UPCOM:HSA

• High Beneish M-Score: 0.6363, at the 94th percentile versus Vietnamese-listed peers (the -1.78 US cutoff is not directly transferable; ~28% of Vietnamese firms exceed that US cutoff). The percentile shows the company’s combined indicators are more aggressive than most local peers.
• Sales Growth Index (SGI) = 6.6667 — measures year-over-year sales growth; this very high value indicates sales expanded rapidly and is a common area where accounting pressure can increase.
• Gross Margin Index (GMI) = 2.5000 — measures deterioration in gross margins; a value above 1 suggests margins worsened year over year, which can motivate earnings management.
• Total Accruals to Assets (TATA) = -0.4609 — measures accrual-based component of earnings; the negative large magnitude indicates material accrual movements relative to assets in the year.
• DSRI = 0.3977 — Days' Sales in Receivables Index below 1 typically indicates receivables fell relative to sales; combined with very high SGI this interplay merits scrutiny of revenue recognition and credit terms.

• Accruals quality = 100.0/100 — the accrual components score indicates accruals appear clean by the applied metrics.
• Receivables quality = 100.0/100 — measures that receivables behaviour and composition appear high quality under the assessed tests.
• Altman Z-Score = 9.50 — a distance-to-distress measure placing the company in the safe zone (low bankruptcy risk by this metric).
• Earnings-Quality overall = 78.6/100 — a solid composite score, reflecting particularly strong non-cash accounting and receivables measures despite weak cash conversion.

Ownership is highly concentrated: Lã Giang Trung holds 60.7% and Nguyễn Đình Chiểu 4.4%, indicating dominant control by a single individual. No director-deal registrations were supplied; if present they would be exchange-registered intentions rather than executed trades.

• Compare the year-over-year revenue growth and the SGI (6.6667) with the revenue note/schedule to verify the source of the large sales increase and any disclosures about one-off contracts or consolidation effects.
• Reconcile the TATA (-0.4609) with the statement of cash flows and the notes on accrual movements: check the reconciliation of net income to cash from operations and the notes on provisions/other accruals.
• Inspect the receivables and prepayments schedules: the 'receivables outside the trade cycle' line is 8.1% of total assets (81st percentile); verify the composition (prepayments to suppliers, loans receivable, other long-term receivables) in the related-party and receivables notes.
• Confirm statutory loss-test outcomes in the audited financial statements: the group reports accumulated losses equal to 0.41x paid-in capital and one consecutive-year net loss at parent level up to FY2018; note that the company trades on UPCoM where the HOSE/HNX statutory delisting test does not apply.