KHL

• Beneish M-Score = 0.382 (93rd percentile vs Vietnamese peers). The M-Score measures the likelihood of earnings manipulation signals; the level is above most Vietnamese peers and the YoY change is +1.62, indicating a recent move toward more aggressive accounting signals.
• DSRI = 4.4106. The Days Sales Receivable Index measures whether receivables are growing faster than sales (a high DSRI can indicate revenue-recognition or collection issues).
• GMI = 1.6387. The Gross Margin Index >1 measures declining gross margin, which can be associated with pressure to manage earnings.
• Cash conversion score = 4.6/100. This measures the ability to turn accrual accounting profits into cash; the very low score shows poor cash conversion relative to peers.
• Receivables quality = 0.0/100 and Receivables outside the trade cycle = 7.6% of total assets (80th percentile). The receivables-quality metric measures whether receivables exhibit signs of collectibility or related-party / non-trade receivables; the company has high proportions of prepayments, loans receivable and other long-term receivables.
• Revenue quality = 37.1/100 and Margin quality = 0.0/100. These indicate weak revenue and margin persistence/quality relative to peers.
• Statutory loss tests: audited statements report net losses in each of the latest three years and accumulated losses equal to 0.63x paid-in capital. Under Decree 155/2020 Art.120(1)(e) (amended), this is the criterion used by HOSE/HNX for cancellation, though the company is on UPCoM where that delisting rule does not apply.

• Accruals quality = 100.0/100. This measures the extent to which accruals appear reliable; a perfect score indicates low abnormal accruals by the accrual-quality metric used here.
• TATA = -0.0097. Total Accruals to Total Assets (TATA) near zero indicates small net accruals relative to assets in the period measured.
• DEPI = 1.0000 and LVGI = 1.0111. Depreciation index (DEPI ~1) and leverage-growth index (LVGI slightly >1) show no extreme reported changes in depreciation policy or leverage growth in the Beneish components.
• Piotroski F-Score = 5/9 (neutral). This indicates mixed fundamentals rather than clear deterioration across profitability, leverage/liquidity and operating efficiency signals.

No director-deal registrations or detailed largest-shareholder / group-structure data were provided in the inputs. The statutory disclosure shows accumulated losses of 0.63x paid-in capital and repeated losses at the parent level for four consecutive years to FY2018; these are facts about the financial position and ownership equity but do not identify concentration or insider registration activity from the supplied data.

• Compare the FY2018 note(s) that break down 'receivables' and 'prepayments' with the balance-sheet line to quantify the 7.6% of total assets classified as receivables outside the trade cycle (check the related-party disclosures and maturity/term for the 'loans receivable' and 'other long-term receivables' lines).
• Reconcile operating-cash-flow and revenue in the cash-flow statement and management discussion to reproduce the cash-conversion metric (showing the low 4.6/100 result) and review the movement in trade payables and inventory in the cash-flow reconciliation.
• Examine the revenue note and sales cut-off policies (and any related-party revenue schedules) to investigate the source of the high DSRI = 4.4106 and the revenue-quality score (37.1/100).
• Confirm the statutory loss disclosures and the calculation supporting 'accumulated losses = 0.63x paid-in capital' and the note showing parent-level net losses in four consecutive years up to FY2018; read the auditor's report and going-concern / subsequent-events notes for comments.