SBH

• Beneish M-Score -1.4315 (measures likelihood of earnings manipulation relative to a US-calibrated cutoff): the company sits at the 80th percentile versus Vietnamese peers (higher = more aggressive accounting) and the M-Score increased by +2.75 year-over-year (a notable trajectory signal).
• DSRI 1.4038 (Days Sales in Receivables Index; measures receivables growth relative to sales): value >1.0 suggests receivables grew faster than sales in the period, which can indicate revenue recognition or collection timing differences.
• DEPI 1.4624 (Depreciation Index; measures reduction in depreciation expense relative to prior period): >1.0 can indicate slower depreciation or capitalisation choices that inflate margins.
• LVGI 1.3078 (Leverage Index; measures change in leverage): >1.0 indicates rising leverage which can affect reported profits and risk profiles.
• Receivables quality 0.0/100 and Revenue quality 0.0/100 (earnings-quality sub-scores): both measure the quality and persistence of reported revenue and receivables; zero scores flag very weak evidence of high-quality revenue/receivable recognition.
• Cash conversion three-year ratio 1.18 (operating cash flow / net profit; 53rd percentile among VN peers): ratio near 1 with a mid percentile implies profits are only modestly converting to cash and the company is not particularly strong on cash realization relative to peers.

• TATA 0.0777 (Total Accruals to Assets; measures accrual portion of earnings): a modest positive value suggesting total accruals are not extreme.
• GMI 0.7088 (Gross Margin Index; measures deterioration in gross margin): <1.0 indicates gross margins have improved rather than declined year-over-year.
• SGAI 0.7609 (Sales, General & Admin Index; measures change in SG&A relative to sales): <1.0 indicates SG&A grew less than sales, which can reflect operating leverage rather than aggressive expense manipulation.
• Altman Z-Score 16.35 (measures bankruptcy distance): a high Z-Score places the company well inside the 'safe' zone on traditional bankruptcy-distance metrics.
• Piotroski F-Score 6/9 (measures nine fundamental signals of financial strength): a score of 6 is neutral-to-favourable, indicating several positive operating and balance-sheet fundamentals.

Ownership is highly concentrated in state-affiliated institutional shareholders: Tổng Công ty Phát điện 2 holds 61.8%, Công ty TNHH Năng Lượng Ree 25.8%, and Tổng Công ty Điện Lực Miền Nam 7.2%, leaving minimal free float. No individual insider holdings are material in the disclosed top list; no director-deal registrations were provided in the data supplied.

• Compare the Notes to the financial statements for FY2025 on receivables, prepayments and "other long-term receivables" with the reported 0.1% of total assets figure for receivables outside the trade cycle to confirm classification (look for a schedule or note line for prepayments/loans to related parties).
• Reconcile profit before tax and "Net cash from operating activities" in the cash flow statement for FY2023–FY2025 to verify the three-year cash conversion ratio of 1.18 and identify any large non-cash adjustments (check the cash flow reconciliation note).
• Inspect the fixed-asset and depreciation note to review the basis and changes in depreciation methods/estimates that underlie DEPI 1.4624 (look for changes in useful lives, salvage values or capitalization policies).
• Review the related-party transactions note and the loans/advances to related parties schedule to check for intra-group receivables or prepayments that could affect the revenue/receivables quality scores (given revenue quality 0.0/100 and low receivables-outside-cycle).