VTC

• Beneish M‑Score = 0.408 (measures probability of earnings manipulation traits); this is at the 95th percentile against Vietnamese peers, meaning VTC scores more aggressively on the model than ~95% of non‑financial Vietnamese listed companies.
• M‑Score year‑over‑year change = +3.63 (measures the trajectory of the M‑Score); a large positive change indicates accounting signals have moved materially toward more aggressive readings in the last year.
• DSRI = 1.3529 (Days Sales in Receivables Index; higher values can indicate revenue being recorded earlier or receivables growth outpacing sales).
• GMI = 2.0362 (Gross Margin Index; >1 can indicate deteriorating gross margins which management might try to mask).
• DEPI = 1.3785 (Depreciation Index; >1 can indicate slower depreciation vs prior year, which inflates profits).
• TATA = 0.2340 (Total Accruals to Total Assets; relatively elevated accruals, contributing to low accruals quality score of 24.3/100).
• Earnings‑Quality Score = 6.1/100 (an aggregate measure of how much reported earnings reflect underlying cash and sustainable margins).
• Cash conversion (3‑year OCF / net profit) = -15.02 (2nd percentile among Vietnamese peers; indicates profits are not converting into cash flows).
• Altman Z‑Score = 1.17 (measures bankruptcy distance; this sits in the distress zone).
• Piotroski F‑Score = 2/9 (measures nine fundamentals of profitability, leverage/liquidity and operating efficiency; a low score indicates weak fundamentals).
• Revenue quality, margin quality, receivables quality, and cash conversion all scored 0.0/100 in the earnings‑quality components (each measures different facets of revenue persistence, margin sustainability, collectibility of receivables, and cash realisation).

• No accumulated losses: undistributed earnings are positive (the balance sheet shows retained earnings not negative).
• Statutory loss tests under Decree 155/2020 Art.120(1)(e) (as amended) are not met in the audited annual statements (the factual tests that would trigger listing cancellation have not occurred).
• Receivables outside the trade cycle = 5.3% of total assets (measures prepayments, loans receivable and other long‑term receivables); this sits at the 69th percentile among Vietnamese peers, so the level is not unusually high by local standards.

Ownership is highly concentrated: Tập Đoàn Bưu Chính Viễn Thông Việt Nam holds 46.7% and an individual, Lê Xuân Tiến, holds 20.4%, together giving large controlling stakes. Director‑deal disclosures show 2 sale registrations totalling 3,044,178 shares (net registered volume = -57.14% of shares outstanding) between 2025‑10‑30 and 2026‑10‑30; these are exchange trade registrations (intentions), not executed trades.

• Compare the recorded components of DSRI (trade receivables vs revenue) in the notes to trade receivables and the revenue recognition policy to see what is driving DSRI = 1.3529.
• Reconcile cash flow from operating activities to reported net profit in the statement of cash flows and the notes to verify the 3‑year cash conversion ratio of -15.02 and identify unusual non‑cash accruals (supporting the TATA = 0.2340 and accruals quality = 24.3/100).
• Inspect the notes labelled 'Related party transactions' and schedules of prepayments/loans to third parties to confirm the composition of the 5.3% of total assets classified as receivables outside the trade cycle.
• Review the auditor's report and the statutory statements to confirm that none of the Decree 155/2020 Art.120(1)(e) loss conditions are met and to read any emphasis of matter or going concern paragraphs that may relate to the Altman Z‑Score = 1.17.