VLA

• Beneish M-Score = -1.1535: measures the likelihood of earnings manipulation using eight variables; this level sits at the 86th percentile among Vietnamese peers (higher percentile = more aggressive accounting vs VN peers). The M-Score rose by +0.22 year-over-year, indicating an upward movement in the manipulation signal.
• DSRI = 1.8476: the Days Sales Receivable Index compares receivables (and revenue recognition) to prior period; a value well above 1 implies receivables or days sales outstanding grew materially relative to revenue, a common early signal of revenue recognition pressure.
• TATA = 0.2108: Total Accruals to Total Assets is positive and sizable (0.2108), indicating net accruals (profit not matched by cash) are a material proportion of assets.
• Earnings Quality Score = 7.6/100 with component failures: Accruals quality 30.5/100, Cash conversion 0.0/100, Receivables quality 0.0/100, Margin quality 0.0/100, Revenue quality 0.0/100 — these component scores signal weak cash conversion of reported profit, poor receivables quality, and low reliability of reported margins and revenue measures.
• Cash conversion (3-year operating cash flow / net profit) = -10.87 (3rd percentile vs VN peers): net profit is not converting into operating cash over three years, a serious accounting/cash-generation disconnect.
• Receivables outside the trade cycle = 0.0% of total assets (4th percentile vs VN peers): unusually low reported non-trade receivables can reflect classification choices (e.g., hiding related-party loans inside other balances) or genuine absence of such items; the combination with a high DSRI suggests receivables growth concentrated in trade-receivables lines.
• SGAI = 1.0284 and DEPI = 0.9375: slightly higher selling/general/admin relative to sales (SGAI >1) while depreciation index <1 (DEPI <1) — mixed operating-cost signals that can accompany accounting shifts in expenses/estimations.

• Altman Z-Score = 9.37: this score measures bankruptcy distance; 9.37 is well inside the ‘safe’ zone, indicating a large cushion against financial-distress metrics embedded in the formula.
• Piotroski F-Score = 5/9: this composite of profitability, leverage/liquidity, and operating efficiency is neutral (neither strongly healthy nor weak).
• GMI = 0.9286 and SGI = 0.8114: Gross Margin Index <1 indicates gross margins improved year-over-year, and Sales Growth Index <1 shows sales contracted year-over-year; improving margins and shrinking sales can be legitimate business outcomes rather than aggressive revenue growth.
• AQI = 0.0132 and LVGI = 0.4580: Asset quality index low (AQI near zero) suggests no large reclassification to non-current assets relative to peers in the AQI measure; LVGI (leverage index <1) suggests leverage did not increase sharply under the index's definition.

Ownership is highly concentrated among individuals: the top five holders are Đặng Trọng Khang 25.0%, Nguyễn Thành Tiến 11.5%, Nguyễn Hữu Thuận 10.0%, Nguyễn Thu Hà 9.4%, and Lê Anh Nguyên 5.4% (top five = 61.3%). No director-deal registrations were provided in the input (director-deal registrations, when present on exchange records, reflect intended dealings rather than completed trades).

• Compare the year-over-year change in trade receivables (and days sales outstanding) in the balance-sheet and revenue notes to the DSRI drivers (note or schedule showing receivables ageing and revenue by customer segment).
• Reconcile operating cash flow and profit in the cash-flow statement and management discussion: check the components of operating cash flow (working-capital movements, non-cash items) to understand the -10.87 three-year cash-conversion metric.
• Inspect the related-party transactions and loans/advances notes for any transfers, prepayments, or intercompany receivables that could explain receivables dynamics or low disclosed 'receivables outside the trade cycle'.
• Examine the audit report and notes on accounting estimates (depreciation policy, useful lives, impairment testing) to contextualise the DEPI <1 and any discretionary expense/estimate choices reflected in accruals (TATA = 0.2108).