VTI

• Beneish M-Score = 1.4514 (measures likelihood of earnings manipulation based on eight ratios). This value ranks at the 97th percentile among Vietnamese peers (higher indicates more aggressive accounting relative to peers) and rose by +0.59 year-over-year (the trend signal). Note: the -1.78 cutoff is US-calibrated and less applicable to Vietnam — use the peer percentile and YoY change as the stronger cues.
• DSRI = 1.4437 (Days' Sales in Receivables Index). A value >1 suggests receivables are growing faster than sales, which can indicate revenue recognition or collection issues.
• SGAI = 3.9194 (Sales, General & Administrative expense Index). This large increase (>1) indicates S,G&A grew substantially relative to sales, which can reflect cost recognition timing or expense classification shifts.
• LVGI = 1.9460 (Leverage Index). A value >1 signals leverage increased year-over-year, which pressures earnings quality and solvency.
• AQI = 0.1836 (Asset Quality Index). While <1 often implies asset write-downs or fewer non-current assets, in context with other items its low value should be read with the rest of the profile.
• TATA = 1.0000 (Total Accruals to Total Assets). A non-zero or rising TATA indicates accruals contributed to earnings; here the index equals 1.0000 in the component set (check the base value definition in the model output).
• Earnings Quality Score = 0.0/100 across accruals, cash conversion, receivables and margin quality (each 0.0/100). These scores measure how reliably reported profit converts to cash, the quality of accruals, the collectibility of receivables and stability of margins; zeros indicate very weak signals on each dimension.
• Altman Z-Score = -347.28 (measures distance to bankruptcy using profitability, leverage and liquidity). This extremely negative value places the company in the distress zone (very large negative distance).
• Cash conversion (3-year OCF / net profit) = 2.93 (84th percentile). This ratio measures how much reported profit is supported by operating cash flow over three years; a high value here (especially in percentile terms) flags profit not turning into cash.
• Receivables outside the trade cycle = 29.1% of total assets (94th percentile). This measures amounts such as prepayments to suppliers, loans receivable and other long-term receivables; a high share suggests significant non-trade receivables or related-party balances.
• Accumulated losses = 6.12x paid-in capital and Owner's equity (excluding minority interest) is negative. These are balance-sheet distress signs: accumulated losses far exceed contributed capital and shareholders’ equity is negative.
• Statutory loss tests: audited statements show accumulated losses above paid-in capital and negative owner's equity. Note the company trades on UPCoM where the HOSE/HNX cancellation rule (Decree 155/2020 Art.120(1)(e), amended by Decree 245/2025) does not apply; this is a fact about the published statements, not a prediction of delisting.

• Piotroski F-Score = 6/9 (measures nine fundamental signals: profitability, leverage/liquidity, and operating efficiency). A score of 6 indicates a mixed-to-neutral set of fundamentals rather than wholesale operational failure.
• GMI = 0.9901 (Gross Margin Index). A value slightly below 1 suggests gross margin did not deteriorate materially year-over-year (GMI <1 normally indicates improving gross margins).
• SGI = 0.9896 (Sales Growth Index). A value just under 1 indicates sales did not accelerate; absence of rapid sales growth reduces some manipulation motives tied to growth acceleration.

Ownership is highly concentrated: Tập đoàn Dệt May Việt Nam holds 68.3% (institutional/group), Tổng công ty May Hưng Yên - Công ty Cổ phần holds 5.5% (state-related). Together these indicate group/state control and limited free float; three named individuals hold small stakes (0.9%, 0.2%, 0.1%). There are no director-deal registrations provided in the input (director registrations are intentions recorded with the exchange, not executed trades).

• Compare the FY2025 note(s) on receivables and other receivables: quantify the components of the 29.1% 'receivables outside the trade cycle' (prepayments, loans to related parties, long-term receivables) and reconcile movements to the cash-flow statement.
• Reconcile operating cash flow to reported net profit across the last three years to reproduce the 3-year cash-conversion ratio (OCF / net profit = 2.93) and inspect the cash-flow notes for non-recurring timing items or related-party cash flows.
• Inspect the equity and accumulated-loss disclosures (statement of changes in equity and audit note) to confirm the 6.12x accumulated-losses-to-paid-in-capital calculation and the components producing negative owner's equity (exclude minority interest per the reported figure).
• Review the related-party transactions, guarantees and group balances in the notes to the financial statements and the large-shareholder disclosures for Tập đoàn Dệt May Việt Nam to identify intra-group loans, transfers, prepayments or management-fee arrangements that may explain high non-trade receivables and S,G&A movements.