VIM

• Beneish M-Score = -1.4121 (measures likelihood of earnings manipulation patterns); Vietnam peer percentile = 81st (this company scores more aggressively than 81% of Vietnamese peers) and Year-over-year change = +1.64 (the accounting profile has moved materially compared with last year).
• DSRI (Days Sales Receivable Index) = 1.3740 (measures abnormal growth in receivables relative to sales; >1 suggests receivables rising faster than sales).
• TATA (Total Accruals to Total Assets) = 0.1664 (measures accrual-based earnings; a relatively high positive number indicates profits driven by accruals rather than cash).
• Earnings Quality = 15.4/100 with Cash conversion = 0.0/100 and Receivables quality = 0.0/100 (measures show poor conversion of reported profit into cash and weak receivables quality).
• Three-year cash conversion (operating cash flow / net profit) = -1.56 (11th percentile among Vietnamese non-financials; low implies profit is not turning into operating cash).
• Receivables outside the trade cycle = 7.0% of total assets (74th percentile; indicates non-trade items such as prepayments, loans to related parties or long-term receivables are material).
• Altman Z-Score = 2.02 (measures distance to bankruptcy; the grey zone implies limited cushion compared with healthy firms).
• SGAI (Sales, General & Admin index) = 1.0493 and GMI (Gross Margin Index) = 1.0721 (both >1; SGA rising relative to sales and gross margins deteriorating vs prior year, pressure on core profitability).

• AQI (Asset Quality Index) = 0.8186 (measures change in non-earning assets; <1 can indicate improved asset quality or lower capitalisation of costs).
• DEPI (Depreciation Index) = 0.9518 (measures change in depreciation policies; <1 suggests depreciation expense rose relative to prior year, not that depreciation was relaxed to inflate profits).
• SGI (Sales Growth Index) = 1.0442 (measures sales growth; modest growth rather than extreme expansion).
• LVGI (Leverage Index) = 1.1372 (measures change in leverage; indicates some increase in leverage but not extreme), and Accumulated losses: none / Owner's equity (parent) positive (the company is not reporting accumulated statutory losses and equity is positive).
• Piotroski F-Score = 4/9 (neutral fundamentals; not strongly deteriorated on the typical nine-profitability/liquidity/efficiency checks).

VGC (Tổng Công ty Viglacera) holds 51.0% and therefore has control; several other listed subsidiaries are held by the same parent. Top individual shareholders hold small stakes (largest individual 4.7%). The company is majority-controlled by a large listed state-affiliated group, which can affect related-party activity, intra-group transactions and reporting choices under Vietnamese practice.

• Compare receivables outside the trade cycle (7.0% of total assets) with the related-party note and the schedule of loans/advances to see counterparty, terms and maturities.
• Reconcile operating cash flows to reported net profit in the cash-flow statement and the notes to explain the three-year cash conversion = -1.56 (check non-cash items and changes in working capital).
• Inspect the fixed-asset and depreciation notes to verify the components behind DEPI = 0.9518 and any changes in useful lives or residual values.
• Review the parent/group related-party transaction disclosures and intercompany balances (given VGC’s 51.0% control) for the nature and scale of intra-group transfers, prepayments or guarantees.