VPD

• Beneish components: DSRI = 1.9229 (measures days‑sales‑receivables index; values >1 can indicate rising receivables relative to sales), AQI = 1.1758 (asset quality index; higher values can signal capitalizing costs or shifting to less‑liquid assets), SGAI = 1.1079 (sales, general & admin growth index; growth >1 indicates SG&A rising faster than sales), SGI = 1.1871 (sales growth index; measures sales growth), LVGI = 0.4540 (leverage growth index), TATA = -0.0206 (total accruals to assets; small negative accruals but not strongly conservative).
• Earnings‑quality sub-scores: Receivables quality = 0.0/100 and Revenue quality = 0.0/100 (these scores measure the extent that reported revenue and receivables patterns look like high quality — here they flag concerns).
• Earnings vs cash: Three‑year cash conversion (operating cash flow / net profit) = 1.61 (67th percentile among Vietnamese non‑financials), which indicates profit is not fully converting to cash relative to peers (higher ratio here is a weaker signal in this ranking).
• M‑Score trajectory: Year‑over‑year change in M‑Score = +2.42 (the move started recently); Beneish scores have low year‑to‑year persistence, so the change is a secondary cue that accounting metrics have become more aggressive versus the prior year.

• Altman Z‑Score = 13.13 (measures distance from bankruptcy; this value is well into the safe zone).
• Piotroski F‑Score = 9/9 (measures nine fundamental signals of quality; a top score indicates strong profitability, liquidity and operating performance indicators).
• Accruals quality = 100.0/100 and Cash conversion subscore = 94.0/100 (these measure that reported accruals and operating cash flow patterns are strong in the accruals and cash dimensions).
• Vietnamese statutory and solvency checks: No accumulated losses, owner's equity (ex‑minority) is positive, zero years of parent net loss to FY2025, and none of the statutory loss tests under Decree 155/2020 (as amended) are met — these are factual results in the audited statements.

Ownership is concentrated: Tổng Công ty Phát điện 1 holds 36.6% and Tepco Renewable Power Singapore Pte. Ltd. holds 30.0%, with a related listed group holder (PPC) at 10.6%; this large institutional and group ownership suggests potential influence by major shareholders and inter‑company relationships common in Vietnamese power sector groups. Director‑deal data show 1 purchase registration (200,000 shares) and 0 sale registrations between 2025‑10‑30 and 2026‑10‑30 (registrations are intentions filed with the exchange, not executed trades).

• Compare the change in trade receivables and the note for 'other receivables / loans to related parties' in FY2025 to the DSRI drivers shown (disclose the line items that caused DSRI = 1.9229).
• Reconcile revenue line items and recognition policies in the revenue note with any one‑off or timing items — the filings should show the basis for revenue recognition given Revenue quality = 0/100.
• Confirm the composition of 'prepayments to suppliers, loans receivable and other long‑term receivables' in the disclosures that produce 'receivables outside the trade cycle = 0.5% of total assets' and inspect related‑party schedules.
• Verify the components behind the Altman and Piotroski inputs in the financial statement schedules (working capital, retained earnings, operating cash flow) to see how they produce Z = 13.13 and F = 9/9.