VNB

• Beneish M-Score = 3.5779. The M-Score is an aggregate model designed to detect accounting manipulation risk; the company sits at the 99th percentile among Vietnamese peers (higher = more aggressive accounting metrics) and the M-Score rose by +2.96 year-over-year, a large move relative to typical persistence.
• Days’ Sales Receivable Index (DSRI) = 7.2306. DSRI measures whether receivables are growing faster than sales; a DSRI this large indicates receivables (or related items recorded as revenue timing) have grown far faster than revenue.
• Receivables outside the trade cycle = 82.8% of total assets (100th percentile). This measures the proportion of assets classified as prepayments to suppliers, loans receivable and other long-term receivables rather than trade receivables within the normal operating cycle, and it is very large versus peers.
• Cash conversion (operating cash flow / net profit, 3-year) = -0.41 (18th percentile). This three-year cash conversion ratio shows profits have not converted into operating cash; the negative ratio and low percentile point to persistent cash-generation weakness relative to reported earnings.
• Earnings-quality composite = 27.2/100 with Revenue quality = 0.6/100 and Receivables quality = 0.0/100. These component scores indicate concerns over the sustainability and recognizability of reported revenue and the quality of receivables.
• Total accruals / assets (TATA) = 0.1002. TATA measures discretionary accruals; a positive value of 0.1002 indicates accruals are contributing to reported earnings rather than cash flows.

• Altman Z-Score = 23.39 (safe zone). The Altman Z-Score is a distance-to-bankruptcy measure and a value this high indicates low bankruptcy probability on the model's variables.
• Piotroski F-Score = 6/9. The F-Score evaluates recent fundamental improvements; a 6 indicates a mix of recoveries and stable fundamentals (profitability, leverage, liquidity, and operating efficiency) rather than clear deterioration.
• Margin quality = 81.1/100. This component measures the stability and plausibility of reported margins and is relatively strong compared with other earnings-quality components.
• SGAI = 1.2338 (selling, general and administrative expenses growth). While elevated SGAI can be a concern if used to disguise other items, it can also reflect legitimate investment in selling/marketing and is captured here as a distinctive driver of the M-Score.

Tập đoàn Vingroup (VIC) holds 65.3% (control) and a state entity holds 10.0%; the company is part of a listed group where the parent also controls VEF, VHM and VPL. High parent control (65.3%) concentrates decision-making and increases related-party and group-transaction risk under Vietnamese group and VAS reporting conventions.

• Compare the 2025 schedule/note for 'receivables and prepayments' with the revenue note: reconcile the line items that compose the 82.8% of total assets labelled as prepayments, loans receivable and long-term receivables.
• Reconcile operating cash flow (cash flow statement) with reported net profit for 2023–2025 and inspect the notes to the cash flow statement and any reconciliation of profit-to-cash to understand drivers of the -0.41 three-year cash conversion.
• Inspect the related-party transactions note for loans, advances, guarantees or group prepayments (including disclosures to the listed parent VIC) to see whether large balances explain the elevated DSRI (7.2306) and receivables outside the trade cycle.
• Examine the accounting policy notes and an allowance-for-doubtful-debts schedule to assess provisioning against the receivables/prepayments and the TATA-accrual components (TATA = 0.1002).