VLG

• Beneish M‑Score -1.5592 (78th percentile among Vietnamese peers): this measures a composite likelihood of earnings manipulation using eight ratios; the peer percentile shows the company is more aggressive than most local peers despite being above the US manipulation cutoff.
• GMI (Gross Margin Index) = 1.2257: measures deterioration in gross margins year over year; a value >1 suggests gross margin has worsened and can be associated with pressure to manage earnings.
• DEPI (Depreciation Index) = 1.2630: measures a slowing of depreciation rates (ratio of prior-year to current-year depreciation); >1 can indicate slower charge of depreciation to boost current profits.
• SGI (Sales Growth Index) = 2.0878: measures sales growth; high SGI denotes rapid revenue growth which Beneish links to higher manipulation risk when combined with other signals.
• LVGI (Leverage Index) = 1.6878: measures increasing leverage (total debt/total assets); >1 indicates rising leverage which can create incentives to manage results.
• TATA (Total Accruals to Total Assets) = 0.0349: positive accruals indicate some portion of profit is non‑cash; while not large, it aligns with other concerns given near‑zero cash conversion.
• Three‑year cash conversion (operating cash flow / net profit) = -0.75 (15th percentile): measures whether reported profits convert to cash; a strongly negative number indicates profit is not generating operating cash.
• Earnings‑quality sub‑scores: margin quality = 0/100 and revenue quality = 0/100: these metrics flag weak persistence or reliability of margins and reported revenue.
• Piotroski F‑Score = 3/9 (weak fundamentals): this measures profitability, leverage/liquidity, and operating efficiency; a low score signals weak financial improvement or deterioration.

• Accruals quality = 86.0/100: this measures the quality of accrual accounting (lower abnormal accruals raise the score); a high score suggests reported earnings are not dominated by unusual accruals.
• Receivables quality = 100.0/100 and DSRI = 0.7926: DSRI <1 indicates days‑sales‑receivables are not expanding relative to sales; the receivables quality score and DSRI suggest receivables growth is not a major red flag.
• AQI (Asset Quality Index) = 0.8977 (<1): measures the proportion of non‑current assets and other asset shifts; <1 can indicate fewer discretionary write‑offs or asset capitalization increases that would inflate margins.
• No accumulated losses; owner's equity (ex‑minority) positive; parent reported no net loss in the last 0 years to FY2025: these are balance‑sheet and statutory facts that reduce immediate solvency alarm.

The shareholder base is concentrated and state‑linked: Tổng Công ty Hàng hải Việt Nam holds 56.7%, with other port/agency institutions holding small stakes (PHP 1.4%, Cảng Đà Nẵng 1.4%, Đại lý Hàng hải 0.4%); a single individual (Phạm Bá Ngân) holds 0.1%. No director‑deal registrations were provided in the input (registrations are information filed with the exchange and are not executed trades).

• Reconcile operating cash flow to profit: compare the consolidated cash flow from operating activities line in the FY2025 cash flow statement with reported net profit and the notes to reconcile major non‑cash adjustments and working‑capital movements.
• Inspect the note/schedule for receivables, prepayments and loans receivable: quantify the 6.4% of total assets labelled as 'receivables outside the trade cycle' and identify counterparties and related‑party designations.
• Review fixed‑asset and depreciation policies: check the depreciation expense and useful‑life disclosures to assess the components behind DEPI = 1.2630 and any changes in capitalization policy (note, policy paragraph, or schedule).
• Examine related‑party transactions and group schedules: confirm the extent of intra‑group sales, guaranteed borrowings or significant prepayments to entities in the listed group (notes to related parties and transactions with parent/state owner).