VNA

• Beneish M-Score = -1.3681 (measures the likelihood of earnings manipulation relative to a US-calibrated cutoff of -1.78; company is above that cutoff but the Vietnamese context means ~28% exceed it). The 82nd percentile versus Vietnamese peers means this company shows more aggressive accounting than ~82% of domestic non-financial listed peers.
• Year-over-year M-Score change = +1.97 (measures trajectory of the M-Score; a sizable upward move suggests accounting signals have recently become more pronounced).
• DSRI = 2.5265 (days-sales in receivables index; >1 implies receivables or revenue recognition growing faster than sales — a possible receivables/revenue timing issue).
• DEPI = 1.9924 (depreciation index; >1 implies slower depreciation relative to prior year which can inflate margins via lower depreciation expense).
• LVGI = 1.3455 (leverage growth index; >1 indicates increasing leverage which can stress cash flows and provide incentives to manage earnings).
• Receivables quality = 0.0/100 and Revenue quality = 0.0/100 (these metrics measure the extent to which revenue and receivables patterns look sustainable and supported by cash — both score the worst possible, consistent with DSRI signal).
• Cash conversion (3-year operating cash flow / net profit) = 0.42, ranked at the 29th percentile (measures ability to convert reported profit into operating cash over three years; low value suggests profits are not being realised in cash).
• Altman Z-Score = 1.92 (measures distance to bankruptcy; 1.92 sits in the grey zone between safe and distressed).
• Piotroski F-Score = 4/9 (measures fundamental financial health; 4 is neutral-to-weak).
• Director-deal registrations: 1 sale registration for 343,400 shares (net registered volume -1.01% of shares outstanding) between 2025-10-30 and 2026-10-30 (registrations are intentions to trade disclosed to the exchange, not executed trades).

• Accruals quality = 91.7/100 (measures the degree to which earnings are supported by low abnormal accruals; a high score suggests reported earnings are not heavily driven by accrual manipulation).
• TATA = 0.0208 (total accruals to assets; a low positive number consistent with the high accruals-quality score).
• SGI = 0.9831 (sales growth index ~1, meaning sales growth is roughly stable rather than accelerating sharply, which reduces one common motive for aggressive revenue recognition).
• GMI = 0.6776 (gross margin index <1 indicates gross margins improved year-over-year, which is not in itself an earnings-quality red flag under Beneish).
• Receivables outside the trade cycle = 0.2% of total assets (14th percentile among Vietnamese peers; measures prepayments, loans receivable and other long-term receivables — low absolute level suggests limited off-cycle receivables).
• No accumulated losses; owner’s equity (excluding minority interest) positive; parent net loss count = 0 years up to FY2025 — these are factual balance-sheet and profit-history strengths.

Majority ownership: Tổng Công ty Hàng hải Việt Nam holds 51.0% (institutional / state-linked) and VSC (listed) holds 39.0% (influence). The group around VSC includes multiple related listed companies (DNL, GIC, VGR, VSM) with large cross-holdings, indicating concentrated ownership and a significant listed-group structure where related-party transactions, group allocations and VAS-era practices can be relevant.

• Compare year-on-year changes in trade receivables and the revenue note: reconcile the increases implied by DSRI (2.5265) with the revenue recognition policy and any notes on bad-debt provisioning.
• Review the depreciation note and fixed-asset schedule to confirm changes in useful lives or methods that could explain DEPI = 1.9924.
• Reconcile operating cash flow versus net profit across the past three years in the cashflow statement and profit-and-loss note to examine the 3-year cash conversion ratio = 0.42.
• Inspect related-party schedules and the notes on prepayments/loans to check the composition of the 'receivables outside the trade cycle' line (0.2% of total assets) and any large intercompany balances with VSC or the state shareholder.