DVG

• Beneish M-Score -0.3772: measures likelihood of earnings manipulation; the company's score ranks in the 91st percentile vs Vietnamese peers (higher = more aggressive accounting among VN peers) and rose by +0.14 year-over-year.
• GMI (Gross Margin Index) = 2.1924: measures deterioration in gross margins; a value >1 suggests worsening margins relative to the prior year.
• AQI (Asset Quality Index) = 1.7581 and LVGI (Leverage Index) = 0.6061: AQI >1 indicates rising share of potentially hard-to-value assets (capitalized costs, intangibles, receivables outside trade cycle); LVGI <1 signals falling leverage but must be read with other indicators.
• TATA (Total Accruals to Total Assets) = 0.2136: measures accrual-based earnings; a positive large number indicates significant accruals relative to assets.
• Cash conversion (3-year operating cash flow / net profit) = -18.77 (2nd percentile): measures ability to convert reported profit into cash; the very low negative figure indicates profits have not produced operating cash.
• Receivables outside the trade cycle = 35.4% of total assets (96th percentile): measures non-trade receivables, prepayments, loans receivable and other long-term receivables; this is unusually large versus peers and increases off-balance-sheet/related-party inspection needs.
• Earnings-Quality sub-scores: overall 27.4/100 with accruals quality 29.7/100, cash conversion 0.0/100, margin quality 0.0/100 and revenue quality 0.0/100 — these indicate weak cash- and margin-related earnings quality despite perfect receivables quality in that specific metric.
• Piotroski F-Score = 3/9: measures nine fundamental signals; a 3 indicates weak performance across profitability, leverage/liquidity, and operating efficiency checks.
• Director-deal registrations (2025-10-30 to 2026-10-30): one sale registration and two purchase registrations recorded — these are exchange registrations of intent, not executed trades, and warrant noting in the context of other signals.

• Altman Z-Score = 7.54: measures distance to bankruptcy using financial ratios; the score is in the safe zone, indicating low bankruptcy risk under the Altman model.
• Receivables quality = 100.0/100: within the Earnings Quality components this specific metric scores highly, suggesting reported revenues/receivables in core trade lines are of good quality (while other receivable-like items sit outside the trade cycle).
• No accumulated losses and owner's equity (excluding minority interest) positive: the balance sheet shows retained earnings are not negative and equity is positive, which are supportive balance-sheet facts.

Ownership is relatively concentrated among individuals: the largest shareholder holds 10.1% (Trần Thị Trinh) and the next four holders hold 5.0%, 4.7%, 4.6% and 4.2%. There is no single majority controller apparent from these top-five stakes. Director-deal registrations include one sale and two purchase registrations (intent filings) during the last year.

• Compare the line items behind 'receivables outside the trade cycle' (prepayments, loans receivable, other long-term receivables) in the FY2025 notes and the schedule of receivables to confirm composition and counterparties.
• Reconcile operating cash flows to reported net profit in the cash flow statement and the notes to understand drivers of the three-year cash conversion ratio (-18.77) and identify any large non-cash accruals or timing differences.
• Inspect the related-party disclosures and the loans/advances schedules to see whether large receivables or prepayments are to group companies, suppliers, or individuals.
• Review the audit report and the notes on revenue recognition, margin components and any accounting policy changes (which would relate to GMI = 2.1924, SGAI = 0.6568 and revenue/margin quality scores at 0) for explanations of margin deterioration and revenue quality.