VTZ

• High relative Beneish M-Score: -0.1844, at the 92nd percentile among Vietnamese peers — the percentile shows VTZ reports more aggressive accounting metrics than most local companies even though the absolute US cutoff (-1.78) is not directly transferable.
• Large year-over-year M-Score increase: +1.57 — indicates the accounting profile moved substantially versus the prior year (Beneish components have low persistence, so this is a notable trajectory signal).
• Asset-quality/AQI concern: AQI = 4.0586 (component of the M-Score measuring quality of assets and unusual write-offs or revaluations) — a high AQI contributes to the elevated M-Score.
• Very poor cash conversion: 3-year operating cash flow / net profit = -8.48 (4th percentile vs VN non-financials); Earnings-quality subscore for cash conversion = 0.0/100 — profits are not being converted into operating cash.
• Tangible accounting accruals: TATA = 0.1133 (part of the M-Score measuring total accruals to total assets) and Accruals quality = 56.5/100 — indicates some reliance on accruals rather than cash.
• Earnings persistence and growth components: GMI = 1.3068 (gross margin deterioration index >1 indicates worsening margins year-over-year) and SGI = 1.3877 (sales growth index >1 shows rapid sales growth) — a pattern where growth occurs alongside margin pressure can raise flags for aggressive recognition.
• Altman Z-Score in the grey zone: 2.14 — not in the safe zone and indicates limited distance from financial-distress thresholds.

• Strong revenue quality: Revenue quality = 100.0/100 — accounting shows revenue recognition consistent with cash-related indicators or with the model’s revenue-quality signals.
• Receivables quality relatively high: Receivables quality = 87.1/100 and receivables outside the trade cycle = 3.1% of total assets (57th percentile) — only a modest share of assets is tied up in non-trade receivables/prepayments/loans receivable.
• No accumulated losses and no recent statutory loss triggers: undistributed earnings are positive, and the published statements do not meet any of the statutory loss tests referenced (Decree 155/2020 Art.120(1)(e) as amended).
• Piotroski F-Score neutral: 4/9 — fundamentals are neither strongly deteriorating nor strongly improving by Piotroski’s criteria.

Ownership is concentrated among a few individuals: Nguyễn Phúc Lợi 24.1%, Phan Văn Quân 22.6% and Nguyễn Văn Tuấn 20.2% (combined ~66.9%), with three other named individuals holding 5.0% each. No director-deal registrations were provided in the data set (registrations, if present, would be recorded with the exchange).

• Compare the FY2025 statement of cash flows (operating cash flow line) to consolidated net profit to verify the -8.48 three-year operating-cash-flow / net-profit figure and check the cash flow drivers in the notes.
• Inspect the notes or schedules for 'Receivables and prepayments' and 'Loans to related parties' to confirm the 3.1% of total assets classified as receivables outside the trade cycle and to identify the counterparties, maturities and related-party flags.
• Review the consolidated accounting policy note and the fixed/other asset reconciliations for any large revaluations, write-offs or recoveries that would feed into AQI = 4.0586 and the TATA accruals measure (TATA = 0.1133).
• Confirm the statutory-loss disclosures and auditor’s report in the annual financial statements to verify that none of the Decree 155/2020 (amended) loss conditions are met and to read any auditor emphasis-of-matter or going-concern commentary.