TB8

• Beneish M-Score = 1.8367. This number is above the US -1.78 cutoff used by Beneish, but that cutoff is US-calibrated; here the score sits at the 97th percentile versus Vietnamese peers, indicating the company is more aggressive on the M-Score components than 97% of VN peers.
• Year-over-year M-Score change = +3.71. The M-Score rose substantially year-over-year (consecutive-year M-Scores have low persistence), so accounting characteristics recently shifted toward the manipulation side of the metric.
• AQI (Abnormal Accruals Index) = 10.0000. AQI measures unusual accrual behavior; a value of 10 on your scale indicates a large abnormal-accrual signal contributing to the M-Score.
• TATA (Total Accruals) = 0.1386. Total accruals are material (13.86% of some scale), consistent with the weak cash-conversion and elevated AQI.
• Cash conversion (3-year operating cash flow / net profit) = -0.20 (19th percentile among VN non-financials). Negative cash conversion indicates reported profits have not converted into operating cash over three years.
• Piotroski F-Score = 2/9. This low score indicates weak operating fundamentals and poor profitability/financial-strength signals on the Piotroski checklist.

• Receivables outside the trade cycle = 0.1% of total assets (7th percentile). This low level suggests limited prepayments, long-term receivables or related-party loans classified as receivables.
• Receivables quality = 86.2/100. The receivables-quality component is strong, supporting the low proportion of receivables outside the trade cycle.
• Altman Z-Score = 5.55 (safe zone). By the Altman measure the company has distance from bankruptcy risk.
• SGAI = 0.9548 and SGI = 1.0024. Selling, general & administrative expense intensity and sales growth indices are not showing extreme anomalies (SGAI slightly down; SGI near 1.00).
• Margin quality = 50.0/100 and accruals quality = 49.7/100. These are middling scores (neither strongly healthy nor extremely poor), indicating some stable elements in reported margins and accrual patterns aside from the AQI/TATA signals.

Information on the listed group and largest shareholders was not provided. The company trades on UPCoM (not HOSE/HNX), which implies different listing disclosure regimes; no director-deal registrations or insider-registration details were supplied in the data you provided.

• Compare the FY2025 statement of cash flows (operating cash flows) with parent net profit to reconcile the 3‑year cash conversion ratio of -0.20 and explain major items (non‑cash adjustments, working‑capital movements) driving the negative conversion.
• Inspect the notes and schedules for receivables, prepayments and loans receivable to confirm the 0.1% of total assets labelled as receivables outside the trade cycle and to identify any related‑party balances.
• Review the auditor’s report and the notes on provisions and impairment to understand the drivers of AQI = 10.0000 and TATA = 0.1386 (look for large discretionary accruals, one‑off adjustments or reclassifications).
• Reconcile revenue and cost notes with the revenue-quality score (41.9/100) and margin disclosures to see if there are timing, recognition or unusual revenue items (e.g., bill-and-hold, consignment, returns, rebates) affecting revenue quality.