HNX:THB

• Beneish M-Score = -0.5815 (measures the likelihood of earnings manipulation based on eight financial ratios). The score is at the 90th percentile versus Vietnamese peers (higher = more aggressive accounting) and rose by +2.48 year-over-year (the YoY change shows the accounting profile moved materially this year). Note: the -1.78 US cutoff is US-calibrated; use the peer percentile and trajectory for Vietnam.
• DSRI = 1.8106 (Day Sales in Receivables Index; measures growth in receivables relative to sales). A value above 1 suggests receivables are growing faster than sales.
• AQI = 1.7747 (Asset Quality Index; measures the shift to potentially less-depreciable or hard-to-value assets). A value above 1 indicates asset composition became 'riskier' for earnings quality.
• TATA = 0.1750 (Total Accruals to Total Assets; measures accruals-based earnings). A positive 17.50% indicates a sizable portion of earnings is non-cash accruals.
• Earnings-Quality Score = 15.4/100 with Cash conversion = 0.0/100 and Receivables quality = 0.0/100 and Revenue quality = 0.0/100 (these components measure how much reported profit converts to cash, the quality of receivables, and how repeatable/real reported revenue appears). Zero scores here signal concerns about cash-generation and the persistence/quality of top-line and receivables.
• Cash conversion (3-year operating cash flow / net profit) = -0.41 (17th percentile vs Vietnamese peers). This negative ratio shows aggregate profits over three years did not convert into operating cash flow for the sample period.
• Piotroski F-Score = 3/9 (measures nine signals of improving firm fundamentals; 3 is low and indicates weak operational/financial signal set).

• Altman Z-Score = 5.73 (measures distance to bankruptcy using a multi-factor model). The score is in the 'safe' zone, indicating a healthy distance from financial distress under the Z-Score framework.
• GMI = 1.0100 (Gross Margin Index; measures decline in gross margins). A value close to 1 indicates gross margins have been relatively stable year-over-year.
• SGI = 1.0326 (Sales Growth Index; measures sales growth relative to a prior period). A modest 1.0326 indicates only small sales growth pressure that could otherwise drive aggressive recognition.
• DEPI = 1.0639 and LVGI = 1.0443 (Depreciation Index and Leverage Growth Index). These are elevated but moderate; DEPI >1 suggests slightly lower depreciation rates (potentially slowing depreciation), while LVGI >1 indicates modest leverage increase—both are informative but not extreme on their own.

The listed parent, Tổng Công ty Cổ phần Bia - Rượu - Nước giải khát Hà Nội (BHN), holds 55.0% (control, disclosed 2025-09-30), indicating a concentrated majority owner within a large group that controls multiple related listed entities. Top individual holders include Lương Xuân Dũng (6.1%) and other smaller holders; no director-deal registrations were supplied in the input.

• Compare the increase in trade receivables and the DSRI ratio to the revenue note and the receivables ageing schedule in the annual report (look for growth in receivables vs sales and any concentration or extended terms).
• Reconcile operating cash flow and the components of TATA: read the cash flow statement and the notes on changes in working capital to explain the -0.41 three-year cash-conversion ratio and the 0.1750 TATA value.
• Inspect the fixed-asset and depreciation notes to understand DEPI = 1.0639 (check for changes in depreciation methods, useful lives, revaluations or additions shifting asset composition).
• Read the related-party schedules / note on loans, prepayments and other receivables to verify the 1.8% of total assets flagged as 'receivables outside the trade cycle' and to identify the nature (prepayment, intercompany loan, long-term receivable).