VCT

• Beneish M-Score -0.3729 (92nd percentile among Vietnamese peers). This measures a composite likelihood of earnings manipulation relative to peers; the company is in the top decile for aggressive accounting in Vietnam and the M-Score increased by +0.93 year-over-year, indicating a change in accounting signals.
• DSRI (Days' Sales Receivables Index) = 4.7620. DSRI measures receivables growth relative to sales and a value well above 1 suggests receivables are growing faster than sales (possible revenue recognition or collectability concerns).
• SGAI (Sales, General & Administrative Index) = 3.9026. SGAI measures growth in SG&A relative to sales; a large value (>1) indicates SG&A is growing faster than sales, which can signal discretionary expense capitalization or shifts in expense recognition.
• AQI (Asset Quality Index) = 1.2644 and LVGI (Leverage Index) = 1.0361. AQI >1 suggests increasing proportion of non-current or potentially less-liquid assets; LVGI >1 indicates rising leverage — both contribute to the M-Score trajectory.
• TATA (Total Accruals to Total Assets) = -0.0619. Negative total accruals can reflect accounting drivers in cash-flow timing; combined with other M-Score components it warrants scrutiny.
• Receivables outside the trade cycle = 18.3% of total assets (89th percentile). This comprises prepayments to suppliers, loans receivable and other long-term receivables and is high relative to peers, raising collectability and related-party/prepayment concerns.
• Accumulated losses = 1.70x paid-in capital and owner's equity (excluding minority interest) is negative. These are published-statement facts showing the company has cumulative losses exceeding contributed capital.
• Statutory loss tests: the audited statements show accumulated losses above paid-in capital and negative owner's equity. (Note: UPCoM listing is not subject to the HOSE/HNX automatic-cancellation rule mentioned in Decree 155/2020 Art.120(1)(e) as amended.)
• Altman Z-Score = -1.11 (distress zone). The Z-Score measures distance to bankruptcy; a negative score indicates financial distress metrics are weak.
• Piotroski F-Score = 3/9. This score summarizes fundamentals (profitability, leverage/liquidity, operating efficiency); a 3 indicates weak operational and financial improvements.

• Accruals quality = 100.0/100. This measures the degree to which earnings are supported by cash flows; a perfect score indicates reported earnings are fully supported by cash-flow-based measures of accruals.
• SGI (Sales Growth Index) = 0.1695 (well below 1). SGI <1 indicates sales did not grow rapidly year-over-year, which reduces one common pressure to manage earnings through revenue recognition.
• DEPI (Depreciation Index) = 1.0071 (close to 1). DEPI near 1 suggests no material change in depreciation policy or estimated useful lives in the period measured.

Ownership is highly concentrated among five individuals: Nguyễn Thị Thu Hương 24.0%, Nguyễn Quang Huy 22.0%, Nguyễn Thành Long 14.8%, Trần Đăng Lợi 9.1%, and Phan Hồng Quang 6.7%. This concentrated, individual-held register implies control is not widely dispersed; there is no separate statement here about director-deal registrations (the provided data are shareholdings).

• Compare the line-items and note for 'Receivables' and 'Other long-term receivables' in the FY2025 audited financial statements to quantify the 18.3% of total assets and identify counterparties and related-party disclosures.
• Reconcile revenue and receivables growth: examine the revenue note and the receivables ageing/sales-reconciliation to assess the DSRI (4.7620) drivers — look for large increases in trade receivables, prepayments, or long-term receivables relative to sales.
• Inspect the equity and accumulated-loss notes: verify the components that produce accumulated losses = 1.70x paid-in capital and the calculation that yields negative owner's equity (excluding minority interest).
• Review the cash-flow statement and the notes supporting accruals to confirm the Accruals quality = 100/100 and to see whether cash flows from operations substantiate reported profits (TATA = -0.0619 and cash conversion 40.0/100).