VSN

• Beneish M-Score -1.6473 (76th percentile vs VN peers): the absolute score is above the US -1.78 threshold but that cutoff is US-calibrated; the company ranks more aggressive than 76% of Vietnamese peers and the M-Score rose by +1.40 year-over-year (the trajectory is a secondary signal).
• DSRI = 1.1754: the days-sales-in-receivables index above 1.0 suggests receivables (or revenue recognition relative to sales) have grown faster than sales year-over-year.
• AQI = 1.0512: the asset quality index above 1.0 indicates a shift toward less-conservative asset composition (more receivables, intangibles, or capitalized items) relative to total assets.
• TATA = 0.1351: total accruals to assets of 13.51% indicate a material level of accrual-based earnings relative to assets (contributes to low cash conversion).
• Earnings-Quality Cash conversion = 0.0/100 and three-year operating-cash-flow / net-profit = -0.06 (21st percentile): reported profit has not converted into operating cash over three years, a liquidity/quality concern.
• Receivables quality = 24.9/100 and Receivables outside the trade cycle = 0.8% of assets (31st percentile): receivable-type balances outside normal trade (prepayments, loans receivable, long-term receivables) exist and receivables quality scores poorly.

• Altman Z-Score = 3.87: places the company in the bankruptcy 'safe' zone using the Altman model, indicating distance from default in that metric.
• Piotroski F-Score = 5/9: a neutral score showing neither distinctly strong nor weak operating/fundamental signals on nine binary tests.
• Revenue quality = 62.0/100 and SGI = 0.9312: revenue-quality scoring is modestly positive and sales growth index below 1.0 indicates no rapid top-line acceleration that can sometimes accompany aggressive recognition.
• No accumulated losses; parent net loss count = 0 years up to FY2025; owner’s equity (excluding minority interest) is positive: the statutory balance-sheet measures show no historical retained-loss issue.

Ownership is highly concentrated: Tổng Công ty Thương Mại Sài Gòn holds 67.8% and Masan MEATLife holds 24.9% (combined ~92.7% institutional control). This indicates dominant shareholder control and close group/strategic influence; no director-deal registrations were provided in the data supplied.

• Compare the movements in 'Trade and other receivables' and any 'Loans to/from related parties' notes between FY2023–FY2025 to explain DSRI = 1.1754 and receivables outside the trade cycle = 0.8% of assets.
• Reconcile the 'Cash flows from operating activities' line with 'Profit for the year' over the past three years to investigate the -0.06 three-year operating-CFO / net-profit ratio and the reported TATA = 0.1351.
• Review the accounting-policy note for capitalization and asset classification to understand the AQI = 1.0512 (what items drove the rise in asset-quality index: intangibles, advances, construction in progress, etc.).
• Check the related-party schedules and 'Transactions with parent/major shareholders' disclosures given the concentrated ownership (67.8% and 24.9%) for any large prepayments, loans, or guarantees.