VST

• Beneish M-Score = 0.2672 (94th percentile among Vietnamese peers; YoY change +1.68). The M-Score combines eight earnings-quality ratios and here ranks high versus VN peers, indicating more aggressive accounting metrics relative to the market.
• GMI (Gross Margin Index) = 5.3838 and DEPI (Depreciation Index) = 2.4172. GMI > 1 and DEPI > 1 are components that often signal deteriorating margins and slower depreciation policies respectively; both are strongly elevated.
• TATA (Total Accruals to Total Assets) = 0.1940 and LVGI (Leverage Index) = 0.6380. TATA of 0.1940 indicates relatively high accruals versus assets (accruals quality = 34.9/100), suggesting earnings not fully supported by cash flow.
• Earnings Quality 40.6/100 with margin quality = 0.0/100 and revenue quality = 0.0/100. These two zero scores point to the poorest quality on margin and revenue components measured in this scoring framework.
• Altman Z-Score = -3.66 (distress zone). This Z-Score measures distance to bankruptcy using profitability, leverage, liquidity and activity—here it indicates financial distress.
• Piotroski F-Score = 3/9 (weak fundamentals). A low F-Score reflects weak profitability and balance-sheet improvements across the recent year.
• Vietnamese cash-conversion (3-year operating cash flow / net profit) = 0.28 (27th percentile). Low cash conversion indicates profits are not translating into operating cash (operating cash flow lagging net profit).
• Accumulated losses = 1.64x paid-in capital and owner’s equity (excluding minority interest) is negative. The audited statements show accumulated losses above paid-in capital and negative owner’s equity.
• Statutory loss-test outcome: the financial statements meet the statutory criteria (accumulated losses above paid-in capital / negative owner’s equity) described in Decree 155/2020 Art. 120(1)(e) (amended by Decree 245/2025); note the company trades on UPCoM where the HOSE/HNX delisting rule does not apply.
• Director-deal registrations (2025-10-30 to 2026-10-30): 7 sale registrations by 2 registrants for 10,386,000 shares and 0 purchase registrations; net registered volume = -15.05% of shares outstanding. These are registered intentions with the exchange, not executed trades.

• Receivables outside the trade cycle = 4.7% of total assets (66th percentile). This level is moderate and, in the peer context, not unusually large for VAS-reporting companies where related-party prepayments and loans can appear.
• Receivables quality = 100.0/100. The receivables component of the earnings-quality scoring framework indicates receivables metrics themselves do not show the worst signs of manipulation here.
• SGI (Sales Growth Index) = 1.0588 and SGAI (SG&A Index) = 1.0136. SGI slightly above 1 shows small sales growth; SGAI close to 1 indicates selling/general/administrative expenses have not sharply outpaced sales in the period measured.

Ownership is concentrated: the state-related Tổng Công ty Hàng hải Việt Nam holds 43.3%, and institutional holders (including Công ty TNHH Mua bán nợ Việt Nam 10.3% and Quỹ tầm nhìn SSI 4.7%) together control a majority stake. Director-deal registrations show insider intentions to sell (7 sale registrations, net registered volume -15.05% of shares outstanding) — these are exchange filings of intended transactions, not executed trades.

• Compare the FY2025 statement of changes in equity and the auditor’s notes for the schedule that discloses accumulated losses to confirm the 1.64x paid-in capital figure and the components driving negative owner’s equity.
• Reconcile operating cash flow to net profit in the consolidated cash flow statement and the management discussion & analysis to verify the 3-year cash-conversion ratio = 0.28 and identify timing items or large non-cash adjustments (check the notes on receivables, inventories and payables).
• Examine the related-party disclosures and the notes labeled 'prepayments to suppliers / loans receivable / other long-term receivables' to substantiate the 4.7% of total assets classified as receivables outside the trade cycle.
• Review the auditor’s report and any going-concern or emphasis-of-matter paragraphs, and the statutory accounts’ notes addressing compliance with Decree 155/2020 Art. 120(1)(e) (amended by Decree 245/2025) to confirm the statements meet the described statutory loss tests.