SSG

• Beneish M-Score 1.6984 (measures likelihood of earnings manipulation using an 8-variable model) — the company ranks in the 97th percentile among Vietnamese peers (higher = more aggressive accounting among Vietnam peers) and the M-Score increased by +1.40 year-over-year (the trajectory signal).
• DSRI = 7.5169 (Days' Sales Receivables Index; measures receivables relative to sales and signals a large increase in receivables relative to revenue recognition).
• SGAI = 10.0000 (Sales, General & Administrative expenses Index; measures growth in SG&A relative to sales — an extreme value indicating SG&A grew much faster than revenue).
• TATA = 0.2156 (Total Accruals to Total Assets; measures accrual-based component of earnings — positive and non-trivial accruals relative to assets).
• LVGI = 0.6830 (Leverage Growth Index; measures growth in leverage year-over-year — indicates a sizeable increase in leverage).
• Earnings Quality overall 8.6/100 with Cash conversion 0.0/100 and Receivables quality 0.0/100 (measures showing profit is not being converted into cash and receivables/prepayments are poor-quality drivers of reported earnings).
• Vietnamese cash-conversion check: 3-year operating cash flow / net profit = -0.30 (18th percentile among VN non-financials; low value indicates profits have not converted into operating cash over three years).
• Director-deal registrations: 1 sale registration (period 2025-10-30 to 2026-10-30) and 0 purchase registrations — these are registered intentions with the exchange, not executed trades.

• Altman Z-Score = 7.66 (measures distance to financial distress/bankruptcy; this value places the company well inside the 'safe' zone).
• Piotroski F-Score = 4/9 (measures nine accounting-based fundamentals; a neutral score rather than strongly negative).
• AQI = 1.0000 (Asset Quality Index; measures change in the proportion of non-current assets — a value of 1.00 indicates no year-over-year deterioration by this index).
• DEPI = 0.8602 (Depreciation Index; measures change in depreciation policies relative to depreciation expense — below 1 can indicate higher depreciation expense or lower estimated remaining life, i.e., not signaling lower depreciation), and GMI = 0.0919 (Gross Margin Index; below 1 implies gross margins have not deteriorated per the index).

Ownership is highly concentrated among five individuals: Bùi Việt Hoài 26.6%, Trương Quang Long Triều 24.4%, Bùi Tuấn Anh 16.5%, Nguyễn Thị Hoàng Oanh 15.0%, and Trương Quang Anh Nguyên 10.0%. Such concentration means control rests with a small group of related or aligned shareholders. Director-deal items reported are registrations (1 sale registration in the year), which are exchange-disclosed intentions rather than completed trades.

• Compare FY2025 operating cash flow in the cash-flow statement with parent net profit in the income statement and reconcile the components of non-cash working-capital movement (notes to cash flows) to explain the 3-year cash-conversion ratio of -0.30.
• Inspect the trade receivables, prepayments and loans-receivable notes (and the related-party transaction schedules) to verify the composition that produces the receivables-outside-the-trade-cycle metric at 0.0% of total assets.
• Review the notes and schedules for related-party transactions, advances to/from related parties and other receivables/payables to assess whether SG&A growth (SGAI = 10.0000) or accruals (TATA = 0.2156) relate to group or intra-group reallocations.
• Locate the auditor’s report and the statutory statement lines that would show accumulated losses or parent net loss — confirm that accumulated losses are not reported and that parent profit shows 0 consecutive years of net loss up to FY2025, as stated.