UPCOM:BTU

• Beneish M-Score = -1.5121 (79th percentile vs Vietnamese peers) and YoY change +0.82 — the absolute score is above the US -1.78 cutoff but that cutoff is US-calibrated; the peer percentile and the +0.82 rise indicate relatively more aggressive accounting behavior vs local peers and a recent move.
• AQI (asset quality index) = 1.6307 — this component measures the change in non‑current assets and other items that can indicate capitalization or reclassification of expenses into assets; a value >1 suggests rising asset-based adjustments.
• Cash conversion (Earnings-Quality score component) = 1.2/100 and three-year operating cash flow / net profit = 0.45 (30th percentile) — profit is not converting into cash at a level typical for Vietnamese peers.
• TATA (total accruals to total assets) = 0.1215 — positive discretionary accruals measure that can indicate earnings managed through accruals.
• Altman Z-Score = 2.93 (grey zone) — the distance-to-bankruptcy metric is neither clearly safe nor clearly distressed, indicating moderate financial stress or limited cushion.

• Receivables outside the trade cycle = 0.7% of total assets (30th percentile) and Receivables quality = 100.0/100 — very low non‑trade receivables and top receivables-quality score reduce concern about off-cycle related-party loans or large prepayments.
• DSRI = 0.9515 and SGAI = 0.8529 — days-sales-receivable index under 1 and selling/administrative expense index below 1 suggest no recent abnormal growth in receivables relative to sales or in SG&A relative to sales.
• Piotroski F-Score = 6/9 — indicates neutral-to-moderate fundamental health across profitability, leverage/liquidity and operational efficiency checks.
• No accumulated losses and 0 years of parent net loss up to FY2025; owner's equity (excluding minority interest) is positive — the statutory statement-level indicators show retained earnings and equity are not eroded.

The largest shareholder is the Bến Tre Provincial People’s Committee (Ủy Ban Nhân Dân Tỉnh Bến Tre) with 60.0% (state ownership), giving very high ownership concentration and likely control. Three individual insiders hold material stakes (14.7%, 5.0%, 1.4% and 1.4%). Director-deal registrations from 2025-10-30 to 2026-10-30 show 2 sale registrations (1,059,400 shares) and 2 purchase registrations (1,059,400 shares) and net registered volume 0.00% of shares outstanding; these are registered intentions disclosed to the exchange, not executed trades.

• Compare the FY2025 note on property, plant and equipment and other non-current assets with the AQI components to see whether reclassifications, capitalized expenses or impairments explain AQI = 1.6307.
• Reconcile operating cash flow and net profit in the cash flow statement and management discussion to explain the three-year operating cash flow / net profit = 0.45 and the Earnings-Quality cash-conversion score of 1.2/100.
• Inspect the related-party transactions and loan/receivable schedules for FY2025 to confirm that receivables outside the trade cycle equal 0.7% of total assets and to identify any large prepayments or long-term receivables.
• Review the statement of changes in equity and parent-company profit note to confirm there are no accumulated losses and to check components of owner’s equity excluding minority interest.