UPCOM:CGV

• Beneish M-Score = 3.263: measures the likelihood of earnings manipulation using eight ratios; company ranks in the 98th percentile versus Vietnamese peers (higher = more aggressive accounting) and the M-Score rose by +6.30 year-over-year (a substantial trajectory signal).
• DSRI = 1.3728: (Days' sales in receivables index) indicates receivables growing faster than sales, a component that raises the M-Score.
• GMI = 4.2850: (Gross margin index) >1 signals worsening gross margins year-over-year; here it is markedly >1, contributing to the high M-Score.
• SGI = 5.0785: (Sales growth index) well above 1, showing rapid sales growth—high SGI increases manipulation risk in Beneish’s model.
• TATA = 0.0450 (total accruals to total assets): positive accruals suggest earnings are outpacing cash flow; while not huge in isolation, it contributes to weaker earnings quality.
• Earnings Quality = 21.1/100 with Cash conversion = 0.8/100 and Receivables quality = 0.0/100: operating cash flow is not converting reported profit into cash, and receivables metrics score at the bottom, both indicating low quality of reported earnings.
• Altman Z-Score = 1.33: places the company in the distress zone (Z < 1.8 by the original model), indicating low distance to bankruptcy per the Z-Score inputs.
• Margin quality = 2.8/100 and Revenue quality = 0.0/100: margins and revenue measures are extremely weak, consistent with the high GMI and SGI components of the M-Score.

• Accruals quality = 82.0/100: the accruals component scores strongly, suggesting accrual-based adjustments are relatively high-quality compared with peers.
• Receivables outside the trade cycle = 3.6% of total assets (60th percentile): the level of non-trade receivables/prepayments/loans is moderate versus Vietnamese peers, not unusually large.
• Piotroski F-Score = 6/9: measures fundamental health (profitability, leverage/liquidity, operating efficiency); a 6 is neutral-to-moderately positive rather than strongly negative.

Shareholding is concentrated among a few individuals: Trần Lê Dũng 15.1%, Lưu Quang Hưng 12.1% and three other holders >5% (Hà Quang 7.1%, BHN 6.0%, Lê Quang Tuấn 5.6%). There is a mix of individual and institutional/state-linked ownership (BHN is a listed beverage SOE conglomerate), implying potential influence from large insiders and group relationships.

• Compare the FY2025 note on trade receivables and the schedule of related-party receivables/prepayments to verify the components behind DSRI = 1.3728 and the reported 3.6% of assets in receivables outside the trade cycle.
• Reconcile the consolidated cash flow from operations and the parent-company profit to confirm the 3-year cash conversion ratio = 0.15 (operating cash flow / net profit) and the Cash conversion score = 0.8/100.
• Inspect the revenue-recognition note and the schedule of sales by customer and timing (including any large year-end sales or returns provisions) to assess drivers of SGI = 5.0785 and Revenue quality = 0.0/100.
• Review the audit report and the statement of owners’ equity to confirm the accumulated losses metric (0.10x paid-in capital), the absence of consecutive-year parent net losses up to FY2025, and the company’s UPCoM listing status with respect to statutory loss-test rules.