NTL

• Beneish M-Score 8.306 (100th percentile vs Vietnam peers; YoY change +11.85) — the M-Score is a composite designed to signal likely earnings manipulation; the peer percentile and the large positive year-over-year change indicate accounting has become materially more aggressive relative to Vietnamese companies.
• DSRI (Days Sales Receivable Index) = 10.0000 — this measures abnormal growth in receivables relative to sales; a value this high suggests receivables (or revenue recognition patterns) have expanded much faster than sales.
• SGAI (Sales, General & Admin Index) = 10.0000 — this measures unusual increases in SG&A relative to sales; an extreme value implies SG&A expense behavior that departs sharply from revenue trends.
• GMI (Gross Margin Index) = 6.9540 — this measures deterioration in gross margins; a value >1 suggests margins worsened year-over-year, and here it is very elevated.
• TATA (total accruals to total assets) = 0.3608 — this accruals measure is high and contributes to low accruals-quality (Accruals quality 5.2/100), indicating earnings rely substantially on accruals.
• Earnings-quality score 2.4/100 with Cash conversion 0.0/100 and Receivables quality 0.0/100 — these sub-scores indicate reported profits are poorly backed by operating cash and receivables appear weak or atypical.
• Piotroski F-Score = 3/9 — this low score signals weak underlying operational and profitability fundamentals in the last year.

• Altman Z-Score = 6.31 (safe zone) — this distance-to-default metric indicates financial distress is not apparent by Altman’s model.
• No accumulated losses; owner’s equity (excluding minority interest) is positive and parent net loss count = 0 years up to FY2025 — the statutory balance-sheet facts show the company is not reporting accumulated statutory losses.
• Receivables outside the trade cycle = 0.8% of total assets (32nd percentile) — the absolute level of non-trade receivables and prepayments is small relative to total assets compared with peers.
• Vietnam three-year cash conversion (OCF / net profit) = 1.05 (48th percentile) — while not strong, cash conversion over three years is around parity with net profit and is not among the worst for Vietnam.

Ownership is moderately concentrated: one individual holds 19.2% (Đinh Quang Chiến) with another insider at 6.0%. Institutional holders include PYN Elite (5.0%), asiavantage global (4.6%) and Deutsche Bank (4.4%). Director-deal registrations for 2025-10-30 to 2026-10-30 show 0 sale registrations and 4 purchase registrations totalling 24,300,000 shares (net registered +19.92% of shares outstanding); these are exchange-registered intentions, not executed trades, and repeated registrations can reflect the same holder re-registering.

• Compare the year-over-year change in trade receivables and the DSRI drivers in the revenue note and the receivables ageing schedule — confirm the composition of receivables and the timing of revenue recognition.
• Reconcile operating profit to cash flows in the cash-flow statement and the notes: verify the components of total accruals (TATA = 0.3608) in the working-capital and accrual schedules.
• Inspect the SG&A breakdown and related-party disclosures to explain SGAI = 10.0000 — check whether large one-off SG&A items, capitalised costs, or intra-group recharges are recorded and where they are disclosed.
• Review the note(s) on prepayments, loans receivable and other long-term receivables (the ‘receivables outside the trade cycle’ line = 0.8% of assets) and cross-check with related-party schedules and any long-term contract schedules.