MCH

• Beneish M-Score -1.1471 (86th percentile vs VN peers; YoY change +2.26) — measures likelihood of earnings manipulation relative to peer behavior (higher = more aggressive accounting signals).
• DSRI 1.7811 — Days’ sales receivables index well above 1.0, indicating receivables (or revenue recognition patterns) have grown faster than sales.
• Receivables outside the trade cycle 22.7% of total assets (92nd percentile) — a high share of assets classified as prepayments, loans receivable or other non-trade receivables. This measure flags non-trade receivables concentration.
• Earnings-Quality Score 30.7/100 with Receivables quality 0.0/100 and Revenue quality 0.0/100 — the scoring shows very low quality on revenue and receivable measures.
• Cash conversion (3-year operating cash flow / net profit) 0.81 (38th percentile) — profits are not being converted into cash as strongly as many peers.
• Piotroski F-Score 3/9 — weak fundamental signals across profitability, leverage/liquidity, and operating performance measures.
• TATA 0.1364 — Total Accruals to Assets shows positive accruals proportion that may reflect earnings driven by accruals rather than cash (this is one component of the M-Score).

• Altman Z-Score 11.55 (safe zone) — indicates distance from bankruptcy/failure on the Z-Score dimensions.
• Margin quality 78.9/100 — reported margins appear relatively stable or credible by the applied metric.
• AQI 0.7340 and LVGI 0.7578 — asset quality and leverage growth indices below 1.0, suggesting some improvement or moderation in asset composition and leverage growth compared with prior periods or thresholds.
• No accumulated losses, owner’s equity (excluding minority interest) positive, and statutory loss tests: none met — the published statements do not trigger the statutory loss delisting conditions listed (Decree 155/2020 Art.120(1)(e) as amended).

The shareholder register is concentrated: Masan Consumer Holdings holds 69.4% (institutional controlling stake). Individual holdings are small (largest individual 0.5%). Director-deal disclosures show registrations (not executed trades) for 8 purchase registrations totalling 79,994,090 shares and net registered volume of +6.12% of shares outstanding between 2025-10-30 and 2026-10-30, indicating insider intent to acquire sizable additional positions on record.

• Compare FY2025 notes/schedules for receivables and prepayments: reconcile the line items “loans receivable”, “prepayments to suppliers” and “other long-term receivables” to the 22.7% of total assets figure.
• Compare the consolidated cash flow statement and the parent profit (net profit) to verify the 3-year cash conversion ratio of 0.81 (operating cash flow / net profit) and trace major cash vs. profit timing differences.
• Review the revenue recognition note and the trade receivables aging/schedule to assess the drivers of DSRI = 1.7811 and the revenue/receivables quality scores of 0.0/100.
• Inspect related-party disclosures and the notes on transactions with the listed group and large shareholder (Masan Consumer Holdings) to see whether receivables, prepayments or loans involve related parties or group entities.