TCH

• Beneish M-Score 0.1135 (94th percentile among Vietnamese peers; YoY change +2.11) — the peer percentile and rising trajectory indicate relatively more aggressive accounting versus Vietnamese peers; note the -1.78 US cutoff is not directly calibrated to VN firms.
• DSRI (Days’ Sales Receivable Index) = 5.3494 — this measures receivables growing faster than sales and is the main upward driver of the M‑Score.
• Receivables-quality 0.0/100 and Revenue-quality 0.0/100 — these scores indicate weak evidence that reported revenue and receivables are supported by underlying quality metrics.
• Receivables outside the trade cycle = 2.6% of total assets (54th percentile) — a material but not extreme proportion of assets are in prepayments, loans receivable or other non-trade receivables, consistent with elevated DSRI.
• Earnings-quality margin and revenue signals: Margin quality 31.6/100 and Revenue quality 0.0/100 — margins and revenue recognition raise concerns about sustainability of reported profit.
• Cash-conversion (Vietnam 3‑year OCF / Net profit) = -0.28 (19th percentile) — low percentile indicates profits have not reliably converted to cash over three years.
• Piotroski F‑Score = 3/9 — weak fundamental-score signal (profitability, leverage, liquidity and operating performance checklist).
• Director‑deal registrations (2025-10-30 to 2026-10-30): 10 sale registrations (8 traders; 10 without a volume) and 9 purchase registrations (5 traders; 9 without a volume) — these are registered intentions disclosed to the exchange, not executed trades.

• Accruals-quality 100.0/100 — accruals appear well aligned with cash flows on the metrics used.
• Cash-conversion score 100.0/100 in the earnings-quality composite — at the company-reporting level some short‑term cash metrics appear strong even though the three‑year Vietnam check is weak.
• TATA (Total Accruals) = -0.0911 — modest negative total accruals can indicate conservative accrual direction in the period measured.
• No accumulated losses; owner's equity (excluding minority interest) is positive, and parent net loss in 0 years up to FY2025 — the published statements do not show statutory loss conditions.
• Statutory loss tests (Decree 155/2020 Art.120(1)(e), amended) — none met in the audited FY2025 statements.

Ownership is concentrated: an individual, Đỗ Hữu Hạ, holds 30.2% (largest shareholder). The next largest are institutions at 5.8% and 3.2% and two other individuals at 4.9% and 3.5%, indicating significant insider control by the founding/major shareholder. Director‑deal registrations show multiple insiders and related persons registering both sales and purchases in the 12‑month window.

• Compare the year‑end trade receivables and the note(s) for 'loans receivable', 'prepayments to suppliers' and 'other long‑term receivables' in the FY2025 annual report to reconcile the DSRI drivers.
• Review the revenue-recognition note and the detailed sales/contract schedules for FY2024–FY2025 to see the composition of revenue growth versus accounts receivable growth.
• Match operating cash flow reconciliation and the cash-flow statement (FY2023–FY2025) against reported net profit to verify the cash-conversion pattern that produced the Vietnam three‑year ratio of -0.28.
• Read the related‑party transactions note for amounts, terms and balances with major shareholders and group entities given the 2.6% of assets classified as receivables outside the trade cycle.