UPCOM:VMA

• Beneish M-Score = -1.5585 (78th percentile among Vietnamese peers). This measures the likelihood of earnings manipulation patterns; the 78th percentile shows the company’s pattern is more aggressive than most Vietnamese peers even though the US -1.78 cutoff is not directly calibrated to Vietnam.
• AQI (Asset Quality Index) = 2.8432. AQI measures the rise in non-current or ‘‘less liquid’’ assets (e.g., long-term receivables, other non-operating assets) relative to assets; a value this high suggests substantial increases in asset categories that can be associated with earnings management or capitalisation of costs.
• DEPI (Depreciation Index) = 1.6197. DEPI > 1 indicates depreciation expense has fallen relative to prior-period depreciation implied by gross PPE, which can signal slower depreciation (longer useful lives or revaluation) that inflates reported profits.
• LVGI (Leverage Index) = 1.1038. LVGI > 1 measures increasing leverage year-over-year; this shows liabilities have grown faster than assets, raising balance-sheet risk.
• Cash-conversion component and measures: Earnings-Quality cash conversion = 34.8/100, and three-year cash conversion (operating cash flow / net profit) = -0.05 (21st percentile). These measure the extent to which reported profit has been translated into operating cash; the figures indicate profits are not converting into cash and are low relative to peers.
• Altman Z-Score = 1.56 (distress zone). The Z-Score measures distance to bankruptcy; 1.56 places the company in a zone historically associated with financial distress.
• Piotroski F-Score = 3/9. The F-Score measures nine fundamental signals (profitability, leverage/liquidity, and operating efficiency); a 3 indicates weak operational and accounting fundamentals.

• Accruals quality = 95.5/100. This measures persistence and conservatism in accrual accounting; a high score suggests accruals are of relatively high quality.
• Receivables quality = 94.2/100 and Receivables outside the trade cycle = 0.8% of total assets (31st percentile). These measures indicate receivables and non-trade receivable items are relatively small and of good quality versus peers.
• TATA (Total Accruals to Assets) = 0.0111 (about 1.11%). TATA measures the size of total accruals relative to assets; a low TATA means accruals are modest in absolute size.
• SGAI (Sales, General & Administrative Index) = 0.8150 (<1). SGAI < 1 indicates SG&A expenses did not grow faster than sales, suggesting no immediate sign of expense capitalisation through reduced SG&A.

Ownership is highly concentrated among large institutions: Công ty Cổ Phần Ngoại Thương Kamaz 37.6%, Tập đoàn Công nghiệp Than - Khoáng sản Việt Nam 36.0%, and Công ty Cổ phần Thương mại Quốc tế Tân Đại Tây Dương 14.5%; three institutions collectively hold 88.1%. Two individuals hold small stakes (3.4% and 0.9%). This structure implies strong block-holder control and likely related-party / group transactions consistent with a large listed group presence.

• Compare the year‑over‑year change in ‘Other long‑term receivables’, ‘Loans to related parties’ and ‘Prepayments’ in the FY2025 notes to the AQI components to see which asset lines drove AQI = 2.8432.
• Reconcile depreciation policy and PPE schedules (useful lives and accumulated depreciation) against DEPI = 1.6197 to see whether changes in estimated useful lives or revaluations explain the DEPI movement.
• Match operating cash flow and profit reconciliation in the cash‑flow statement and the accruals note to confirm the small TATA = 0.0111 and the 3‑year cash conversion ratio = -0.05 (check items such as changes in working capital, non‑cash items, and one‑off adjustments).
• Review related‑party disclosures and intercompany balances in the notes (schedules for receivables/payables to affiliates) given the high ownership concentration and LVGI = 1.1038 (rising leverage) to identify any material related‑party financing or guarantees.