VCP

• Beneish DSRI = 1.8292 (days-sales-receivables index measures widening receivables relative to sales; a value >1 suggests receivables growing faster than sales).
• Beneish AQI = 1.2522 (quality of accruals index greater than 1 indicates accruals composition has shifted toward lower quality accruals relative to peers).
• Earnings-Quality: Receivables quality = 0.0/100 and Revenue quality = 0.0/100 (both measure the reliability of reported revenues and receivable collectibility; scores at 0 indicate material concerns in those dimensions).
• Receivables outside the trade cycle = 27.2% of total assets (94th percentile among Vietnamese non-financials; this line captures prepayments to suppliers, loans receivable and other long-term receivables and is unusually large).
• Cash conversion (3y operating cash flow / net profit) = 1.77 (71st percentile; this low-ish ratio indicates profits are not fully converting into operating cash flows).
• Altman Z-Score = 1.37 (classified in the distress zone; this composite measures distance to bankruptcy using liquidity, profitability and leverage inputs).
• Beneish year-over-year change = +0.47 (the M-Score has shifted materially compared with last year; consecutive-year M-Scores have low serial correlation, so change is an informative secondary cue).

• Beneish TATA = 0.0219 (total accruals to total assets is low, which usually indicates reported earnings are not driven by large accruals flows).
• Earnings-Quality: Accruals quality = 91.2/100 (this high score indicates the accruals component appears consistent and of relatively high quality).
• Piotroski F-Score = 5/9 (a neutral fundamentals score: neither strongly adverse nor strongly healthy across profitability, liquidity and operational efficiency tests).
• SGAI = 0.7504 (selling, general & administrative expenses index below 1 suggests SGA is not exploding relative to sales growth).
• No accumulated losses and owner's equity (excluding minority interest) is positive; parent net loss count = 0 years up to FY2025 (the statutory financial statements do not show the balance-sheet loss conditions some listing rules target).

Top shareholders are concentrated among institutions: Công Ty Cổ Phần Dh Holdings 17.6%, Công ty Cổ Phần Đầu Tư Vsd 14.3%, Công ty TNHH MTV V - Trade 9.2%, Tổng Công ty Sông Đà 7.1%, and an individual Lê Quốc Hương 5.9%. The largest holdings are institutional and together imply meaningful block ownership but not a single controlling owner disclosed here.

• Compare the line(s) in the 2025 balance sheet and notes for 'receivables and prepayments' to total assets and reconcile the 27.2% figure (identify amounts classified as prepayments to suppliers, loans receivable and long-term receivables).
• Reconcile the cash-flow statement operating cash flow for FY2023–FY2025 with reported net profit to reproduce the 3-year cash-conversion ratio of 1.77 and inspect drivers in the operating cash-flow reconciliation (changes in working capital, non-cash items).
• Inspect revenue recognition notes and the accounts-receivable aging schedule in the 2025 annual report to verify the components that produce DSRI = 1.8292 and to test collectibility assumptions or related-party balances.
• Review the audited equity and retained-earnings lines (parent) and the auditor’s report to confirm there are no accumulated losses and that owner's equity (excluding minority interest) is positive, noting UPCoM listing status where the HOSE/HNX statutory delisting rule does not apply.