IFS

• Beneish M-Score = -1.1413 (this model estimates the likelihood of earnings manipulation; the company is in the 86th percentile versus Vietnamese peers, meaning its combined Beneish signals are more aggressive than about 86% of peers).
• M-Score year-over-year change = +1.44 (a sizeable upward move in the M-Score compared with the prior year; consecutive-year M-Scores have low stability, so the trajectory is an additional cue).
• DSRI = 2.4039 (Days’ Sales Receivable Index; this measures growth in receivables relative to sales — a value well above 1 can indicate receivables growing faster than sales).
• TATA = 0.0161 (Total Accruals to Total Assets; this measures accruals intensity — while small numerically, accruals still contribute to the M-Score shift when combined with other ratios).
• Receivables quality = 0.0/100 (this earnings-quality component scores receivables issues; a 0 score flags very weak receivables quality in the scoring framework).
• Revenue quality = 35.9/100 (this low score suggests concerns in how revenue translates into cash and margins).
• Cash conversion (3-year operating cash flow / net profit) = 0.84 (39th percentile among Vietnamese non-financials; this low ratio indicates profits are converting to cash less effectively than most peers).

• Altman Z-Score = 7.24 (a measure of distance to bankruptcy; this value sits well inside the 'safe' zone).
• Piotroski F-Score = 4/9 (this fundamental health score is neutral rather than strongly negative; it aggregates profitability, leverage/liquidity, and operating efficiency signals).
• Accruals quality = 93.6/100 (this measures the quality of accounting accruals; a high score indicates that accruals-based distortion appears limited by this metric).
• Receivables outside the trade cycle = 5.4% of total assets (69th percentile; while present, this level is not extreme versus peers — it captures prepayments to suppliers, loans receivable and other long-term receivables).
• Accumulated losses: none; Owner's equity (ex-minority) = positive; Net loss (parent) in 0 consecutive years up to FY2025 — these are statutory statement facts showing no accumulated statutory loss or immediate solvency breach.

Shareholding is highly concentrated: Kirin Holdings Singapore Pte. Limited owns 95.7% and Indochina Beverage Assets Limited 0.2%, which indicates near-total institutional/parent control. No director-deal registrations were provided in the input; note that registrations recorded with the exchange would reflect intended trades, not executed trades.

• Compare the FY2025 note for trade receivables and the schedules for 'other receivables' to reconcile the DSRI behavior and the Receivables outside the trade cycle (5.4% of total assets).
• Reconcile the statement of cash flows (operating cash flow line) against profit after tax for the last three years to verify the 3-year cash conversion ratio = 0.84.
• Inspect the related-party disclosures and the prepayments/loans schedules to identify composition of receivables outside the trade cycle (prepayments to suppliers, loans receivable, long-term receivables).
• Confirm the parent-company profit (loss) line and the retained earnings/accumulated losses line in the consolidated and parent statutory statements to validate 'accumulated losses: none' and 'net loss (parent) in 0 years'.