VCE

• Beneish M-Score -0.2502 (92nd Vietnam percentile): the M-Score is above most Vietnamese peers (92nd percentile), signalling relatively more aggressive accounting versus peers; year-over-year change +2.44 indicates a material shift in the M-Score trajectory compared with the prior year.
• DSRI (Days Sales in Receivables Index) = 5.1406: DSRI far above 1 signals receivables (or reported sales relative to receivables) changed markedly year-on-year, often associated with revenue recognition or collectability issues.
• SGAI (Sales, General & Administrative expenses Index) = 5.5382: SGAI well above 1 indicates SGA expenses grew much faster than sales, which can reflect expense capitalization, reclassification, or timing differences used to influence margins.
• TATA (Total Accruals to Total Assets) = -0.0159 combined with Cash conversion 16.5/100 and Receivables quality 0/100: operating cash conversion is weak while accrual-based measures score well, a pattern that can indicate earnings are not being converted into cash.
• Margin quality 0/100: reported margins are not supported by the quality metric used here, suggesting reported profits may be fragile or supported by non-recurring items.
• Altman Z-Score 2.05 (grey zone): distance to bankruptcy is moderate and not clearly safe, which is a financial-health concern to note alongside accounting signals.

• Accruals quality 100.0/100: accrual measures (TATA and related inputs) indicate low abnormal accruals by the metric used, which is a strength for earnings reliability on an accrual basis.
• AQI = 1.0000 and DEPI = 1.0000: Asset quality index and depreciation index equal to 1 imply no detectable change in asset mix or depreciation policy according to these inputs.
• LVGI = 1.0028 and GMI = 0.9982: leverage-growth and gross-margin indices close to 1 show no large structural change in leverage or gross margin on the specific Beneish sub-indices.
• Vietnamese checks: Receivables outside the trade cycle = 0.0% of total assets (5th percentile) and no accumulated losses — the company reports minimal non-trade receivables and positive retained earnings, which are favorable facts in the filings.

Control is highly concentrated: CMS holds 68.4% (control) and the state-related TKV holds 30.0%, together representing essentially full control by two large shareholders. No director-deal registrations were provided in the data; majority control increases the influence of the controlling shareholder(s) on reporting decisions.

• Compare the FY2025 trade receivables line and the notes on 'loans receivable / other long-term receivables' to verify the 0.0% of total assets reported as receivables outside the trade cycle.
• Inspect the revenue and receivables ageing notes for FY2025 to reconcile the DSRI = 5.1406 signal with disclosures on revenue recognition policies and collectability provisions.
• Review the SGA breakdown and any notes on one-off expenses, reclassifications or capitalization in FY2025 to understand drivers of SGAI = 5.5382.
• Check the cash flow statement and the operating cash conversion reconciliation for FY2025 to reconcile Cash conversion 16.5/100 with the high accruals quality (100/100) and TATA = -0.0159.