UPCOM:SLD

• Beneish M-Score = 6.7119 (measures likelihood of earnings manipulation versus a US-derived threshold; here the company is at the 100th percentile among Vietnamese peers and the M-Score rose by +9.70 year-over-year, indicating a large change in the underlying ratios).
• DSRI = 9.9608 (Days Sales Receivables Index; this very large value suggests receivables or revenue timing/recognition divergence from past patterns).
• AQI = 7.3727 (Asset Quality Index; elevated value indicates reclassification or capitalization of expenses, or increases in intangible/long‑lived assets versus peers/own history).
• Receivables quality = 0.0/100 and Revenue quality = 0.0/100 (the earnings-quality model flags both as poorest possible scores, consistent with the high DSRI and weak margin quality).
• LVGI = 3.2704 (Leverage index; indicates leverage and financing changes relative to prior period that can affect reported profit persistence).
• SGAI = 1.6432 (Selling, General & Administrative expenses index >1; suggests SGA rose relative to sales, which can indicate cost reclassification or margin pressure).
• TATA = 0.0006 (Total Accruals to Total Assets; although small here, the rest of the indicators point to timing/revenue/receivable issues rather than pure total-accruals manipulation).

• Accruals quality = 99.8/100 (the model rates accruals as high-quality, indicating total reported accruals are not the primary flagged issue).
• Cash-conversion (3-year operating cash flow / net profit) = 1.12 (50th percentile among Vietnamese firms; shows operating cash broadly in line with reported profit over three years rather than being dramatically weaker).
• No accumulated losses and owner's equity (excluding minority interest) positive; net loss in parent profit = 0 years up to FY2020 (these are facts from the statements showing no statutory accumulated-loss trigger).
• Piotroski F-Score = 4/9 (neutral; some fundamentals are not severely deteriorated).

Ownership is highly concentrated: SAM Holdings holds 85.7% (control, disclosed 2026-03-31), with two other named individual shareholders at 5.6% and 0.0%. The company is part of a listed group controlled by SAM (which also holds 35.0% of DSP among group listings), so related‑party, intra‑group transactions and capital flows are important contextual factors under VAS and group reporting.

• Compare the year-over-year movement in trade receivables and the receivables aging schedule in the audited notes to the DSRI value (9.9608) and disclose whether receivables growth matches revenue recognition.
• Inspect the ‘Other long‑term receivables / Loans to related parties / Prepayments’ lines and the related‑party note to reconcile the 0.9% of total assets flagged as receivables outside the trade cycle.
• Review the composition of non-current assets and the notes on additions and reclassifications to assess drivers of the AQI = 7.3727 (capitalized costs, intangible increases or reclassifications).
• Check the statement of cash flows and the reconciliation of profit to cash from operations to confirm the 3‑year cash conversion ratio of 1.12 and to understand timing differences between profit and cash.