VTE

• Beneish M-Score = 1.1743 (96th percentile vs VN peers; YoY change +4.42): the M-Score combines eight ratios to flag accounting signals; this company scores high versus Vietnamese peers and the score rose markedly in one year.
• AQI = 10.0000: the Asset Quality Index (AQI) measures increases in non-current/illiquid assets (e.g., receivables, other long-term assets) relative to assets; a value of 10 is unusually high and indicates large increases in capitalised or slow-turning assets.
• GMI = 1.4241: the Gross Margin Index >1 signals that gross margin has deteriorated year-over-year (costs rising faster than sales or margin compression).
• Cash conversion (3-year operating cash flow / net profit) = 24.69 (98th percentile): over three years operating cash has been very low relative to reported profit, indicating profits are not converting into cash (the company ranks among the weakest on this metric among Vietnamese non-financials).
• Revenue quality = 0.0/100 and Margin quality = 8.2/100 in the Earnings Quality Score: these low subscores indicate weak signals for sustainable revenue and margin quality despite high scores on accruals and receivables quality.

• DSRI = 0.5408: the Days Sales Receivable Index <1 suggests receivables are not growing faster than sales (i.e., no clear receivables buildup relative to revenue).
• TATA = -0.0740: Total Accruals to Total Assets negative indicates conservative or low accruals over the period (accruals are not strongly positive).
• SGAI = 0.6382: the Sales, General & Admin Index <1 suggests SGA expenses have not grown faster than sales (cost control on SGA relative to revenue).
• Receivables outside the trade cycle = 1.7% of total assets (45th percentile): the absolute level of non-trade receivables / long-term receivables and prepayments is modest relative to peers.
• Piotroski F-Score = 7/9: the nine-point score of operational and accounting fundamentals is high, indicating generally strong profitability, cash flow, and balance-sheet metrics on the F-Score components.

Shareholding is concentrated: Tập Đoàn Bưu Chính Viễn Thông Việt Nam (institution) holds 32.0%, and four named individuals together hold 42.2% (Ngô Thị Kiều Trang 18.0%, Nguyễn Thanh Hà 12.7%, Ngô Phúc Lâm 10.4%, Nguyễn Thị Huệ 1.1%). The largest shareholder is the national postal/telecom group (a major institutional/group owner), implying potential group and state influence in transactions and related-party flows. Director-deal registrations in the last year show 3 sale registrations (4,992,000 shares, 3 traders, 2 registrations without volume disclosed) and 1 purchase registration (1 trader without volume), which are intentions recorded with the exchange rather than executed trades.

• Compare the FY2025 note(s) for ‘Prepayments’, ‘Loans to related parties’ and ‘Other long-term receivables’ with the balance-sheet line(s) that feed the AQI; quantify the year-on-year change that produces AQI = 10.0000.
• Reconcile the cash-flow statement to profit: trace the items between profit before tax and operating cash flow to explain the 3-year cash-conversion ratio = 24.69 (check changes in working capital, non-cash adjustments, and one-off items in the cash-flow notes).
• Review the revenue and cost-of-goods-sold notes and any segment disclosure to explain GMI = 1.4241 and the Revenue quality = 0.0/100 score (check for large one-off sales, related-party revenue, or changes in revenue recognition policies).
• Inspect the related-party transaction schedule and the notes on transactions with the largest shareholders / group entities (VNPT and other insiders) for transfers, loans, guarantees, or atypical commercial terms that could relate to high AQI or weak cash conversion.