VNP

• Beneish M-Score = -0.8734 (measures likelihood of earnings manipulation using 8 accounting ratios); company ranks in the 88th percentile versus Vietnamese peers (higher = more aggressive accounting) and M-Score rose by +2.15 year-over-year (the change signals accounting moving relative to its own history). Note: the US cut-off -1.78 is not directly calibrated to Vietnam.
• DSRI = 2.9176 (days’ sales receivables index; high values suggest revenue may be recognised earlier than cash collection or receivables growth outpacing sales).
• SGAI = 2.5651 (sales, general & administrative expense index; a large increase indicates operating expense behavior that can accompany aggressive revenue recognition or expense classification shifts).
• TATA = 0.0423 (total accruals to total assets; positive but modest accruals indicate some earnings are non-cash).
• AQI / Receivables signals: Receivables-quality component = 0.0/100 and the Earnings-Quality cash-conversion component = 22.9/100 (both poor), while the company reports 7.4% of total assets as receivables outside the trade cycle (75th percentile among Vietnamese peers). These together point to elevated risk around non-trade receivables, prepayments, or loans receivable being used in place of cash collections.
• Revenue-quality and margin-quality scores = 47.1/100 and 0.0/100 respectively (weak margin quality and middling revenue quality by the composite metrics), which can reflect volatility in margins or persistence concerns.
• LVGI = 0.4506 and DEPI = 0.8409 (inventory-related indices): DEPI below 1 suggests slower depletion of inventory; LVGI below 1 indicates some inventory valuation shifts — put together they warrant checking inventory accounting, especially where inventories or prepayments are material.

• Altman Z-Score = 10.36 (measures distance to bankruptcy using balance-sheet and earnings items; a high score places the company well into the safe zone for financial distress).
• Piotroski F-Score = 5/9 (measures nine fundamental signals of improving/weak financials; 5 is neutral rather than strongly negative).
• Accruals quality = 83.1/100 (indicates reported accruals are of relatively better quality within the earnings-quality framework).
• No accumulated losses; owner's equity (excluding minorities) positive; zero consecutive years of parent net loss up to FY2025 (statutory loss-related thresholds are not met in the published statements).
• SGI = 0.5357 (sales growth index below 1 indicates sales have not been accelerating rapidly year-over-year, which reduces one common motive for aggressive recognition tied to rapid growth).

The largest shareholder is the state-owned Tổng Công ty Đầu Tư Và Kinh Doanh Vốn Nhà Nước with 65.8% (high concentration and state control); no individual insider stake of material size is reported (Vũ Thị Minh Thục listed at 0.0%). Director-deal registrations were not provided in the input (director deal registrations are intentions recorded with the exchange, not executed trades).

• Compare the year-over-year change in trade receivables and other receivables in the notes to the consolidated balance sheet and reconcile to revenue growth (verify the DSRI implication that receivables grew faster than sales).
• Inspect the 'Prepayments and other long-term receivables' and related-party disclosures to quantify the 7.4% of total assets reported as receivables outside the trade cycle and identify counterparties, terms and maturities.
• Reconcile cash flow from operating activities vs. reported net profit in the cash-flow note and the consolidated statement of cash flows to confirm the reported 3-year cash-conversion ratio (operating cash flow / net profit) of 1.02.
• Examine the auditor's report and the notes on accounting estimates, revenue recognition policy, and SGA breakdown to understand drivers behind SGAI = 2.5651 and any changes in expense recognition or reclassifications.
• Check the statutory statements and equity schedule for accumulated losses, minority interest detail and the parent-company profit line to confirm the company meets the listed statutory facts (no accumulated losses; positive owner's equity; zero consecutive years of parent net loss).