VTR

• Beneish M-Score -0.6807: this is above the US -1.78 cutoff but that cutoff is US-calibrated; within Vietnam the company ranks at the 90th percentile (higher = more aggressive accounting than peers) and the M-Score rose by +1.10 year-over-year (a notable trajectory).
• AQI (Asset Quality Index) = 3.9281: AQI measures increases in ‘‘non‑productive’’ assets (e.g., property, receivables, other long‑term assets) relative to assets; a very high AQI is a common signal of earnings management or capitalisation of costs.
• SGAI (Sales, General & Administrative to sales index) = 1.3764: SGAI >1 indicates selling and administrative expenses growing faster than sales year-over-year, which can reflect cost capitalisation or one-off items affecting margins.
• TATA (Total Accruals to Assets) = 0.1657: positive large accruals (16.57% of assets) indicate earnings have a substantial accrual component relative to the asset base, consistent with the low accruals-quality score (42.5/100).
• Cash conversion (3‑year OCF / net profit) = -7.55: the company is in the 4th percentile versus Vietnamese non‑financial peers, indicating reported profits have not converted into operating cash over three years.
• Receivables outside the trade cycle = 16.6% of total assets: at the 88th percentile, this level (prepayments to suppliers, loans receivable, long‑term receivables) is unusually high and contributes to the AQI and revenue‑quality concerns.
• Earnings-quality components: overall E‑Q 35.5/100, with Cash conversion 0/100 and Margin quality 0/100 — these underline weak cash and margin sustainability despite Receivables quality being 100/100.
• Piotroski F-Score = 2/9: weak fundamental signals (profitability, leverage, liquidity, and operating efficiency measures are generally poor), which aligns with low cash conversion and high accruals.

• Receivables quality = 100.0/100: within the earnings‑quality framework receivables metrics look strong (no immediate signs of revenue recognition via trade receivables manipulation).
• DSRI (Days Sales Receivable Index) = 0.7606: DSRI <1 suggests receivables turnover has improved year-over-year rather than ballooned from sales recognition — consistent with the perfect receivables‑quality score.
• DEPI = 1.0000 and LVGI = 0.8904: stable depreciation index (DEPI ≈1) suggests no aggressive changes to depreciation policies, and LVGI <1 indicates leverage velocity is not accelerating unusually.
• No accumulated losses and owner’s equity (ex‑minority) positive: the company has not reported accumulated losses and parent profit shows 0 consecutive years of net loss through FY2025, which are signs of solvency in published statements.

Ownership is concentrated: three individuals and two institutions together hold large stakes (Nguyễn Thủy Tiên 20.9%, Vietravel Group 14.6%, Nguyễn Quốc Kỳ 11.2%, VinaCapital 9.9%). Director/insider registrations in 2025–10–30 to 2026–10–30 show 4 purchase registrations totalling 750,000 shares (net registered +1.14% of shares outstanding) and 0 sale registrations; these are registered intentions disclosed to the exchange, not executed trades.

• Compare the year‑over‑year change in the 'other long‑term receivables' and 'prepayments to suppliers' lines in the Notes to the Financial Statements with the AQI components — quantify the increase that produces AQI = 3.9281.
• Reconcile the consolidated 'operating cash flow' line and the parent 'profit for the year' across the past three annual reports to reproduce the 3‑year cash conversion ratio = -7.55; inspect the reconciliation of profit to cash flow for large non‑cash items or working‑capital movements.
• Inspect the related‑party disclosures and the schedules for 'loans and advances to customers/related parties' to identify the composition of the 16.6% of assets classified as receivables outside the trade cycle.
• Review the notes on 'selling, general and administrative expenses' and accounting policy disclosures for capitalization criteria to understand drivers of SGAI = 1.3764 and whether costs have been reclassified or capitalised.