HNX:VIT

• Beneish M-Score = -1.1905 (measures likelihood of earnings manipulation patterns); Vietnam peer percentile = 85th (this company scores more aggressively than 85% of Vietnamese peers).
• M-Score year-over-year change = +1.76 (measures change in the composite manipulation signal; the rise indicates the accounting profile has shifted toward more aggressive values compared with prior year).
• DSRI (Days' Sales in Receivables Index) = 2.7403 (measures growth in receivables relative to sales; a value well above 1 suggests receivables have grown faster than revenue).
• SGAI (Sales, General & Administrative expenses Index) = 1.3104 (measures growth in SG&A relative to sales; >1 indicates SG&A rising faster than sales).
• Earnings-Quality sub-scores: Receivables quality = 0.0/100, Margin quality = 0.0/100, Revenue quality = 25.1/100 (these scores measure deterioration in receivable-related quality, margin stability and revenue persistence).
• Altman Z-Score = 1.71 (measures distance to bankruptcy; 1.71 sits in the 'distress' zone and implies relatively low buffer versus financial distress).
• Cash-conversion (three-year operating cash flow / net profit) = 3.24 (86th percentile among Vietnamese non-financials; low conversion into cash when profit is present is a concern—here the ratio indicates profit has not translated into proportionate operating cash flows over 3 years).

• Piotroski F-Score = 9/9 (measures nine fundamental signals of profitability, leverage/liquidity, and operating efficiency; a top score indicates strong reported fundamentals across those measures).
• Earnings-Quality sub-scores: Accruals quality = 100.0/100 and Cash conversion = 100.0/100 (these measure the quality of accruals and short-term cash conversion; both perfect scores indicate reported profits are not being driven by aggressive accruals and that recent cash metrics are strong on the specific tests used).
• TATA (Total Accruals to Total Assets) = -0.0645 (measures net accruals relative to assets; a small negative value indicates net accruals are modest rather than large positive accruals).
• AQI (Asset Quality Index) = 1.0542 and LVGI (Leverage Index) = 0.9867 (AQI slightly >1 suggests modest uptick in non-current asset intensity; LVGI <1 indicates leverage did not increase markedly according to the index).
• DEPI (Depreciation Index) = 0.9190 and GMI (Gross Margin Index) = 0.9209 (DEPI <1 implies reported depreciation rates have increased or useful lives shortened; GMI <1 indicates gross margins improved rather than deteriorated according to the index).

Control is concentrated: Tổng Công ty Viglacera (VGC) holds 51.0% (control, disclosed 2026-06-30). Other top holders: VIX 13.4%, three individuals with 5.5%, 4.5% and 4.0%. The company sits in a listed group with multiple subsidiaries (several >50% owned by VGC and some with 20%+ stakes), which introduces typical group-related related-party and intra-group reporting considerations under VAS.

• Compare FY2025 note(s) on trade receivables and 'other receivables' to reconcile the DSRI and the receivables-quality score—specifically check ageing schedules and related-party breakdowns.
• Reconcile operating cash flow and parent net profit in the consolidated cash-flow note to validate the three-year cash-conversion ratio (3.24) and explain any timing differences or non-cash items.
• Inspect the related-party transactions and intercompany balances (schedules/notes) with VGC and the other listed group companies to identify prepayments, loans or transfers that could affect receivables, revenue recognition or margins.
• Examine the statutory audit opinion and the line items referenced by Decree 155/2020 Art. 120(1)(e) (as amended) to confirm that none of the statutory loss tests were met in the published FY2025 audited financial statements.