VXB

• Altman Z-Score -2.92: this Z-Score places the company in the distress zone (a measure combining liquidity, profitability, leverage and activity ratios).
• Accumulated losses 2.68x paid-in capital and negative owner’s equity (owner's equity excluding minority interest is negative): the audited statements show accumulated losses exceeding paid-in capital and negative equity, a statutory fact.
• Net loss (parent profit) in three consecutive years to FY2024: the parent-company profit line reports losses in each of the latest three years (this triggers statutory loss tests under Decree 155/2020 Art.120(1)(e) for HOSE/HNX listings, though the company trades on UPCoM where that delisting rule does not apply).
• Receivables outside the trade cycle 10.1% of total assets (80th percentile among Vietnamese non-financials): a sizable portion of assets are prepayments, loans receivable and other long-term receivables rather than trade receivables.
• Earnings-quality weak on cash and margins: cash-conversion score 0/100 and margin quality 0/100 indicate operating cash flow and margins exhibit poor quality relative to peers or expected patterns.
• High SGI 3.3487: sales growth index at 3.3487 signals rapid reported revenue growth (SGI measures year-over-year sales growth), which increases pressure on revenue recognition controls.

• Beneish M-Score -1.8251 (slightly more negative than the US -1.78 cut-off) and a high peer percentile (76th): the absolute M-Score is marginally below the US cutoff while the peer percentile shows the company is more aggressive than most Vietnamese peers; the YoY change -4.90 indicates movement in the score versus the prior year (Beneish-year persistence is weak).
• Accruals quality 100/100 and TATA -0.1373: the total accruals measure (TATA) is negative (small accruals relative to assets) and the accruals-quality component scores 100, suggesting reported earnings are not driven by large discretionary accruals.
• Receivables quality 100/100 despite elevated non-trade receivables: receivables-quality scoring indicates trade receivables behavior is consistent with revenue, even though 10.1% of assets are receivables/prepayments outside the trade cycle.
• Piotroski F-Score 5/9: the firm’s fundamentals read as neutral rather than strongly negative across profitability, leverage/liquidity, and operating efficiency tests.

State ownership is concentrated: Tổng Công ty Đầu Tư Và Kinh Doanh Vốn Nhà Nước holds 49.8% (near-majority control). Individual insiders together hold material stakes (Ngô Hữu Tài 6.7%, Phạm Quốc Bình 6.4%, Ngô Thị Thanh Trúc 4.8%, Phan Trọng Tài 3.3%). No director-deal registrations were provided in the data set (director deal registrations are filings of intended transactions, not executed trades).

• Compare the FY2024 statement of cash flows (cash flows from operating activities) to reported net profit to quantify the company’s cash-conversion weakness and reconcile the low cash-conversion score.
• Inspect the receivables / prepayments / loans-receivable schedules and related-party notes to identify the composition of the 10.1% of assets classified as receivables outside the trade cycle and their maturities.
• Verify the accumulated losses and paid-in capital lines in the equity note and the auditor’s report to confirm the 2.68x accumulated-losses-to-paid-in-capital figure and the negative owner’s equity disclosure.
• Review the revenue-disaggregation, sales growth note and revenue-recognition policy to assess drivers of SGI 3.3487 and whether unusually fast revenue growth is concentrated in particular segments or related parties.