FDC

• Beneish M-Score 0.0366 (94th percentile vs Vietnamese peers): measures the likelihood of earnings manipulation relative to peers; the company ranks high (more aggressive accounting vs peers) and the M-Score rose by +2.46 year-over-year, indicating a material change in the pattern of accruals and ratios.
• DSRI (Days Sales Receivables Index) = 2.2465: measures whether receivables have grown faster than sales (a DSRI >1 suggests revenue may be being recognized before cash collection).
• SGAI (Sales, General & Admin index) = 5.9489: measures unusually large increases in SG&A relative to sales (SGAI >>1 can indicate discretionary expense capitalization or timing differences affecting profit).
• Receivables outside the trade cycle = 36.3% of total assets (97th percentile): a very high proportion of assets are in items outside ordinary trade receivables (prepayments, loans receivable, long-term receivables), which raises questions about the nature, recoverability and related-party links of these balances.
• Receivables quality score = 0.0/100 and Revenue quality = 13.3/100: the model flags weak quality of reported revenue and receivables recognition and collection.
• Cash conversion (operating cash flow / net profit, 3-year) = 0.38 (28th percentile): profits are not converting into operating cash at a typical rate for peers, consistent with weak cash conversion score (11.9/100) and a relatively high TATA (total accruals) = 0.1707.
• LVGI (Leverage/volume growth index) = 0.5885 and GMI (Gross margin index) = 0.9530: together with SGI = 2.5328 (sales growth index), these show rapid sales growth (SGI >2.5) with small gross margin deterioration (GMI <1) and rising accruals — a combination that can warrant closer review of revenue recognition and cost recognition.

• Piotroski F-Score = 8/9: measures operating and financial strength (profitability, leverage, liquidity, operating efficiency); an 8 indicates generally strong fundamentals on those metrics.
• Altman Z-Score = 2.34 (grey zone): measures distance from bankruptcy; 2.34 is not in the distress zone (<1.8) and suggests no immediate insolvency signal, though it is not in the safe zone either.
• No accumulated losses; owner's equity (excluding minorities) positive and parent recorded no net loss in the last 0 years up to FY2025: these are balance-sheet and profit continuity signals consistent with solvency for the period reported.
• Statutory loss tests: none met under Decree 155/2020 Art.120(1)(e) (as amended), so the audited statements do not trigger the specific exchange delisting condition referenced.

Ownership is relatively fragmented among several individual shareholders with the largest stakes around 4.8% (four individuals at 4.8%, one at 4.4%), so no single dominant shareholder is listed; director-deal registrations show 1 purchase registration (1,850,000 shares, net registered +4.79% of shares outstanding) and 0 sale registrations — registrations are intentions recorded with the exchange, not executed trades, and repeated registrations can reflect a holder who registers regularly.

• Compare the FY2025 note(s) on trade receivables, loans receivable and prepayments to suppliers and quantify the 36.3% of total assets: identify counterparties, maturities, collateral and related-party disclosures.
• Reconcile the three-year operating cash flow / net profit schedule in the cash-flow note to confirm the 0.38 cash conversion ratio and trace significant timing differences (working capital changes, one-off items, non-cash adjustments).
• Inspect the segment and revenue recognition notes for large year-over-year sales growth (SGI = 2.5328) and the breakdown of revenue by contract type or customer to check for changes in billing, consignment, or long-term receivable arrangements.
• Examine the related-party transactions and loans/advances schedule for connections to the high SGAI (5.9489) and the non-trade receivable balances; verify approvals, terms and provisioning policy.