UPCOM:ACM

• Beneish M-Score = -0.4873 (92nd percentile among Vietnamese peers). The M-Score combines eight ratios to screen for earnings manipulation; a higher percentile vs peers means the company's pattern of ratios is relatively aggressive in the VN universe. The year-over-year change +3.54 shows a notable move in these ratios compared with last year.
• DSRI (Days' Sales Receivables Index) = 1.9356. DSRI > 1 indicates receivables have grown faster than sales, consistent with slower collection or sales recognized earlier than cash collection.
• GMI (Gross Margin Index) = 3.3190. GMI > 1 signals gross margin deterioration (or margin pressure) relative to the prior year, which can pressure management to try to sustain reported earnings by accounting means.
• Receivables quality = 0/100 and Revenue quality = 0/100. These scores indicate very weak signals on the reliability of reported revenue and receivables recognition.
• Altman Z-Score = -0.05 (distress zone). This metric measures distance to bankruptcy; a negative Z-Score is in the distress range, signalling fragile solvency metrics by the Altman model.
• Receivables outside the trade cycle = 8.1% of total assets (81st percentile among VN non-financials). This line includes prepayments to suppliers, loans receivable and other long-term receivables and is high relative to peers, consistent with the elevated DSRI and the low receivables-quality score.

• Accruals quality = 100/100. This indicates the company's overall accruals pattern (difference between accruals-based and cash earnings) looks clean relative to the scoring model.
• Cash conversion = 100/100. Operating cash flow trends relative to reported profits score very well, suggesting reported profits are supported by cash flow.
• TATA (Total Accruals to Assets) = -0.0045. A near-zero TATA indicates small total accruals as a share of assets for the period measured, consistent with the high accruals-quality score.
• LVGI (Leverage Index) = 1.0565 and DEPI = 1.0000. DEPI = 1.0000 shows no detectable change in depreciation policies in the Beneish inputs; LVGI only modestly above 1 indicates limited upward pressure from leverage in the M-Score construction.
• Piotroski F-Score = 6/9. This is an overall neutral-to-favourable fundamental score, showing several improving or stable fundamental metrics despite the distress-zone Altman Z-Score.

Ownership is concentrated in individuals: the largest shareholder, Nguyễn Xuân Thanh, holds 9.8%; the next largest is 3.9%; several other individuals hold small stakes. There is no large state or corporate block listed in the provided top-shareholder data; director-deal registrations were not provided in the input (registrations, if any, would be disclosures of intent rather than executed trades).

• Compare the year-over-year change in Trade Receivables and ‘Loans receivable’ / ‘Other long-term receivables’ lines in the consolidated balance sheet and the related-party note to reconcile the DSRI = 1.9356 and the 8.1% of assets flagged as receivables outside the trade cycle.
• Reconcile reported revenue and revenue-recognition notes (revenue by contract type or by segment) with the cash receipts and the cash-flow-from-operations line to investigate Revenue quality = 0/100 versus Cash conversion = 100/100.
• Review the notes to determine composition of the 'Prepayments to suppliers' and 'Loans receivable' included in the 8.1% figure (identify counterparties, maturities and related-party disclosures).
• Check the depreciation policy note and fixed-asset schedules to confirm DEPI = 1.0000 (no material change in depreciation methods or useful lives) and confirm there were no policy changes that might affect reported margins.