CCC

• Beneish M‑Score = -1.6071 (77th percentile among Vietnamese companies). The M‑Score combines eight ratios to flag earnings manipulation risk; being in the 77th percentile shows more aggressive signals than most Vietnamese peers even though the US cutoff (-1.78) is not directly calibrated to Vietnam.
• TATA (total accruals to total assets) = 0.1414. This measures the level of accruals relative to assets; a high positive value indicates earnings are supported by accruals rather than cash.
• Cash conversion component of the Earnings Quality Score = 0.0/100. This measures the conversion of accounting profit into operating cash flows; a 0 score is a clear weakness in cash realization relative to reported earnings.
• Altman Z‑Score = 1.60 (distress zone). This is a bankruptcy‑distance measure combining profitability, leverage, liquidity, and activity; 1.60 lies in the zone typically interpreted as higher financial distress risk.
• Receivables outside the trade cycle = 12.6% of total assets (84th percentile among Vietnamese non‑financial companies). The line includes prepayments to suppliers, loans receivable and other long‑term receivables, suggesting a relatively large stock of non‑trade receivables on the balance sheet.

• Margin quality = 100.0/100. This component measures persistence and stability of margins; the company shows strong reported margin quality.
• Receivables quality = 69.5/100. While there are material receivables outside the trade cycle, the receivables quality score is above average, indicating some reasonable indicators for collectibility or composition.
• Piotroski F‑Score = 5/9. This is a neutral signal on fundamentals (profitability, leverage/liquidity, and operating efficiency) rather than a clear deterioration in operating fundamentals.
• No accumulated losses and owner's equity (excluding minority interest) is positive; statutory loss tests in FY2025 were not met. These are direct facts from the published statements indicating the company did not trigger the statutory loss thresholds for delisting under Decree 155/2020 (as amended).

Ownership is concentrated: Nguyễn Tiến Đạt holds 24.0% and Cdc Holding 18.6%, with three other individuals at 8.0% each. Director/insider registration activity in the past 12 months shows one sale registration (1 trader; 1 without a volume) and no purchase registrations; registrations are declarations of intent to trade, not executed trades.

• Compare FY2025 'Prepayments to suppliers' and 'Loans receivable' lines in the balance sheet to the related‑party note to see how much of the 12.6% of assets in receivables outside the trade cycle are with related parties.
• Reconcile profit before tax to ‘Net cash flows from operating activities’ in the cash flow statement for FY2025 to quantify the cash conversion shortfall that produced the Cash Conversion score = 0/100.
• Examine the auditor's report and the notes on subsequent events and going concern for discussion around the Altman Z‑Score area of financial distress (Z = 1.60), and check management's going‑concern disclosures.
• Review the schedule or note that explains 'Other long‑term receivables' and their aging or repayment terms in FY2025 to assess collectibility and maturity profiles of non‑trade receivables.