SAM

• M‑Score -1.4948 (80th VN percentile; YoY change +0.15): the company scores more aggressively on the Beneish model than 80% of Vietnamese peers and the score has moved toward more aggressive territory year-on-year (note the -1.78 US cutoff is not directly calibrated to Vietnam).
• Cash conversion (3‑year operating cash flow / net profit) = -1.47 (12th percentile among VN non-financials): reported profit is not converting into operating cash; cash conversion metric is very low.
• Earnings Quality — Cash conversion component = 0.0/100 and Revenue quality = 24.8/100, Margin quality = 31.2/100: these scores point to weak cash realization and low-quality revenue and margins in the period measured.
• Altman Z‑Score = 1.98 (grey zone): the distance from bankruptcy is limited by this metric, suggesting financial distress indicators are present compared with healthy firms.
• Director‑deal registrations: net registered volume +4.84% of shares outstanding (one sale registration for 10,000,000 shares and four purchase registrations totaling 29,500,000 shares) — these are exchange registrations of intent and may reflect insider interest or portfolio activity but are not executed trades.

• Receivables quality = 97.6/100 and Receivables outside the trade cycle = 7.1% of total assets (74th percentile): receivables appear high quality and the proportion outside the trade cycle is moderate relative to peers, which supports the receivables-quality score.
• Accruals quality = 74.1/100: accrual measures suggest accounting accruals are reasonably consistent with cash flows compared with peers.
• No accumulated losses; owner's equity (excluding minority interest) is positive; parent profit shows 0 consecutive years of net loss up to FY2025: the statutory balance-sheet and profit-position indicators are not showing statutory distress triggers.
• SGAI = 0.6817 (selling, general & administrative expense index below 1) and AQI = 0.9167 (asset quality index below 1): some expense and asset-quality indicators are better than the thresholds that often signal aggressive capitalization or expense manipulation.

A listed group holds control positions: an entity holds 85.7% of SLD (control) and 35.0% of DSP (significant influence), indicating concentrated group ownership. Top institutional shareholders are small (largest institutional stake 4.9%); director registration activity shows insider intent filings but these are registrations, not executed trades.

• Compare FY2025 operating cash flow and profit in the consolidated cash-flow statement and the notes to reconcile the -1.47 three‑year cash-conversion figure.
• Inspect the notes and schedules for 'Loans and receivables', 'Prepayments to suppliers' and 'Other long‑term receivables' to verify the 7.1% of total assets classified as receivables outside the trade cycle.
• Review the statement of changes in equity and the retained earnings / undistributed earnings note to confirm there are no accumulated losses and that owner's equity (excluding minority interest) is positive.
• Check the director/shareholder disclosure filings and the exchange registration ledger (2025-10-30 to 2026-10-30) to match the 1 sale registration (10,000,000) and 4 purchase registrations (29,500,000) and to see any explanatory details or repeated registrant IDs.