VSC

• Beneish M-Score 0.211 (94th VN percentile; YoY change +2.46): the level is above most Vietnamese peers and the upward year-over-year move flags a shift in accounting behaviour relative to the local sample (note: the -1.78 US cutoff is not directly comparable to VN prevalence).
• DSRI (Days’ Sales Receivables Index) = 4.0031: DSRI measures whether receivables are growing faster than sales (a high value suggests sales are being recognized before cash collection or that receivables are being extended).
• LVGI (Leverage Index) = 1.5275: LVGI > 1 indicates balance-sheet leverage increased versus the prior year, a contributor to the M-Score and a possible pressure point for earnings quality and solvency.
• AQI (Asset Quality Index) = 1.3807: AQI > 1 implies a shift toward non-current or less-transparent assets (e.g., capitalized costs, long‑term receivables, prepayments or other non-trade assets) relative to revenue, which can mask true earning power.
• Receivables quality = 0.0/100 despite low measured receivables outside the trade cycle: the earnings-quality metric flags revenue/receivable concerns even though the explicit check shows only 0.1% of assets in receivables outside the trade cycle; this mismatch warrants verification of classification and measurement of receivables and revenue recognition timing.
• SGAI (Sales, General & Admin Index) = 1.1925 and SGAI component of M-Score >1: operating selling/admin costs are growing faster than sales, which can indicate margin pressure or discretionary expense recognition/timing.
• Altman Z-Score = 1.41 (distress zone): this measures distance to financial distress using profitability, liquidity, leverage and activity ratios — the reported value places the company in the model’s distress zone.

• Accruals quality = 100.0/100: the accruals component indicates that reported earnings are closely supported by cash flows from operations (low abnormal accruals).
• Cash-conversion quality = 99.4/100 and three-year cash conversion (operating cash flow / net profit) = 1.11 (50th percentile): operating cash broadly converts reported profit to cash over three years at a median level among VN non-financials.
• Receivables outside the trade cycle = 0.1% of total assets (9th percentile): on the face of the balance sheet, prepayments / loans-receivable / long-term receivables are small relative to assets compared with peers.
• Accumulated losses: none; owner’s equity (parent, excluding minority interest): positive; statutory loss tests: none met — the published statements do not trigger the listed-company statutory loss criteria in Decree 155/2020 (as amended).
• Piotroski F-Score = 5/9: a neutral-to-moderate score showing mixed but not uniformly weak operating and balance-sheet fundamentals.

The listed-group ownership is concentrated: controlling stakes above 50% in GIC (66.3%), VSM (65.0%) and VGR (54.4%), with significant influence in VNA (39.0%) and DNL (30.9%). Largest individual shareholders hold single-digit stakes (6.2% and 5.8%), and several institutional holders are near 5%. Director-deal disclosures show 7 sale registrations (5 registrants; 625,312 shares; 3 without volumes) and 2 purchase registrations (2 registrants; 500,000 shares; 1 without volume) in the last year—these are registered intentions, not executed trades.

• Compare the year‑over‑year change in trade receivables and revenue in the notes to the financial statements (sales and receivables schedules) to reconcile the DSRI (4.0031) and confirm timing of revenue recognition.
• Inspect the related‑party and other receivables notes for any long‑term receivables, prepayments to suppliers or loans to affiliates that feed AQI = 1.3807 and clarify the 0.1% of assets reported as receivables outside the trade cycle.
• Reconcile operating cash flow to reported net profit in the cash-flow statement and the accruals note to validate accruals quality = 100/100 and the three-year cash-conversion ratio (1.11).
• Review the capital structure and leverage disclosures (debt schedule, borrowings and off‑balance items) that underlie LVGI = 1.5275 and the inputs to the Altman Z‑Score (working capital, retained earnings, EBIT, market value of equity if disclosed).