VE1

• Beneish M-Score = 3.5993 (measures likelihood of earnings manipulation based on eight financial ratios); company is at the 99th percentile versus Vietnamese peers, and the M-Score increased by +4.73 year-on-year (the change is a secondary cue given low serial correlation). Note: the -1.78 cutoff is US-calibrated and about 28% of Vietnamese stocks exceed it, so peer percentile and trajectory matter here.
• SGI (Sales Growth Index) = 10.0000 (measures growth in sales; an unusually high value can indicate aggressive revenue recognition or one-off spikes).
• LVGI (Leverage Index) = 2.9835 (measures change in leverage; a large increase suggests rising debt relative to assets/equity).
• AQI (Asset Quality Index) = 1.3718 (measures shifts toward less tangible/short-term assets; >1 can indicate capitalizing or reclassifying expenses to assets).
• Margin quality = 0.0/100 and Revenue quality = 0.0/100 (these earnings-quality components measure stability and sustainability of margins and revenue; both at the bottom of the scale are concerning for reported profitability).
• Altman Z-Score = 1.31 (measures distance to bankruptcy; 1.31 places the company in the distress zone for default risk).
• Three-year cash conversion (operating cash flow / net profit) = 11.81, at the 97th percentile among Vietnamese non-financials (this measures how much reported profit converts into operating cash; a very low ratio here indicates profit is not converting into cash).

• Accruals quality = 100.0/100 (measures the quality of accrual accounting; a perfect score suggests reported earnings are not driven by abnormal accruals).
• Cash conversion quality = 100.0/100 (measures short-term cash-generating ability relative to profit in detailed scoring; a high score here is supportive of cash-related disclosures despite the three-year aggregate cash-conversion ratio being weak).
• Receivables quality = 100.0/100 and Receivables outside the trade cycle = 0.5% of total assets (24th percentile) (these measure whether receivables are unusual or dominated by loans/prepayments; both indicate receivables are not a major off-cycle concern).
• Piotroski F-Score = 7/9 (measures nine fundamental signals of financial strength; a 7 suggests generally solid fundamentals).
• No statutory loss tests met under Decree 155/2020 Art. 120(1)(e) as amended (these are the published-statement facts that would trigger exchange cancellation tests; none were met for FY2025).
• Owner's equity (excluding minority interest) is positive and net parent profit has not been a loss in any of the last 0 consecutive years up to FY2025 (indicates equity is intact and parent did not report a statutory loss).

Top ownership is relatively concentrated: Công ty TNHH Đỗ Huấn (institution) holds 21.6%, and four named individuals together hold 39.7% (Hao Dan 14.8%, Lê Đình Chiến 13.2%, Nguyễn Thị Miền 6.2%, Xu Xiu Li 5.5%). No director-deal registrations were provided in the dataset (director-deal registrations, when present, are exchange-registered intentions rather than executed trades).

• Compare the FY2025 and FY2024 schedules for prepayments, long-term receivables and loans receivable in the notes (verify the line items that feed the 'receivables outside the trade cycle' 0.5% of assets).
• Reconcile the consolidated cash-flow statement (operating cash flow) with consolidated net profit and the detailed reconciliation of profit-to-cash (explain the three-year cash-conversion ratio of 11.81 and the components of operating cash flows).
• Inspect the revenue breakdown and the notes on significant contracts, related-party sales and revenue recognition policies (given SGI = 10.0000 and revenue-quality = 0/100).
• Review the debt and lease note and the movement in liabilities that produce LVGI = 2.9835 and Altman components (confirm sources of rising leverage and whether any off-balance financing is disclosed).