SVT

• Beneish M-Score = -0.7269 (measures likelihood of earnings manipulation relative to historical accounting patterns; value is above the US −1.78 threshold and in the 89th percentile vs Vietnamese peers, meaning this company’s pattern of the eight Beneish component ratios is more ‘aggressive’ than 89% of local peers).
• M-Score year-over-year change = -4.04 (measures change in the M-Score versus prior year; a large change indicates a material shift in the accounting profile compared with the prior year).
• GMI (Gross Margin Index) = 1.5870 (measures deterioration in gross margin; >1 suggests gross margins declined and could create pressure to manage earnings).
• AQI (Asset Quality Index) = 1.2238 (measures increase in the proportion of non-current or ‘‘other’’ assets; >1 can signal capitalizing or reclassifying costs into assets rather than expensing).
• DEPI (Depreciation Index) = 4.8855 (measures changes in the reported rate of depreciation; large >1 suggests slower reported depreciation relative to prior year, which can inflate profit).
• LVGI (Leverage Growth Index) = 10.0000 (measures growth in leverage; a large number indicates material increase in leverage on the balance sheet).
• TATA (Total Accruals to Total Assets) = 0.1635 (16.35% of assets in accruals, measuring the extent of accrual-based earnings; elevated accruals reduce cash-basis support for reported profit).
• Earnings-Quality composite = 30.8/100 with Cash conversion = 0.0/100 and Margin quality = 0.0/100 and Revenue quality = 0.0/100 (these measure cash support for profits, stability of margins and persistence/quality of revenue; zero scores indicate serious weakness on these fronts).
• Cash-conversion (3-year OCF / net profit) = 0.17 (17%, 25th percentile among Vietnamese peers; low, meaning reported profit has not been converting into operating cash).
• Piotroski F-Score = 3/9 (measures nine fundamental changes; a low score indicates weak recent operating/financial improvements).

• Receivables-quality subscore = 100.0/100 (measures how much revenue/receivables look collectible and free of unusual items; indicates receivables-related metrics tested here look strong).
• DSRI (Days Sales Receivable Index) = 0.0761 (measures change in receivables relative to sales; a value well below 1 typically indicates receivables are not growing faster than sales—consistent with the strong receivables-quality score).
• Altman Z-Score = 7.40 (measures distance from bankruptcy using balance-sheet and earnings items; 7.40 sits in the ‘safe’ zone, indicating low bankruptcy risk by that model).
• No accumulated losses and no statutory loss-test triggers (the company’s retained earnings are positive and the audited statements do not meet the statutory tests under Decree 155/2020 Art.120(1)(e) as amended).

Ownership is concentrated: VID (Công ty Cổ phần Đầu tư Phát triển Thương mại Viễn Đông) holds 33.3% (disclosed 2026-06-30), which under VAS indicates significant influence (≥20%). The remainder is owned by a mix of institutions and individuals (largest others: Giấy Toàn Lực 7.4%, Lê Thị Minh Giang 5.4%, an ‘america limited liability company’ 5.0%, Bùi Quang Minh 4.5%). No director-deal registrations were provided in the data set (registrations, when present, are declarations of intent recorded with the exchange rather than executed trades).

• Compare FY2025 notes: reconcile 'Receivables and other receivables' lines with the related-party and long-term receivables schedule to verify composition of the 7.3% of total assets classified as receivables outside the trade cycle.
• Inspect the cash-flow statement and the auditor’s notes for operating cash flow and the reconciling items to profit (note the 3-year operating cash flow / net profit = 0.17) to see which accruals or non-cash items are causing the low cash conversion.
• Review the fixed-asset and depreciation policy note and the schedule of accumulated depreciation to understand the drivers of DEPI = 4.8855 (i.e., changes in estimated useful lives, additions, disposals or revaluations).
• Examine related-party disclosures and the loans/advances to/from related parties note to assess whether any of the AQI = 1.2238 (asset-quality increase) or elevated accruals (TATA = 0.1635) are connected to intra-group balances or prepayments.