VC7

• Beneish M-Score = -1.5655 (measures likelihood of earnings manipulation relative to financial ratios). This score sits at the 78th percentile versus Vietnamese peers (higher = more aggressive accounting) and moved +0.36 year-over-year, indicating an upward trajectory in the manipulation signal relative to last year.
• SGI (Sales Growth Index) = 1.8137 (measures sales growth; rapid growth can invite aggressive recognition).
• GMI (Gross Margin Index) = 1.2684 (measures deterioration in gross margins; >1 suggests worsening margins versus prior year).
• LVGI (Leverage Index) = 1.3668 (measures rising leverage; >1 indicates leverage increased year-over-year).
• DEPI (Depreciation Index) = 1.1092 (measures changes in depreciation policy; >1 can signal depreciation slowing or asset-life extension).
• TATA (Total Accruals to Total Assets) = 0.0623 (measures accruals relative to assets; positive accruals can indicate earnings not backed by cash).
• Earnings-quality sub-scores: Cash conversion = 0.0/100 and Revenue quality = 0.0/100 (these measure operating cash conversion and revenue reliability, respectively).
• Altman Z-Score = 1.31 (measures distance to bankruptcy; 1.31 lies in the distress zone).
• Three-year cash conversion (operating cash flow / net profit) = -6.74, ranked at the 4th percentile among VN non-financials (low — reported profit is not converting into cash).
• Receivables outside the trade cycle = 40.5% of total assets (98th percentile among VN peers), indicating a large portion of assets are prepayments, loans receivable or other long-term receivables rather than trade receivables.

• Receivables quality = 100.0/100 (measures how receivables behave relative to revenue and collectibility; this score indicates strong metrics on conventional receivables).
• Accruals quality = 75.1/100 (measures quality of accruals; a relatively high score suggests reported accruals are less suggestive of manipulation).
• Piotroski F-Score = 5/9 (measures nine fundamental signals; a middle score indicating neutral operating and financial fundamentals rather than clear deterioration).
• No accumulated losses and owner's equity (excluding minority interest) is positive; statutory loss tests under the exchange rules are not met (the audited annual statements do not meet the statutory criteria for listing cancellation under Decree 155/2020 Art.120(1)(e) as amended).

Ownership is highly concentrated: an individual (Hoàng Trọng Đức) holds 40.2% and four other individuals hold between 5.5% and 9.3%, together suggesting strong insider control. Director-deal registrations from 2025-10-30 to 2026-10-30 show 1 purchase registration (500,000 shares) and 0 sale registrations, with net registered volume +0.52% of shares outstanding (registrations are intentions disclosed to the exchange, not executed trades).

• Compare the FY2025 'Receivables and prepayments' note and the long-term receivables schedule to verify the components that make up the 40.5% of total assets reported as receivables outside the trade cycle.
• Reconcile the cash-flow statement (operating cash flow) with parent profit to confirm the three-year operating cash flow / net profit trend that produced the -6.74 figure.
• Review the depreciation policy note and fixed-asset schedules to explain the DEPI = 1.1092 signal (changes in useful lives or depreciation method).
• Inspect related-party disclosures and the schedule of loans to/from related parties to see whether a material portion of receivables outside the trade cycle are related-party prepayments or loans.