VSI

• Beneish M-Score = -1.5275 (79th percentile vs Vietnamese peers). The score is above the US -1.78 cutoff and sits high among Vietnamese peers; the year-over-year change is +1.61, showing a notable recent move in the score (Beneish components can reflect growing earnings-management signals even if not decisive).
• GMI (Gross Margin Index) = 1.9955. A GMI > 1 implies deteriorating gross margins year-over-year, which can increase pressure to manage earnings.
• SGI (Sales Growth Index) = 2.2755. Very strong sales growth can create incentives for aggressive recognition; SGI is a component of the M-Score indicating rapid top-line expansion.
• Revenue quality = 0.0/100. The earnings-quality decomposition flags revenue as the weakest area, suggesting concerns about the persistence or recognisability of reported revenue.
• Cash conversion (3-year operating cash flow / net profit) = 2.24 (78th percentile). The company’s profits are not converting to cash as well as most peers, which is a concern for quality of reported profits.

• Accruals quality = 100.0/100. The accruals-based measures show high quality of accrual reporting.
• Cash conversion (component score) = 100.0/100 in the earnings-quality breakdown (separate from the three-year cash-conversion check), indicating clean short-term operating cash metrics used in that score.
• Receivables quality = 100.0/100 and receivables outside the trade cycle = 4.0% of total assets (62nd percentile). Receivables and non-trade receivable exposure are modest relative to assets.
• Piotroski F-Score = 8/9. The company shows strong fundamental profitability, leverage/liquidity and operating efficiency signals by Piotroski criteria.
• TATA (total accruals to assets) = -0.0601. A small negative total-accruals ratio suggests accruals are not abnormally positive; LVGI = 0.9912 (level of gross assets index near 1) and DEPI = 1.0000 (depreciation index neutral) do not show obvious asset or depreciation manipulation.

Majority ownership by Tổng công ty Đầu tư Nước và Môi trường Việt Nam (60.0%) indicates concentrated state-related institutional control; the next largest holders are much smaller (3.6% and 0.5%). Director-deal filings between 2025-10-30 and 2026-10-30 show 2 sale registrations totalling 1,233,732 shares (net registered -9.35% of shares outstanding) — these are registered intentions recorded with the exchange, not executed trades.

• Compare FY2025 revenue recognition notes and the revenue schedule to the 'Revenue quality' disclosure to see line-item drivers of the 0.0/100 revenue-quality score.
• Inspect the cash-flow statement and the cash-flow note for FY2023–FY2025 to reconcile operating cash flow versus reported net profit and confirm the components behind the 3-year cash-conversion metric = 2.24.
• Review the related-party note, prepayments and loans receivable schedules (often in other receivables or related-party disclosures) to verify the 4.0% of total assets classified as receivables outside the trade cycle.
• Check the audited equity and statutory notes for FY2025 to confirm that accumulated (undistributed) earnings are positive and that none of the statutory loss tests under Decree 155/2020 Art.120(1)(e) (as amended) are met in the published statements.