UPCOM:ABC

• Beneish M-Score -2.0348 (64th percentile among Vietnamese peers; YoY change +2.43) — this measures a composite likelihood of earnings manipulation using eight ratios; the YoY move shows the accounting profile has trended toward more aggressive values relative to last year.
• SGAI (Selling, General & Administrative index) = 1.7167 — measures unusually large growth in SG&A relative to sales; high SGAI can signal expense capitalization or timing shifts in expense recognition.
• DEPI (Depreciation index) = 1.1726 — measures declining depreciation expense relative to gross PPE (which can inflate profits by reducing periodic depreciation).
• TATA (Total Accruals to Total Assets) = 0.1805 — measures accrual intensity; a relatively high positive accruals ratio indicates profit not matched by cash flows.
• LVGI (Leverage index) = 0.5428 — measures a fall in leverage (lower leverage index <1 can be associated with changes in financing or reclassification), which contributes to the M-Score movement.
• Earnings Quality score 29.6/100 with Cash conversion 0.0/100 and Margin quality 0.0/100 — the company shows weak conversion of reported profit into cash and weak margin persistence.
• Three-year cash conversion (operating cash flow / net profit) = -1.87 (10th percentile among Vietnamese non-financials) — over three years profits have not translated into operating cash, a liquidity/earnings quality concern.
• Director-deal registrations: one sale registration of 5,772,000 shares (net registered volume -28.31% of shares outstanding) disclosed during 2025-10-30 to 2026-10-30 — registrations are intentions registered with the exchange, not actual executed trades.

• Receivables outside the trade cycle = 0.5% of total assets (24th percentile) — measures prepayments, loans receivable and long-term receivables; the level is low relative to peers and suggests limited off-cycle receivables buildup.
• AQI (Asset quality index) = 0.9041 — measures changes in non-current assets and write-offs; AQI <1 indicates no clear large increase in potentially write-down-prone assets relative to previous year.
• DSRI (Days Sales in Receivables index) = 0.9587 — measures receivables growth relative to sales; DSRI below 1 suggests receivables have not grown faster than revenue.
• Altman Z-Score = 3.84 (safe zone) — measures distance to bankruptcy using profitability, leverage, liquidity and activity ratios; the score indicates a comfortable buffer against bankruptcy risk on the standard Altman scale.
• Piotroski F-Score = 6/9 — a neutral-to-positive signal on fundamentals (profitability, leverage/liquidity, and operating efficiency) rather than a failing fundamental profile.

Top shareholder is Tập Đoàn Bưu Chính Viễn Thông Việt Nam (institution) with 28.3% — a concentrated, likely strategic/state-related holding. Insiders/individuals hold smaller stakes (largest individual 3.9%). Director-deal registrations show a large sale intention registered equivalent to -28.31% of shares outstanding, but registrations are not executed trades.

• Compare FY2025 operating cash flow and the cash-flow statement line items with net profit to verify the three-year cash-conversion ratio cited (-1.87).
• Match the Receivables and Other Receivables / Prepayments notes in the FY2025 financial statements to the 0.5% of total assets figure for receivables outside the trade cycle.
• Inspect the notes to property, plant and equipment (PPE) for changes in depreciation policy or useful lives to reconcile DEPI = 1.1726 (declining depreciation expense relative to gross PPE).
• Review the SG&A note and management discussion for explanations of the SG A increase (SGAI = 1.7167) — look for reclassifications, one-off items, or capitalization policies.