VNI

• Beneish M-Score 0.3777 (95th percentile among Vietnamese peers): the score measures multiple accounting ratios linked to earnings manipulation; the percentile says this company’s score is more aggressive versus 95% of VN-listed peers.
• DSRI (Days Sales Receivable Index) = 4.8351: this component of the M-Score measures unusually large increases in receivables relative to sales, suggesting revenue recognition or collection issues.
• SGAI (Sales, General & Administrative Index) = 1.4504 and GMI (Gross Margin Index) = 1.1337: SGAI >1 indicates selling/administrative expenses growing faster than sales; GMI >1 indicates gross margins deteriorating year-over-year — both feed into the M-Score’s concern about earnings quality.
• Receivables quality = 0.0/100 and Margin quality = 0.0/100 in the Earnings-Quality breakdown: the scoring framework flags very poor receivables and margin signals.
• Altman Z-Score = 0.13 (distress zone): this measures distance to financial distress using liquidity, profitability and leverage; 0.13 indicates low distance from the model’s distress boundary.
• Piotroski F-Score = 3/9: a low score on profitability, leverage/liquidity, and operating efficiency metrics, indicating weak fundamental signals.
• Cash-conversion three-year ratio = 1.54 (65th percentile among VN non-financials): measured as operating cash flow / net profit over three years, this result (and its percentile) shows profit has been less effective at generating cash compared with many peers.

• Accruals quality = 100.0/100: the accruals component of the earnings-quality metric indicates strong accrual reporting relative to peers (this measures the degree to which reported earnings are supported by cash-based items).
• TATA (Total Accruals to Total Assets) = -0.0250 and LVGI (Leverage Index) ≈ 0.9955: TATA slightly negative suggests small net cash-generating accruals in the period; LVGI close to 1 shows leverage has been roughly stable year-over-year.
• No accumulated losses and owner's equity (excluding minority interest) is positive: the balance sheet shows retained earnings are not negative and equity is on the positive side.

Ownership is highly concentrated among individuals: Trần Minh Hoàng 18.2%, Hồ Đắc Hưng 17.0%, and Trần Bình Long 11.9% together control a large block; four other named individuals hold material stakes (5.1% each for two others). No director-deal registrations were provided in the supplied data (registrations, when present, are declarations of intended trades to the exchange).

• Compare the growth in trade receivables and the note on 'loans and receivables / other receivables' in the FY2025 audited financial statements to the DSRI (4.8351) to see which receivable categories drove the increase.
• Reconcile operating cash flow and net profit over the last three years in the cash-flow statement and the management discussion to confirm the three-year cash-conversion figure of 1.54 and identify timing or one-off items.
• Inspect the notes to selling, general & administrative expenses and the segment or revenue note to explain SGAI = 1.4504 and GMI = 1.1337 (which indicate rising SG&A relative to sales and shrinking gross margin).
• Review related-party disclosures and the schedule of receivables/prepayments to check the composition of the 'receivables outside the trade cycle' (4.0% of total assets) for prepayments, long-term receivables or loans to affiliates.