VMK

• Beneish M-Score -0.1026 (93rd Vietnam peer percentile, YoY change +0.86): the M-Score measures a composite likelihood of earnings manipulation; the company ranks more aggressive than 93% of Vietnamese peers and has a material upward trajectory year-over-year.
• Days Sales Receivable Index (DSRI) = 2.7033: this measures growth in receivables relative to sales; a DSRI well above 1 suggests receivables (or revenue recognition) are growing much faster than sales.
• Accruals / earnings signals: Earnings-Quality overall 30.3/100 with accruals quality 71.0/100 but Cash conversion 0.0/100 and Receivables quality 0.0/100 — these measure the extent to which reported profit converts to cash and the quality/collectibility of receivables; both are effectively nil.
• Piotroski F-Score = 3/9: this score measures nine fundamental signals (profitability, leverage/liquidity, and operating efficiency); a 3 indicates weak fundamentals and limited positive internal operating signals.
• TATA (Total Accruals to Total Assets) = 0.0724: this measures discretionary accruals relative to assets; a positive TATA indicates accruals are adding to reported profit rather than cash flows.

• Altman Z-Score = 8.98 (safe zone): this measures bankruptcy distance using working capital, retained earnings, EBIT, market value, and sales; the score indicates low short-term insolvency risk under the Altman model.
• DEPI = 0.9621 and SGAI = 0.8856: DEPI (depreciation index) below 1 implies depreciation expense has not been materially reduced; SGAI below 1 suggests selling/general/admin expenses have not been inflated relative to sales — both are not consistent with aggressive expense manipulation.
• LVGI = 0.7200 and SGI = 1.0149: low leverage-growth (LVGI) and near-1 sales growth index (SGI) suggest the company has not been exhibiting rapid growth financed by leverage that sometimes accompanies aggressive accounting.

Ownership is relatively concentrated: Công ty TNHH Quang Ngân Việt Nam holds 25.8% (institutional) while the listed individuals are registered at 0.0% in the provided table. The presence of a single large institutional shareholder (25.8%) indicates meaningful ownership influence; the company is listed on UPCoM (not HOSE/HNX), and the statutory listing-loss rule cited for HOSE/HNX does not apply to UPCoM.

• Compare FY2025 trade receivables, advances and "other receivables/loans to related parties" lines in the notes and the receivables aging schedule to assess the composition behind DSRI = 2.7033.
• Reconcile operating cash flow to parent net profit in the cash flow statement and the notes (statement of cash flows and auditor comments) to verify cash conversion = 1.06 (3-year) and Earnings-Quality cash-conversion 0.0/100.
• Inspect the related‑party transactions note for prepayments, loans, and balances with group companies or directors to see whether receivables outside the trade cycle (0.2% of assets) are concentrated in particular counterparties.
• Check the auditor’s report and any emphasis-of-matter/going-concern paragraph, plus the statutory financial statements for retained earnings and parent net profit lines, to confirm there are no accumulated losses and zero years of parent net loss up to FY2025.