JVC

• Beneish M-Score -1.3126 (83rd percentile among Vietnamese peers; above many peers and moving +0.08 year-over-year). The M-Score aggregates eight ratios — here DSRI 1.1815, GMI 1.2366, SGI 1.2479, DEPI 1.5246, SGAI 0.6935, LVGI 1.1932, AQI 0.9999 and TATA 0.1292 — where higher DSRI, GMI, SGI, DEPI and LVGI raise the M-Score and TATA (total accruals) is positive (0.1292).
• Altman Z-Score 0.90 (in the distress zone). This measures distance to bankruptcy using leverage, profitability, liquidity and activity — 0.90 indicates a short statistical distance to financial distress.
• Piotroski F-Score 2/9 (weak operational and profitability signals). This score aggregates nine binary tests of profitability, leverage/liquidity, and operating efficiency; a 2 indicates most tests fail.
• Earnings Quality Score 30.8/100 with Cash conversion 0.0/100 and Receivables quality 23.7/100. Specifically, three-year cash conversion (operating cash flow / net profit) = -0.06 (21st percentile among VN non-financials), showing profits have not converted into cash.
• High proportion of receivables outside the trade cycle: 13.0% of total assets (85th percentile). This includes prepayments to suppliers, loans receivable and other long-term receivables and can signal non-trade receivables concentration.
• Accumulated losses equal 0.85x paid-in capital. While owner's equity excluding minority interest is positive, the accumulated losses measure indicates substantial historical retained losses relative to paid-in capital.

• AQI (Asset Quality Index) 0.9999, effectively 1.0, indicating little deterioration in unspecified asset quality by the AQI component's measure (AQI close to 1 implies asset composition not aggressively shifted toward less tangible or long-lived assets).
• SGAI (Sales, General & Administrative index) 0.6935 (<1), which suggests SGA expenses scaled to sales have not accelerated relative to prior year under the SGAI metric.
• Revenue quality 51.5/100 and margin quality 35.1/100 are middling rather than at extreme poor levels, and revenue-quality is above the weakest bands, indicating some portion of top-line and margin behavior is not entirely anomalous.
• Statutory loss tests: none met under Decree 155/2020 Art. 120(1)(e) as amended by Decree 245/2025; the published audited statements do not meet the exchange’s statutory-loss criteria for delisting.

Top shareholders are somewhat concentrated: Công Ty Cổ Phần Quản Lý Và Đầu Tư Dtn Việt Nam holds 15.1%, and several institutional and individual shareholders hold 4–5% each (Vietnam Equity Holding 4.9%, Nguyễn Văn Hiếu 4.9%, Lê Văn Hướng 4.3%, PYN Elite Fund 4.1%). No director-deal registrations were provided in the data supplied (director-deal registrations are intentions filed with the exchange, not executed trades).

• Compare the FY2025 note(s) on receivables and other receivables: reconcile the line items for 'prepayments to suppliers', 'loans receivable' and 'other long-term receivables' to the 13.0% of total assets figure and disclose counterparties and terms.
• Reconcile operating cash flows to reported profit: verify the components of cash flows from operating activities in the cash flow statement and the reconciliation to net profit to explain the three-year cash conversion ratio of -0.06.
• Inspect the related-party disclosures and schedule(s) for balances and transactions with major shareholders, management and affiliated entities (look for large advances, non-trade receivables or guarantees that could explain receivables outside the trade cycle).
• Review the audited retained earnings/accumulated losses line and paid-in capital note to confirm the 0.85x accumulated-losses-to-paid-in-capital ratio and the statutory-loss disclosures that explain why none of the statutory loss tests were met.