HNX:SVN

• Beneish M-Score = 4.4322 (measures likelihood of earnings manipulation signals); this is at the 99th percentile versus Vietnamese peers, indicating the company scores more aggressively on these accounting ratios than 99% of listed VN non-financials.
• Year-over-year change in M-Score = +6.85 (measures trajectory of the eight-component M-Score); a large positive change shows the accounting signals shifted markedly this year.
• DSRI = 8.2744 (days-sales-receivables index component of the M-Score, measures potential revenue/receivables inflation); this very high DSRI suggests receivables or revenue recognition patterns diverged substantially from sales.
• SGAI = 3.3704 (sales-general-and-administrative index, an M-Score input that can indicate capitalization or expense manipulation); this elevated SGAI points to a big relative rise in SG&A versus sales.
• Cash conversion (3-year operating cash flow / net profit) = 5.71, 92nd percentile among Vietnamese peers (measures how profit converts to cash); the high percentile indicates profits have not translated into operating cash flow over three years.
• Receivables outside the trade cycle = 22.2% of total assets, 92nd percentile (measures prepayments, loans receivable and other non-trade receivables); a large share of assets are outside normal trade receivables, which can increase estimation and related-party risk.
• Earnings-quality component totals: Revenue quality = 0.0/100, Margin quality = 0.0/100, Receivables quality = 0.0/100, Cash conversion = 0.0/100 (these individual zeros indicate the scoring model found acute weaknesses across multiple dimensions of reported earnings).

• Altman Z-Score = 29.68 (measures financial distress/bankruptcy probability); a very high score places the company well into the ‘safe’ zone on this metric.
• Piotroski F-Score = 4/9 (measures fundamental financial strength via profitability, leverage, liquidity and operating efficiency); a middling score indicates neither clear operational deterioration nor strong improvement.
• Accumulated losses: none (undistributed earnings are positive) and owner's equity excluding minority interest is positive (these are balance-sheet facts implying no statutory equity impairment).
• Statutory loss tests: none met per Decree 155/2020 Art. 120(1)(e) as amended by Decree 245/2025 (the audited annual statements do not meet the exchange’s published tests for listing cancellation).

Ownership is relatively concentrated in nearby insiders/individuals: the largest shareholder, Lê Việt Hùng, holds 15.8%, and three other named parties/institutions hold between 4.8%–4.9%. No state-owned controlling shareholder is recorded in the top five; concentrated individual holdings can increase related-party and intra-group transaction prominence in disclosures.

• Compare the FY2025 note(s) on trade and non-trade receivables to the balance-sheet line 'long-term receivables' and quantify the composition (prepayments to suppliers vs. loans to related parties).
• Reconcile operating cash flow (cash-flow statement) for FY2023–FY2025 with reported net profit in each year to reproduce the 3-year cash-conversion ratio and identify major reconciling items (changes in receivables, prepayments, payables, provisions).
• Inspect the related-party transactions and note disclosures for FY2025 for any large balances or terms (interest, maturities) linked to the 22.2% of assets classified as receivables outside the trade cycle.
• Review the SG&A schedule and revenue breakdown in FY2025 to see drivers of the SGAI = 3.3704 (whether SG&A rose absolutely, or sales fell) and any one-off reclassifications referenced in the notes.