VEA

• Beneish M-Score -1.2713 (84th Vietnam peer percentile): the M-Score combines eight empirical ratios to flag accounting anomalies; this company sits above most Vietnamese peers (higher = more aggressive signals).
• TATA = 0.2573: Total accruals to total assets of 0.2573 measures the extent earnings are driven by accruals rather than cash; a materially positive value is a signal that profits include significant accrual components.
• SGAI = 1.2675: the ratio of (SG&A / sales) year-over-year is 1.2675, indicating SG&A scaled up relative to sales (measures selling/general/admin expense growth vs sales).
• Cash conversion (three-year operating cash flow / net profit) = -0.01 (22nd percentile among VN non-financials): measures ability to turn reported profit into operating cash; negative and low percentile indicate profits have not translated into cash over three years.
• Earnings Quality Score 30.7/100 with accruals quality 19.0/100 and revenue quality 0.0/100: these sub-scores measure the reliability of accruals and the sustainability/quality of reported revenues — both are weak here.

• Altman Z-Score = 22.87 (safe zone): measures distance to bankruptcy using a multi‑ratio model; a very high score signals low bankruptcy risk under that model.
• Piotroski F-Score = 6/9: a composite of profitability, leverage/liquidity, and operating efficiency signals neutral-to-favourable fundamental trends.
• Receivables quality = 100.0/100 and DSRI = 0.9954: receivables-as-sales (DSRI ~0.9954) is stable and the receivables-quality metric is perfect (measures proportion of receivables that look like core trade receivables vs outside-the-trade-cycle items like loans or long-term receivables).
• AQI = 0.9850 and DEPI = 0.8872: the asset-quality index (AQI < 1) suggests fewer non-current asset write-ups or reclassifications compared with the prior period, and DEPI < 1 indicates an increased depreciation rate (both are, in Beneish terms, not strong manipulation signals).
• LVGI = 1.0032 and SGI = 1.0882: leverage changed little (LVGI ~1.00) and sales grew modestly (SGI 1.0882), consistent with stable financing and moderate growth.

Ownership is highly concentrated: the Ministry of Industry and Trade holds 88.5% (state ownership), with three institutional investors holding 3.5%, 3.0% and 1.3% and a small individual at 0.1%. Such concentration implies the state is the controlling shareholder and limits free-float; director-deal registrations were not provided in the data (registrations, when present, are intentions recorded with the exchange, not executed trades).

• Compare the FY2025 consolidated operating cash flow (statement of cash flows) with consolidated net profit (income statement) and reconcile the three-year cash-conversion ratio in management discussion/notes.
• Inspect the related-party note and the receivables/other receivables schedules for the 0.8% of total assets labelled as "receivables outside the trade cycle" to see composition (prepayments to suppliers, loans receivable, long-term receivables).
• Examine the notes on revenue recognition and on accruals (provisions, deferred revenue, accrued expenses) to understand drivers behind the revenue-quality = 0.0/100 and the TATA = 0.2573 accruals level.
• Review the auditor’s report and any subsequent events or going-concern disclosure in the FY2025 audit file, and check the statement of changes in equity for accumulated undistributed earnings (the dataset shows no accumulated losses and positive owner's equity excluding minority interest).