VKC

• Altman Z‑Score = -5.38: measures bankruptcy distance; this value lies in the distress zone, signalling material insolvency risk by the Altman framework.
• Accumulated losses = 2.58× paid‑in capital: the company’s cumulative losses exceed contributed capital by 2.58 times (a statutory fact in the published statements).
• Owner's equity excluding minority interest = negative: the standalone/equity attributable to owners is below zero per the FY2025 statements.
• Four consecutive years of parent net loss up to FY2025: the parent reported losses each year for the last four years (statement line item).
• Cash conversion score = 2.3/100: measures cash‑based earnings conversion (operating cash flow relative to profit) and is extremely weak, indicating earnings are not being converted into operating cash.
• Revenue quality = 1.6/100 and Margin quality = 9.9/100: both low scores indicate revenue and margin patterns that score poorly on the earnings‑quality model used here.
• Receivables outside the trade cycle = 9.3% of total assets (79th percentile among VN non‑financials): a material portion of assets are prepayments, loans receivable or other long‑term receivables rather than normal trade receivables.

• Beneish M‑Score = -3.6481 (4th percentile vs VN peers): the absolute score is well below the US −1.78 cutoff, and the company ranks in the lower (less aggressive) tail among Vietnamese peers on the M‑Score.
• DSRI = 0.9437 and SGAI = 0.1484: the Days Sales Receivable Index below 1 suggests receivables are not growing faster than sales, and Sales, General & Administrative Index is low, both of which are not typical upward manipulation signals in the Beneish components.
• Accruals quality = 100/100 and Receivables quality = 100/100: these component scores indicate accrual accounting and receivable composition (as measured by the applied scoring model) appear high quality under the model’s metrics.
• Piotroski F‑Score = 6/9: a neutral to moderately positive operational/fundamental score indicating several improving or acceptable fundamentals under the Piotroski test.

Ownership is concentrated in individual shareholders: Thân Xuân Nghĩa holds 15.6%, followed by smaller individual stakes (4.7%, 1.0%, 1.0%, 0.4%). There is no listed state or corporate majority; concentrated individual control can lead to related‑party activity or group transactions—this is a structural observation from the shareholder list.

• Compare the FY2025 note(s) or schedule on related‑party transactions with the line items for 'prepayments to suppliers', 'loans receivable' and 'other long‑term receivables' to quantify the 9.3% of total assets classified as receivables outside the trade cycle.
• Verify the statement of changes in equity and the audited balance sheet to confirm the accumulated losses equal 2.58× paid‑in capital and to locate the line showing negative owner's equity (excluding minority interest).
• Inspect the parent company profit/(loss) line in the consolidated and parent financial statements for FY2022–FY2025 to confirm the four consecutive years of parent net loss and to see any explanations in management discussion and analysis.
• Reconcile operating cash flow (cash flow statement, operating activities) against net profit in the income statement to reproduce the cash conversion score (very low cash conversion) and identify timing or non‑cash items driving the gap.