-cycle figure (0.3% of total assets).
• Reconcile cash-flow statement and the operating cash-flow / net-profit ratio (3‑year = 0.51) by reviewing the reconciliation of net profit to cash flows (the cash-flow notes) to identify major non-cash items and working-capital drivers.
• Inspect the fixed-asset and depreciation note for any changes in useful lives, impairment, additions or disposals that explain DEPI = 0.8407 and the AQI = 1.6947 (asset reclassifications or capitalization policy changes).
• Review related‑party disclosures and the ‘transactions with shareholders/group companies’ schedules to see whether receivables, prepayments or other off-cycle balances involve the large shareholder (Công ty Cổ phần Dịch vụ Du lịch Phú Thọ) or other related parties.