UPCOM:VIR

• Beneish M-Score = 3.3805 (98th percentile vs VN peers): the score is far above the US -1.78 cutoff and is very high relative to Vietnamese companies, signalling aggressive accounting indicators in the peer context.
• DSRI = 10.0000: days sales receivable index at an extreme level, measuring large changes in receivables relative to sales and potentially indicating revenue recognition or receivable timing anomalies.
• SGAI = 10.0000: selling, general & administrative expenses index at an extreme level, measuring growth in SG&A relative to sales and possibly indicating expense capitalization or timing shifts.
• DEPI = 5.0089: depreciation index elevated, which measures changes in depreciation rates and may indicate shifts in useful lives or revaluations affecting reported profits.
• AQI = 1.0000 and LVGI = 1.0205: asset quality and leverage-growth indices suggest increased non-current asset composition and modestly higher leverage growth, which can obscure earnings quality.
• Altman Z-Score = -0.08 (distress zone): measures distance to bankruptcy; a negative score indicates financial distress by the Z-Score model.
• Piotroski F-Score = 2/9: measures nine fundamentals (profitability, leverage/liquidity, operating efficiency); a 2 indicates weak fundamentals across those tests.
• Earnings Quality sub-scores: Cash conversion = 0.0/100, Receivables quality = 0.0/100, Margin quality = 0.0/100 — these specific zeros flag poor cash generation, receivable composition/timing, and margin sustainability.
• Receivables outside the trade cycle = 0.0% of total assets (3rd percentile among VN non-financials): while the numeric percent is low, the percentile placement and the Beneish DSRI suggest a mismatch between the DSRI signal and the on‑balance-sheet classification — warranting inspection of receivable and revenue notes.
• Accumulated losses = 0.64x paid-in capital: accumulated losses amount to 64% of paid-in capital, which is material relative to capital base and relevant for solvency assessment.

• Accruals quality = 93.1/100: the accruals component scores highly, indicating that total accruals (as measured in the earnings-quality metric) appear relatively high-quality compared with the sample used for that metric.
• AQI = 1.0000 (asset quality index included above) can also reflect a high proportion of tangible/non‑current assets rather than opaque intangible balances in some contexts (interpretation depends on notes).
• Owner's equity (excluding minority interest) is positive: the balance sheet retains positive shareholder equity according to the checks provided.
• Net loss occurs in 1 consecutive year up to FY2025 (not multiple consecutive years): the company reported a net loss for one consecutive year, which is a less severe persistence of losses than multiple-year losses.

Shareholding is highly concentrated: the top three shareholders hold 85.5% (Institution: Công ty Cổ phần Dịch Vụ Du Lịch Quốc Tế Tỉnh Bà Rịa‑vũng Tàu 41.4%; individuals Lữ Quốc Khánh 25.0% and Nguyễn Thanh Giao 19.1%). There is also a small state-linked institutional stake (Tập đoàn Công nghiệp Cao su Việt Nam 3.7%). No director‑deal registrations were supplied in the data provided.

• Compare the FY2025 Revenue and Trade Receivables schedules with the Related-Party note to reconcile the DSRI = 10.0000 signal: verify revenue recognition timing and any related-party receivable terms.
• Inspect the Fixed Assets and Depreciation note to explain DEPI = 5.0089: check changes in useful lives, asset additions/disposals and depreciation policies year-over-year.
• Review the SG&A breakdown and accounting policy note for expense recognition to understand SGAI = 10.0000, including any reclassifications or capitalization of expenses.
• Check the Statement of Cash Flows (operating activities) and the detailed cash-receipts/payments notes to reconcile Cash conversion = 0.0/100 and the high Accruals quality score.