VES

• Beneish M-Score 18.5195 (100th percentile vs Vietnam; YoY change +22.65): the score measures a composite likelihood of earnings manipulation signals relative to peers and shows a large upward move year-over-year (note the -1.78 US cutoff is not directly transferable; use the peer percentile and trajectory).
• DSRI (Days' Sales Receivable Index) = 10.0000: this component measures receivables growth relative to sales and a value this large signals receivables/sales have expanded dramatically versus the prior year.
• SGI (Sales Growth Index) = 10.0000: this measures sales growth; an extreme value indicates exceptionally rapid revenue growth versus the prior year, which can stress recognition and collectibility.
• TATA (Total Accruals to Total Assets) = 1.0000: this measures accrual intensity; a value of 1.0000 indicates accruals are very large relative to assets in the period reported.
• Cash conversion (3-year operating cash flow / net profit) = -1.89 (10th percentile vs Vietnam): this measures the degree to which reported profits convert into cash; a negative ratio at the 10th percentile indicates profits are not turning into operating cash.
• Earnings Quality Score = 0.0/100 and all subcomponents (accruals, cash conversion, receivables, margin, etc.) = 0.0/100: these scores indicate low measured earnings quality on the applied metrics.

• Altman Z-Score = 45.26 (safe zone): this measures bankruptcy distance; a very high value indicates low bankruptcy risk under the Altman framework.
• Piotroski F-Score = 7/9: this measures nine signals of accounting and operating strength; a 7 indicates generally strong fundamentals on profitability, leverage/liquidity, and operating efficiency tests.
• Receivables outside the trade cycle = 0.0% of total assets (2nd percentile vs Vietnam): this measures prepayments, loans receivable and other long-term receivables outside the normal trade cycle; a 0.0% figure indicates those non-trade receivables are negligible in the balance sheet.
• No accumulated statutory net-loss trigger for delisting on HOSE/HNX applies here: although accumulated losses are 0.61x paid-in capital, the company trades on UPCoM where the HOSE/HNX statutory-listing-loss test is not applied.

Ownership is highly concentrated among three individuals: Lâm Di Linh 32.0%, Brook Colin Taylor 25.5% and Ho Thi My Diem 24.3%, together holding ~82% of shares. Director-deal registrations (7 purchase registrations, 0 sale registrations, 3,050,583 shares registered across 7 traders with three registrations missing volumes) show insider/related-party intent to buy rather than sell; registrations are declarations of intended trades, not executed transactions.

• Compare the change in trade receivables and the DSRI calculation: inspect the receivables and revenue notes and the receivables aging schedule for FY2024–FY2025 to reconcile why DSRI = 10.0000.
• Reconcile accrual components to TATA = 1.0000: examine the consolidated statement of cash flows and the reconciliation from profit to operating cash flow and the detailed movements in receivables, payables, inventory and other accrual lines for the period showing large accruals.
• Verify cash conversion = -1.89: compare operating cash flow (continuing operations) to net profit in the cash flow statement and the parent profit note for the three-year window used.
• Review related-party and other receivables / prepayments notes to confirm the 0.0% of total assets labeled as receivables outside the trade cycle and to understand the nature and terms (maturities, interest, collateral) if any such balances exist.