VCG

• Beneish M-Score -1.6767 (measures likelihood of earnings manipulation based on 8 accounting ratios) and ranked at the 75th percentile versus Vietnamese peers (higher percentile = more aggressive accounting than most Vietnamese firms). Note year-over-year change +1.48 (the accounting profile has moved materially compared with prior year).
• DSRI (Days Sales Receivable Index) = 1.6806 (measures growth in receivables relative to sales; values >1 suggest receivables growing faster than sales).
• Receivables outside the trade cycle = 24.5% of total assets (measures prepayments, loans receivable and other long-term receivables; 93rd percentile among Vietnamese non-financials), indicating large non-trade receivable balances.
• Receivables quality score = 0.0/100 and Revenue quality = 17.7/100 (these measure whether reported revenues and receivables are supported by cash flows and normal trade patterns).
• Cash conversion three-year ratio = 1.51 (operating cash flow / net profit; 64th percentile — higher percentile here indicates profit not converting well to cash; values near or above 1.0 often show weak cash conversion relative to reported profit in this dataset).
• SGI (Sales Growth Index) = 1.2487 and DEPI (Depreciation Index) = 1.1887 (SGI >1 shows sales growth; DEPI >1 indicates slower reported depreciation or longer useful lives compared with prior year, which can boost reported profit).
• Altman Z-Score = 2.09 (measures distance to bankruptcy; 2.09 places the company in the 'grey zone' where financial distress risk is neither low nor extreme).

• Accruals quality = 86.9/100 (measures quality of accruals relative to cash flows; a high score suggests accruals are not the main driver of reported profit).
• TATA (Total Accruals to Total Assets) = 0.0328 (measures discretionary accruals; a relatively small positive number indicates limited total accruals on the balance sheet).
• AQI (Asset Quality Index) = 0.4267 (measures proportion of non-current assets and intangibles; values <1 can indicate asset base not being increased via capitalization of expenses — here it is below 1).
• Piotroski F-Score = 6/9 (measures nine fundamental signals; a 6 is a neutral-to-moderately healthy score, showing some underlying operational/financial strength).
• No accumulated losses and owner's equity (excluding minority interest) is positive; statutory loss tests under Decree 155/2020 (as amended) are not met — these are factual positives in the published statements.

The listed group shows concentrated control: the company controls multiple subsidiaries (e.g., 71.1% of VCC, 55.1% of VC1, 51.1% of ND2, 51.0% of VAV) and holds several 20%-25% stakes (VIW 25.0%, BDT 24.1%, GTD 24.0%), indicating an extensive group structure. Top shareholders include an institutional holder with 45.1% (Công ty Cổ Phần Đầu Tư Pacific Holdings) and several foreign institutional names (Vietnam Enterprise Investments Ltd 2.0%, Norges Bank 1.1%). No director-deal registrations were provided in the data (director-deal registrations are exchange filings of intended trades, not executed trades).

• Compare the 2025 line items for 'Receivables' and the notes for 'Prepayments and other receivables' to quantify the 24.5% of total assets classified as receivables outside the trade cycle and identify counterparties and related parties.
• Reconcile operating cash flow to reported net profit in the 2023–2025 cash flow statements and the notes to verify the three-year cash conversion ratio of 1.51 (check the components of operating cash flow: change in working capital, non-cash items, and one-off items).
• Review the fixed-asset and depreciation notes to confirm the components behind DEPI = 1.1887 (check for changes in useful lives, revaluations, or capitalization policies that would affect depreciation expense).
• Inspect related-party and group-structure disclosures (subsidiaries, associates, loans to/from related parties) to trace the large intra-group ownership (for example, the schedules showing ownership in VCC, VC1, ND2, VAV, VIW, BDT, GTD) and any intercompany receivables or prepayments.