ISG

• Beneish M-Score = -1.3549 (measures likelihood of earnings manipulation based on eight ratios); this is at the 82nd percentile among Vietnamese peers (higher = more aggressive accounting vs VN peers) and moved by -2.29 year-over-year (an unusually large trajectory vs prior year).
• DSRI (Days Sales Receivable Index) = 2.2879 (component of Beneish; measures relative growth in receivables to sales), suggesting receivables grew faster than sales in the period used.
• AQI (Asset Quality Index) = 1.1817 (component of Beneish; measures increases in non-current/non-operating assets or capitalisation that can inflate income), indicating rising asset-quality items relative to peers.
• TATA (Total Accruals to Total Assets) = 0.0107 (component of Beneish and accruals measure); while small in absolute terms it feeds into the M-Score and must be interpreted with other signals.
• Altman Z-Score = -0.73 (measures distance to bankruptcy; value in the distress zone), signalling balance-sheet weakness.
• Owner’s equity (excluding minority interest) = negative (a balance-sheet deficiency reported in the audited statements).
• Accumulated losses = 2.86x paid-in capital (explicitly reported; a statutory measure of losses relative to contributed capital).
• Cash conversion (3‑year operating cash flow / net profit) = 0.19 (26th percentile among Vietnamese non-financial companies), indicating profits have not converted well into operating cash over three years.
• Earnings-quality sub-scores: Receivables quality = 0.0/100 and Margin quality = 0.0/100 (these scores measure, respectively, the likelihood that receivables are collectible/in the normal trade cycle and the sustainability/quality of margins).

• Piotroski F-Score = 7/9 (measures several fundamentals: profitability, leverage/liquidity, operating efficiency; a higher score indicates relatively strong operational/fundamental signals).
• Accruals quality = 95.7/100 (measures the size and direction of accruals relative to assets and earnings; high score suggests low-risk accruals behavior).
• GMI (Gross Margin Index) = 0.7198 (component of Beneish; a value <1 indicates gross margins improved relative to the prior period), which helps explain part of the earnings strength captured by the Piotroski score.
• SGI (Sales Growth Index) = 0.9513 (component of Beneish; <1 indicates sales did not accelerate relative to the prior period, reducing one classic manipulation motive tied to rapid growth).

Ownership is concentrated: Tổng Công ty Hàng hải Việt Nam (a state-owned maritime corporation) holds 36.0%, and four individuals together hold a further 47.1% (Đào Nguyên Phương 17.0%, Nguyễn Ngọc Minh 14.5%, Nguyễn Vũ 11.4%, Nguyễn Tuấn Anh 5.2%). No director-deal registrations were provided in the supplied data (director deal registrations are exchange-registered intentions, not executed trades).

• Compare the 'Receivables, loans and other long-term receivables' lines and related-party note in the FY2025 audited statements to confirm the disclosed 0.0% of total assets classified as receivables outside the trade cycle and to identify any related-party reclassifications.
• Reconcile the consolidated cash flow from operating activities (3-year sum or per-year line) with consolidated net profit to reproduce the cash conversion ratio of 0.19 and to trace which years and items drive the shortfall.
• Inspect the equity note and retained earnings / accumulated losses schedule in the FY2025 audited statements to confirm 'accumulated losses = 2.86x paid-in capital' and to show the components (prior-year losses, adjustments, reserves) that produced negative owner’s equity.
• Review the related-party transactions, group/company note and any schedules of advances/prepayments to related parties or loans to/from affiliates (VAS disclosures) to check for material balances that could affect receivables, asset quality (AQI), or cash conversion.