LBE

• Beneish M-Score = 0.439 (measures statistical likelihood of earnings manipulation using 8 ratios); this score sits at the 95th percentile among Vietnamese peers (higher = more aggressive accounting) and the M-Score moved down by -6.01 year-over-year (the direction and percentile are more relevant than the absolute -1.78 US cutoff).
• AQI (Asset Quality Index) = 8.9353 (measures increases in non-current and potentially write-off-prone assets such as ‘other receivables’, prepayments, intangibles); such a high AQI is a primary driver of the M-Score.
• SGAI (Sales, General & Admin index) = 6.1006 (measures increase in SG&A relative to sales); elevated SGAI can indicate expense capitalization or shifting of costs.
• DEPI (Depreciation Index) = 1.6928 (measures a slowing of depreciation relative to asset base), which can inflate earnings by reducing depreciation expense.
• TATA (Total Accruals to Total Assets) = 0.1885 (measures accruals relative to assets); positive and material accruals indicate earnings not fully backed by cash flows.
• Earnings Quality = 34.6/100 (measures overall reliability of reported earnings); subcomponents show very weak cash conversion (22.0/100) and zero scores for margin quality and revenue quality (0.0/100), indicating concerns about sustainability and composition of reported profits.
• Three-year cash conversion (operating cash flow / net profit) = 0.09 (measures how much reported profit converts into operating cash over three years); this is at the 23rd percentile versus Vietnamese non-financial peers, indicating profits have converted poorly to cash.
• Receivables outside the trade cycle = 7.6% of total assets (measures prepayments, loans receivable, other long-term receivables); this is at the 75th percentile among Vietnamese peers, aligning with the high AQI and suggesting growth in non-trade receivables or prepayments.

• Altman Z-Score = 12.76 (measures distance from bankruptcy; this is squarely in the 'safe' zone and indicates low bankruptcy risk by the Altman model).
• Piotroski F-Score = 5/9 (measures nine fundamental accounting signals; a mid score indicating a neutral to mixed fundamental profile).
• Receivables quality = 100.0/100 (measures composition and collectability of trade receivables); this suggests trade receivables themselves appear of good quality in the data feeding this score.
• No accumulated losses; owner's equity (excluding minorities) is positive and parent net loss occurrences = 0 years up to FY2025 (these are factual statements about retained earnings and profit history).

The top five holders are concentrated: the state shareholder Tổng Công ty Đầu Tư Và Kinh Doanh Vốn Nhà Nước holds 22.9%, and four individuals together hold 56.2% (Dương Vinh Quang 19.4%, Đường Quang Huấn 18.6%, Lê Vân Anh 10.9%, Đào Thị Kim Oanh 7.3%). Director-deal disclosures for 2025-10-30 to 2026-10-30 show 2 sale registrations (535,800 shares by 2 traders) and 7 purchase registrations (200,000 shares recorded across 4 traders, with 5 registrations lacking a volume); these are registered intentions with the exchange, not executed trades.

• Compare the line items that compose AQI: reconcile the FY2025 note on 'other receivables', 'prepayments' and 'long-term receivables' with the balance-sheet movement that produced AQI = 8.9353.
• Reconcile operating cash flow and net profit across the last three annual cash-flow statements to verify the three-year cash conversion ratio = 0.09 and identify which year(s) drove the shortfall.
• Inspect the fixed-asset note and depreciation policy to verify the inputs that produce DEPI = 1.6928 (changes in useful lives, depreciation methods, or gross/net carrying amounts).
• Compare the SG&A note and revenue schedule to validate SGAI = 6.1006 and to see whether SG&A increases relate to one-off items, capitalization, or recurring operating costs.