VOS

• Beneish DSRI (Days Sales Receivable Index) = 2.2607. DSRI measures receivables relative to sales; a value well above 1 can indicate receivables and revenue recognition expanding faster than sales. Here it is 2.2607, consistent with elevated receivables signals below.
• Receivables outside the trade cycle = 21.4% of total assets (91st percentile versus Vietnamese non-financial companies). This measure (prepayments to suppliers, loans receivable, long-term receivables) is unusually large relative to peers and is a material line-item to inspect.
• Beneish DEPI (Depreciation Index) = 2.7103. DEPI >1 indicates depreciation expense is lower relative to prior-period implied depreciation (i.e. the reported depreciation charge has fallen compared with implied economic depreciation), which can inflate earnings; 2.71 is a large value.
• Beneish LVGI (Leverage Growth Index) = 2.3529. LVGI >1 shows leverage (total debt/total assets) has increased; 2.35 indicates substantial leverage growth year-over-year, which raises risk if earnings/cashflow weaken.
• Earnings-Quality sub-scores: Cash conversion = 0.0/100 and Receivables quality = 0.0/100, Revenue quality = 0.0/100. These scores measure how much reported profit converts into cash, the nature of receivables, and revenue persistence; zeros are clear concerns for cash/receivables/revenue sustainability.
• Altman Z-Score = 1.89 ("grey zone"). This measures distance to bankruptcy; 1.89 places the company in the grey zone rather than the safe zone.
• Piotroski F-Score = 3/9. The Piotroski score measures nine fundamental signals (profitability, leverage/liquidity, and operating efficiency); 3/9 indicates weak fundamentals by that metric.
• Beneish SGAI (Sales, General & Admin Index) = 1.6717. SGAI >1 indicates SG&A is rising relative to sales and can signal expense recognition changes; 1.67 is elevated.
• Earnings-Quality overall = 18.3/100 and Margin quality = 27.3/100, with Accruals quality 57.0/100. The overall and margin scores are low, suggesting earnings may be of low quality even if accruals are not extremely extreme.

• Beneish GMI (Gross Margin Index) = 0.3704. GMI <1 means gross margin improved year-over-year; this component suggests gross-margin trends are favourable by the GMI measure.
• Beneish SGI (Sales Growth Index) = 0.5566. SGI <1 indicates sales shrank rather than grew; while shrinkage can be a concern, in Beneish logic a value below 1 reduces pressure to manage earnings via accruals (it does not itself prove conservatism).
• TATA (Total Accruals to Total Assets) = 0.1112 (11.12%). TATA measures total accruals relative to assets; while not negligible, it is not extremely high versus many aggressive cases and accruals-quality is middling (57/100), not zero.
• No accumulated losses and owner's equity (excluding minority interest) is positive. These balance-sheet facts show the company is not reporting negative retained earnings and has positive equity.
• Statutory loss tests (Decree 155/2020 Art. 120(1)(e), as amended) — none met. The audited annual statements do not trigger the listed-company statutory loss removal tests.

Majority ownership is concentrated: Tổng Công ty Hàng hải Việt Nam holds 51.0%. Other institutional holders include Tổng Công ty Lương thực Miền Nam 2.1%, Quỹ Đầu Tư Chứng Khoán Bảo Việt 1.6%, and BVH 0.7%. This is a state/sovereign-related controlling shareholding structure which can affect related-party flows, group transactions and reporting priorities.

• Compare the FY2025 note(s) that reconcile trade receivables, prepayments and loans receivable to the line items in the balance sheet to explain the 21.4% of assets classified as receivables outside the trade cycle.
• Reconcile operating cash flow to net profit in the cashflow statement and the management discussion to understand why three-year cash conversion is 0.38 (28th percentile) and why cash conversion quality scores are 0/100.
• Examine the fixed-asset note (useful lives, depreciation methods, additions and disposals) to assess the drivers of DEPI = 2.7103 and whether depreciation policies changed year-over-year.
• Check the related-party schedules and segment/notes for loans, guarantees, or large prepayments to group entities (and their terms) given the concentrated state-owner structure and the high receivables outside the trade cycle.