EIC

• Beneish M-Score -1.455 (80th percentile vs Vietnamese peers; YoY change +0.99) — the score combines multiple manipulation signals and its high peer percentile and positive YoY move are indicators that accounting metrics have trended toward more aggressive settings compared with other VN companies.
• DSRI (Days’ sales receivable index) = 1.1386 — sales are being recognized faster than receivables growth would predict (or receivables growing slower than sales), a component that can signal revenue recognition timing changes.
• GMI (Gross margin index) = 1.2638 — gross margins have deteriorated year-over-year (index >1), which in Beneish’s framework raises the incentive to manage earnings.
• SGAI (Sales, general & administrative index) = 1.3694 — SGA expenses grew faster than sales, another Beneish component that can indicate pressure on reported earnings and potential management response.
• TATA (Total accruals to total assets) = 0.1446 — relatively high accruals to assets, consistent with weaker accruals quality (accruals quality 48.1/100) and with the company generating profit that is not fully cash-backed.
• Cash-conversion (3-year operating cash flow / net profit) = -0.24 (19th percentile among VN non-financials) — three-year cumulative operating cash flow is negative relative to cumulative profits, a sign profit has not been converted into cash.
• Revenue quality = 0.0/100 and Receivables quality = 34.6/100 — revenue and receivables metrics are weak in the earnings-quality decomposition, supporting the view that reported revenue/profit may be less cash-supported.

• Altman Z-Score = 36.40 — places the company well in the ‘safe’ zone on this bankruptcy-distance metric, indicating low short-term insolvency risk by that model.
• Margin quality = 100.0/100 — operating margins appear high or stable in ways that the quality model treats as strong.
• Receivables outside the trade cycle = 0.0% of total assets (2nd percentile) — there are effectively no long‑term receivables, prepayments-to-suppliers or loans-receivable reported as non-trade receivables, which reduces one common channel for off‑balance-sheet or related-party financing.
• No accumulated undistributed losses; parent profit shows 0 years of net loss up to FY2025 and owner’s equity (excluding minorities) is positive — the published statements do not show statutory accumulated-loss indicators.

Shareholding is concentrated among state-linked and sector institutions: Tổng Công ty Phát điện 1 26.1%, PPC 19.3%, Tập đoàn Công nghiệp Cao su VN 11.8%, ABB 10.3%, and Tổng Công ty Điện lực Dầu khí VN 7.7%. This large institutional/state presence suggests significant block ownership and group/sector alignment rather than dispersed retail ownership; no director-deal registrations were provided in the materials reviewed (registrations are exchange filings of intent, not executed trades).

• Compare the company’s FY2025 statement of cash flows (operating cash flows) to the consolidated income statement lines for FY2023–FY2025 to validate the reported 3-year cash-conversion ratio and identify which years drove the negative -0.24 figure.
• Inspect the notes and schedules for related-party transactions, other receivables and prepayments in FY2025 to confirm the 0.0% of total assets reported as receivables outside the trade cycle and to check for large balances disclosed elsewhere (notes to the consolidated balance sheet).
• Reconcile the components of total accruals (working capital movements, depreciation, non-cash adjustments) in the notes to the TATA = 0.1446 calculation and the accruals-quality score of 48.1/100.
• Review revenue recognition policies and segment or contract disclosures in the FY2025 notes to examine drivers of the Revenue quality = 0.0/100 and DSRI = 1.1386 (e.g., timing of contract revenue, percentage-of-completion vs. point-in-time recognition).