VLP

• Beneish M-Score = -1.3938 (82nd percentile vs Vietnamese peers). The M-Score is a composite that signals abnormal accruals and earnings manipulation risk relative to peers; the 82nd percentile means this company scores more aggressively than 82% of Vietnamese non-financial listed firms.
• Year-over-year M-Score change = -1.08. A large annual shift is a secondary cue that accounting measures moved materially this year (note Beneish's original -1.78 US cutoff is not directly transferable to Vietnam).
• DSRI (Days’ Sales in Receivables Index) = 1.3636. DSRI >1 suggests receivables grew faster than sales, which can indicate revenue recognition timing differences or collection deterioration.
• AQI (Asset Quality Index) = 1.7703. AQI >1 implies a bigger share of assets in potentially less-productive or subjective categories (e.g., long-term receivables, prepayments, intangible/other assets), which can create opportunities for earnings management.
• TATA (Total Accruals to Total Assets) = 0.1124. Positive and material accruals (11.24% of assets) indicate earnings include significant accruals rather than cash; in combination with poor cash conversion, this raises questions about earnings sustainability.
• Earnings-Quality overall = 18.8/100 with Cash conversion = 0.0/100 and Receivables quality = 0.0/100. These sub-scores flag that reported profit is not converting to cash and receivables/prepayments raise quality concerns.
• Cash conversion (3-year operating cash flow / net profit) = -0.83 (15th percentile among VN peers). Negative and low percentile means profits have not translated into operating cash over three years.
• Piotroski F-Score = 3/9 (weak). A low score reflects weak profitability, liquidity and/or operating performance metrics used by Piotroski to assess fundamental health.

• GMI (Gross Margin Index) = 0.9493. GMI <1 indicates gross margins have not deteriorated year-over-year, which reduces one common motive for aggressive accounting to hide margin deterioration.
• SGI (Sales Growth Index) = 0.9676. SGI slightly below 1 indicates modest or slight negative sales growth rather than high growth; high SGI can be a pressure to manage earnings, so absence of rapid growth lessens that pressure.
• DEPI (Depreciation Index) = 0.9223 and SGAI (SG&A Index) = 0.9303, both <1. These indicate reported depreciation and SG&A patterns have not moved in directions that typically signal aggressive capitalization or immediate expense understatement in the Beneish components.
• LVGI (Leverage Index) = 1.1000. A modest increase in leverage (10%) is visible but not extreme in isolation; it is a measurable change to monitor alongside other metrics.
• No accumulated losses; owner's equity (excluding minority interest) is positive and parent net loss count = 0 years up to FY2025. These published-statement facts show the company is not reporting statutory accumulated losses in its consolidated statements for FY2025.

Control is highly concentrated: Ủy Ban Nhân Dân Tỉnh Vĩnh Long (state) holds 81.2% of shares. The remaining top individual shareholders each hold 0.6% or less. Such dominant state ownership implies strategic, governance and related-party dynamics (state influence, group relationships) are likely to be important in the company’s transactions and disclosures.

• Compare the FY2025 note(s) on trade receivables, loans receivable and prepayments with the balance labeled as 'receivables outside the trade cycle' (reported as 0.3% of total assets) and inspect maturity/profile lines.
• Reconcile operating cash flow to net profit in the cash flow statement and the notes to confirm components driving Cash conversion = -0.83 (three-year operating cash flow / net profit); identify major non-cash adjustments and timing items.
• Inspect the fixed-asset and intangible-asset schedules and the depreciation policy/disclosures to understand the drivers behind DEPI = 0.9223 and the AQI = 1.7703 (increases in ‘other’ or long-term assets).
• Review related-party transaction notes (sales/purchases, loans, prepayments) and the schedule of balances with parent/subsidiaries or entities controlled by the state shareholder to see whether large balances contribute to receivables, prepayments or accruals.