TDH

• Beneish M-Score 0.0265 (94th percentile among Vietnamese peers): measures eight variables indicative of earnings manipulation tendencies; the high peer percentile shows the company scores more aggressively on these metrics than most Vietnamese peers.
• M-Score year-over-year change +7.77: measures the change in the composite Beneish score from the prior year; a large positive change indicates a material shift in the underlying accounting signals compared with last year.
• GMI (Gross Margin Index) = 2.1395: part of the M-Score family, this measures deterioration in gross margins (values >1 suggest worsening gross margins), here indicating sustained margin pressure.
• DEPI (Depreciation Index) = 1.3307: measures changes in the rate of depreciation (values >1 can indicate slower depreciation or policy changes that inflate profits); this elevated value suggests a move that increases reported profits via depreciation timing.
• TATA (Total Accruals to Total Assets) = 0.1927: measures accrual intensity (higher values imply greater accruals relative to assets); 19.27% is a material accrual level and contributes to the lower accruals-quality score (35.3/100).
• Cash conversion 0.0/100 and Margin quality 0.0/100: cash conversion measures ability to turn profits into cash; 0 indicates very weak operating cash flow relative to earnings. Margin and revenue-quality 0.0 indicate deterioration in profit margins and low-quality revenue patterns.
• Altman Z-Score = -1.23 (distress zone): the Z-Score model's composite suggests a short bankruptcy distance by that model's construction.
• Receivables outside the trade cycle = 56.5% of total assets (99th percentile): measures amounts classified as receivables/prepayments/loans outside normal trade receivables; at 56.5% of assets this is extremely large versus Vietnamese peers and may reflect significant prepayments, loans to related parties or other non-trade claims.
• Accumulated losses = 0.84x paid-in capital: measures the scale of retained losses relative to contributed capital; accumulated losses at 84% of paid-in capital show a substantial historical deficit position.

• Receivables quality 100.0/100: measures the composition and collectibility of receivables; a perfect score indicates the company's recognized trade receivables (as classified) are of high reported quality relative to the scoring rules.
• AQI (Asset Quality Index) = 0.9883: part of the M-Score family, values near 1 suggest little deterioration in asset quality per that metric; here AQI just below 1 is not signalling asset-quality deterioration via that index.
• SGAI (Sales, General & Administrative Index) = 0.0372: very low SGAI indicates little relative increase in SGA expenses per the M-Score subcomponent (values >1 would indicate rising SGA share), so SGA pressure is not evident via this index.
• Piotroski F-Score = 5/9: a neutral score on fundamentals (measures profitability, leverage/liquidity, and operating efficiency); the company is neither strongly deteriorating nor strongly improving on those nine binary signals.

Ownership is relatively dispersed among institutional holders: KITMC Worldwide Vietnam RSP Balanced Fund 6.2%, Deutsche Bank / Deutsche Asset Management 6.0%, the Ho Chi Minh City State Financial Investment Company 6.0%, Vietnam Equity Holding 4.6% and Red River Holding 4.5%. No single majority owner is listed; a state-owned financial investor holds a meaningful 6.0% stake, which can be relevant in the Vietnamese context for group or policy relationships.

• Compare the FY2025 note or schedule that breaks down 'receivables and prepayments' with the related-party disclosures to identify how much of the 56.5% of total assets classified as receivables outside the trade cycle are loans to related parties, long-term receivables, or prepayments to suppliers.
• Reconcile the components of total accruals in the cash-flow statement and the consolidated statements (operating profit vs cash from operations) to verify the TATA ratio of 0.1927 and to trace drivers of the 0.0/100 cash-conversion score.
• Inspect the depreciation and fixed-asset policy notes to explain DEPI = 1.3307 (changes in depreciation rates or useful lives) and confirm any policy changes or revaluations in FY2025.
• Review the statement of changes in equity and the retained earnings / accumulated losses line to confirm accumulated losses = 0.84x paid-in capital and to verify the parent profit (net loss) history reported (0 consecutive years of parent net loss up to FY2025).