UPCOM:BHC

• Beneish M-Score 0.1737, 94th percentile vs Vietnamese peers and YoY change +3.21 — the score and its high peer percentile indicate accounting metrics that are more aggressive than most Vietnam-listed peers (note: the -1.78 US cutoff is not directly calibrated to Vietnam).
• DSRI (Days Sales Receivable Index) = 4.0747 — a large increase in receivables relative to sales, consistent with receivables growth or revenue recognition timing changes.
• GMI (Gross Margin Index) = 1.6084 — falling gross margins versus the prior period, which can pressure incentive to manage earnings.
• SGAI (Sales, General & Administrative Index) = 1.3997 — rising SG&A relative to sales, which can indicate cost pressure or reclassification risk.
• Receivables quality 0/100 and receivables outside the trade cycle = 1.6% of total assets (45th percentile) — poor receivables quality score combined with non-trade receivables presence raises questions about collectability and classification.
• Cash conversion three-year ratio = 6.73 (94th percentile among Vietnamese non-financials) — operating cash flow is very small relative to net profit over three years, showing profits are not being converted into cash.
• Owner's equity (excluding minority interest) is negative and accumulated losses = 2.75x paid-in capital — the financial statements show equity impairment and accumulated losses materially exceeding contributed capital.
• Altman Z-Score = -8.42 (distress zone) — indicates distance to bankruptcy on the Altman metric is very negative.
• Margin quality 0/100 — margins show deterioration or low quality, reinforcing earnings concerns.

• Accruals quality 100/100 — reported earnings appear to be driven by relatively low abnormal accruals by the accrual-quality metric.
• TATA (total accruals to assets) = -0.0383 — small negative total accruals indicating accruals are not large positive contributors to reported earnings.
• LVGI (Leverage Index) = 1.1100 — leverage increase is modest in the index (though balance-sheet leverage remains concerning given negative equity).
• Piotroski F-Score = 4/9 — a neutral score showing a mix of weak and some stable fundamentals rather than uniformly poor operational signals.

Ownership is highly concentrated among five individuals: Trần Quốc Lập 20.5%, Đặng Văn Hoan 20.5%, Nguyễn Văn Sơn 14.0%, Đàm Thanh Long 5.0%, and Phạm Hùng 0.5%. No director-deal registrations were provided in the input (registrations, when present, are declarations to the exchange and not executed trades).

• Compare the FY2025 notes: reconcile trade receivables and "other receivables / loans receivable / prepayments" to the balance-sheet line that supports the 1.6% of total assets figure for receivables outside the trade cycle.
• Inspect the cash-flow statement and the auditor's notes for reconciliation of net profit to operating cash flow across FY2023–FY2025 to verify the three-year cash-conversion ratio of 6.73.
• Locate the equity and accumulated-loss disclosure (statement of changes in equity and related notes) that shows accumulated losses = 2.75x paid-in capital and negative owner's equity (parent-level) reported for FY2025.
• Review the auditor's report and management discussion for explanations of significant margin or gross-margin changes supporting GMI = 1.6084 and SGA movements consistent with SGAI = 1.3997.