TDC

• Beneish M-Score = -0.4097 (measures probability of earnings manipulation patterns; this score sits in the 91st percentile among Vietnamese peers — a high relative ranking — and the M-Score moved by -0.85 year-over-year, indicating a notable change in the company’s Beneish profile).
• GMI = 2.5704 (Gross Margin Index; measures deterioration in gross margin — GMI >1 suggests gross margins worsened year-over-year).
• SGI = 2.1176 (Sales Growth Index; measures sales growth — high SGI indicates rapid growth, which in conjunction with other signals can increase accounting complexity).
• DEPI = 1.1623 (Depreciation Index; >1 implies depreciation expense decreased relative to prior-year gross PPE, which can arise from changes in useful lives or estimates).
• TATA = 0.1019 (Total Accruals to Total Assets; elevated accruals can indicate earnings not driven by cash — here TATA is ~10.2%).
• Earnings-Quality Score = 34.9/100 with Cash-conversion = 0.0/100 and Margin quality = 0.0/100 (these measure how much reported profit converts to operating cash and the stability/quality of margins — both are weak).
• Three-year cash-conversion (operating cash flow / net profit) = -0.82 (15th percentile among Vietnamese non-financials; a negative ratio and low percentile indicate profits have not converted into operating cash over three years).
• Receivables outside the trade cycle = 19.2% of total assets (90th percentile; this line captures prepayments, loans receivable and other long-term receivables — it is large relative to peers and may warrant scrutiny of composition and related-party links).
• Altman Z-Score = 1.11 (distress zone; measures distance to bankruptcy using balance-sheet and profit variables).

• Receivables quality = 100.0/100 (this metric measures the apparent quality and collectibility of receivables relative to expectations — a strong score).
• Accruals quality = 59.5/100 (a middling score indicating accruals are not extreme relative to peers; some accrual-based noise exists but it is not at the worst end).
• LVGI = 0.8684 (Leverage Index; indicates changes in leverage — below 1 can reflect stable or reduced leverage relative to prior year, depending on component interpretation).
• Piotroski F-Score = 4/9 (measures simple fundamentals — asset, profitability and cash-flow signals — a neutral score rather than an outright deterioration across fundamentals).
• Statutory loss tests (Decree 155/2020 Art.120(1)(e) as amended) = none met (the published audited annual statements do not meet the statutory thresholds that trigger exchange cancellation procedures).
• No accumulated (undistributed) losses and owner's equity (excluding minority interest) is positive — the balance sheet shows retained earnings and positive equity.

Ownership is concentrated: Tập đoàn Đầu tư và Phát triển Công nghiệp Becamex holds 47.7%, with two other institutions at 8.0% and 7.6%; the largest two individuals hold 0.8% and 0.4%. Director-deal registrations over the past year show one sale registration (100,000 shares) and four purchase registrations totalling 3,000,000 shares, with net registered volume of +2.28% of shares outstanding (registrations are intentions disclosed to the exchange, not executed trades).

• Compare the line items and note that compose 'receivables outside the trade cycle' (prepayments, loans receivable, other long-term receivables) in the FY2025 balance-sheet notes and provide a breakdown by counterparty and related party.
• Reconcile profit before tax to operating cash flow in the cash-flow statement and the cash-flow reconciliation note for FY2023–FY2025 to explain the three-year cash-conversion ratio of -0.82 (identify the largest non-cash and working-capital drivers).
• Inspect the fixed-asset and depreciation notes for changes in useful lives, impairment charges or revaluation that explain DEPI = 1.1623 and any year-over-year change in depreciation policy or estimates.
• Review the related-party transactions and loans/advances schedules (notes on balances and terms) to assess whether a material portion of receivables outside the trade cycle or other large balances are with group or related parties.