KSF

• Beneish M-Score = 3.0009 (measures likelihood of earnings manipulation using an eight-variable model); this is in the 98th Vietnam-peer percentile (higher = more aggressive accounting among VN peers) and increased by +4.07 year-over-year (the trajectory moved markedly). Note: the -1.78 US cutoff is not Vietnamese-calibrated, so weight peer percentile and YoY change.
• SGI (Sales Growth Index) = 8.1792 (measures sales growth; values >>1 indicate rapid revenue growth relative to the prior year) — unusually large and a primary driver of the M-Score increase.
• Revenue quality = 3.8/100 (an earnings-quality subscore; this is very low and indicates reported revenue is the weakest component of the company’s earnings quality profile).
• Receivables outside the trade cycle = 34.4% of total assets (96th VN percentile; this line includes prepayments to suppliers, loans receivable and other long-term receivables — a high share of non-trade receivables relative to assets).
• Cash conversion (operating cash flow / net profit, 3-year) = 3.02 (84th VN percentile; low value means profits are not translating into operating cash flow over three years).
• Altman Z-Score = 1.30 (measures distance to bankruptcy; value in the ‘distress’ zone under the Z-Score model).

• Accruals quality = 100.0/100 (measures how much of earnings are accrual-based; a high score indicates low abnormal accruals and cleaner earnings from the accruals perspective).
• Cash conversion score = 100.0/100 (from the earnings-quality breakdown; indicates good short-term cash/earnings alignment on that scoring metric despite the three-year cash-conversion ratio being low in the VN peer rank—interpretation depends on the scoring method used).
• Receivables quality = 100.0/100 (in the earnings-quality components; suggests the aging/recognition approach to trade receivables scored well even though there is a large stock of receivables outside the trade cycle).
• TATA (Total Accruals to Total Assets) = -0.1199 (this Beneish component measures accruals: negative indicates net cash-based earnings movement rather than large positive accrual buildups).
• Piotroski F-Score = 6/9 (a neutral-to-favorable score on fundamental operational and profitability signals).
• No accumulated losses; owner’s equity (parent, excluding minorities) positive; 0 consecutive years of parent net loss up to FY2025 — statutory loss tests under Decree 155/2020 (as amended) are not met (a factual statement about the published statements).

Ownership is highly concentrated: Đỗ Anh Tuấn holds 61.4% (individual); related individuals (Đỗ Thị Định 4.2%, Đỗ Văn Trường 4.0%, Đỗ Thị Hồng Nhung 0.7%) bring the named-family block to roughly 70.3% of shares among the top four family members. Such concentration and apparent family control increase the potential for related-party transactions and group-structure effects in the accounts (a descriptive fact, not a recommendation).

• Compare the FY2025 line(s) for ‘Prepayments to suppliers’, ‘Loans receivable’ and ‘Other long-term receivables’ in the statement of financial position to the related-party disclosures and the notes that explain composition and counterparties (to understand the 34.4% of assets classified as receivables outside the trade cycle).
• Reconcile consolidated operating cash flow and parent profit in the cash-flow statement and the notes for FY2023–FY2025 to substantiate the 3-year cash-conversion ratio of 3.02 (verify which items — e.g., changes in working capital, one-offs, non-cash items — drive the gap between profit and cash flows).
• Examine the revenue recognition note(s) and schedules (including segment and contract disclosures, if any) for FY2025 to assess drivers of the very low Revenue-quality score (3.8/100) and the components of SGI = 8.1792 (which indicates very high reported sales growth).
• Review related-party transactions, intercompany balances and guarantees in the notes and the ‘transactions with related parties’ schedule for FY2025 to check for large flows that could explain elevated receivables outside the trade cycle and leverage-growth signals (LVGI = 1.3104).