VTD

• Beneish M-Score = -0.9773. The M-Score is a composite that estimates the likelihood of earnings manipulation; this company's score sits above the US -1.78 threshold but the Vietnam peer percentile is the important context: 88th percentile (higher = more aggressive accounting than peers).
• Year-over-year change in M-Score = +0.41. This upward move indicates the direction of accounting change; Beneish components show which items contributed.
• DSRI (Days' Sales in Receivables Index) = 1.4961. DSRI > 1 implies receivables grew faster than sales, consistent with elevated receivables pressure.
• AQI (Asset Quality Index) = 1.9365. AQI > 1 signals a rising proportion of non-current/illiquid assets (e.g., prepayments, loans receivable or other long-term receivables) to total assets.
• TATA (Total Accruals to Total Assets) = 0.1251. Positive and material accruals (12.51% of assets) can indicate earnings driven by accruals rather than cash.
• Earnings-Quality Score = 16.0/100 with Cash conversion = 0.0/100 and Receivables quality = 0.0/100. These zeros indicate very weak cash-realization of reported profits and poor composition of receivables in the quality model.
• Receivables outside the trade cycle = 14.1% of total assets (86th percentile among Vietnamese peers). The disclosure indicates a meaningful share of assets in prepayments to suppliers, loans receivable and other long‑term receivables rather than normal trade receivables.
• Altman Z-Score = 1.82 (grey zone). This places the company between a safe and distressed classification on the Altman model's scale.
• Director-deal registrations (2025-10-30 to 2026-10-30): one sale registration and one purchase registration (purchase registered for 1,500,000 shares). These are registered intentions with the exchange, not executed trades, but they are recent insider/related-party trading registrations to note.

• GMI (Gross Margin Index) = 0.8070. GMI < 1 indicates gross margin improved year-over-year (or did not deteriorate), which reduces one pressure to manipulate margins.
• SGAI (Sales, General & Administrative Index) = 0.8244. SGAI < 1 suggests SG&A grew slower than sales (an improvement in efficiency) rather than an unexplained increase in operating expenses.
• DEPI (Depreciation Index) = 1.0302. DEPI is close to 1, indicating no large change in depreciation policies or life estimates that might materially distort profits through depreciation timing.
• LVGI (Leverage Index) = 0.8326. LVGI < 1 indicates leverage declined relative to assets, which can be a stabilizing signal for balance-sheet risk.
• Piotroski F-Score = 5/9. A mid-range score (5) reflects neutral fundamental performance—some strengths and some weaknesses across profitability, leverage/liquidity, and operating efficiency tests.
• No accumulated losses; owner's equity (excluding minority interest) is positive and parent profit shows 0 consecutive net-loss years up to FY2025. These are factual balance-sheet conditions rather than market outcomes.

Shareholdings are concentrated among several individual insiders: Phạm Thị Thu Hoài 9.8%, Bùi Thị Mộng Uyên 8.4%, Phạm Thị Thu Hiền 8.3%, Trần Văn Tuấn 6.3% and Nguyễn Văn Tùng 5.5%. This implies significant insider/individual control concentration. Director-deal registrations in the last year include one sale registration and one purchase registration (1,500,000 shares) — these are registered intentions recorded with the exchange, not executed trades.

• Compare the FY2025 line items and note disclosures for 'receivables', 'loans receivable', and 'prepayments to suppliers' with the consolidated balance-sheet total to confirm the 14.1% of assets classified as receivables outside the trade cycle.
• Reconcile TATA (total accruals) to the cash-flow statement: compare profit before tax to cash flows from operating activities and the components of working-capital movements and non-cash adjustments.
• Review the accounting-policy note for revenue recognition and the detailed sales / receivables aging schedule to see whether rising DSRI (1.4961) is driven by slower collections, extended payment terms, or related-party timing.
• Inspect the notes on related-party transactions and group schedules for loans, advances or guarantees to associated parties or subsidiaries (look for amounts and maturities in FY2025).