VRG

• Beneish M-Score = -1.6134 (measures a composite likelihood of earnings manipulation behaviors); company ranks in the 77th percentile among Vietnamese peers (higher = more aggressive accounting) and M-Score moved by -0.40 year-over-year (the trajectory signal). Note: the -1.78 US cutoff is not fully transferable to Vietnam; peer percentile and YoY change are emphasised.
• DSRI = 1.1974 (Days Sales Receivables Index; measures relative growth in receivables versus sales — values >1 suggest receivables growing faster than sales).
• GMI = 1.4966 (Gross Margin Index; >1 indicates deterioration in gross margins vs prior year).
• SGAI = 1.1149 (Sales, General & Administrative Index; >1 indicates SG&A growing faster than sales).
• TATA = 0.0422 (Total Accruals to Total Assets; measures accrual magnitude — positive but moderate here, note accruals-quality score is high so accruals appear consistent).
• Earnings-quality: Cash conversion = 0.0/100 (measures ability to convert reported profit into operating cash flow over three years) and Revenue quality = 0.0/100 (measures persistence and cash backing of revenue) — both flag weak cash realization relative to reported profits.
• Cash conversion (operating cash flow / net profit, 3-year) = 1.77 (71st percentile among Vietnamese non-financials; low conversion implies profits are not being turned into cash).
• Receivables outside the trade cycle = 10.4% of total assets (82nd percentile); this line captures prepayments to suppliers, loans receivable and other long-term receivables — a relatively large share of assets outside standard trade receivables.
• Altman Z-Score = 1.37 (measures distance to bankruptcy; score in the distress zone indicates elevated financial distress risk by the Z-Score model).
• Piotroski F-Score = 4/9 (measures nine fundamental signals; a 4 is neutral-to-weak on fundamentals).

• Accruals quality = 83.1/100 (measures how consistent and conservative accruals appear; a relatively high score suggests reported earnings are not dominated by volatile accrual adjustments).
• DEPI = 1.0000 (Depreciation Index; ~1 suggests no material change in depreciation policy or capitalisation affecting earnings recognition).
• AQI = 1.0222 (Asset Quality Index; close to 1 indicates no large one-off asset capitalization spikes compared with prior year).
• LVGI = 0.7669 (Leverage Index; <1 can indicate leverage did not increase materially relative to prior year).
• Director-deal registrations: only 1 purchase registration (10,000 shares) and 0 sale registrations between 2025-10-30 and 2026-10-30; net registered volume = +0.04% of shares outstanding (registrations are declarations of intent to trade, not executed trades).
• No accumulated losses and owner’s equity (excluding minority interest) is positive; parent net loss streak = 0 consecutive years up to FY2025 (these are statutory balance-sheet facts).

Ownership is concentrated in institutional and state-linked entities: Công ty Cổ Phần Xây Dựng Incontec 20.0%, Tập đoàn Công nghiệp Cao su Việt Nam 15.1%, Công ty Cổ Phần Đầu Tư Và Phát Triển Đô Thị An Lộc 8.2%, TRC (Công ty Cổ phần Cao su Tây Ninh) 6.8%, and Tổng Công ty Cao Su Đồng Nai (single-member LLC) 5.5%. This structure implies significant influence from a few large shareholders, including state-related groups (rubber industry conglomerates). Director-deal registrations are minimal (one purchase registration), and registrations are intentions disclosed to the exchange rather than executed trades.

• Compare the line(s) for 'Prepayments to suppliers', 'Loans receivable' and 'Other long-term receivables' in the FY2025 statement of financial position to the related-party note(s) to determine how much of the 10.4% of total assets reported as receivables outside the trade cycle are group or related-party balances.
• Reconcile operating cash flow and net profit across the management discussion or cash-flow note for FY2023–FY2025 to verify the three-year operating cash flow / net profit ratio of 1.77 and identify the main timing or non-cash items driving the 0.0/100 cash-conversion score.
• Review the revenue recognition policy note and the revenue breakdown/schedule in FY2025 to assess items behind the Revenue quality = 0.0/100 score (e.g., one-off sales, long-term contracts, or significant returns/allowances).
• Inspect the auditors' report and any related-party disclosure notes for FY2025 for transactions with the largest shareholders or group entities (given the concentrated ownership and presence of state-related rubber groups).