TDM

• High Beneish peer percentile: M-Score -1.3944 at the 81st Vietnam-peer percentile — the score is above many domestic peers and rose by +2.01 year-over-year (the YoY movement indicates the accounting profile changed noticeably).
• Days-Sales-Receivables Index (DSRI) = 1.8318 — this measures receivables growth relative to sales; a DSRI well above 1 suggests receivables are growing faster than sales (consistent with weak receivables and revenue quality scores).
• Receivables outside the trade cycle = 7.8% of total assets (76th percentile among VN non-financials) — this line captures prepayments to suppliers, loans receivable and other long-term receivables and is relatively large versus peers.
• Receivables quality = 0.0/100 and Revenue quality = 0.0/100 — the scoring indicates the numbers for sales and receivables contain the weakest signals in the earnings-quality model.
• Piotroski F-Score = 2/9 — weak fundamental signals (profitability, leverage/liquidity, and operational efficiency) are not strongly supportive.
• Cash conversion components: Cash conversion (3-year operating cash flow / net profit) = 1.44 (62nd percentile) and Earnings Quality Score cash-conversion subscore 53.3/100 — profits are not converting to cash as strongly as many peers.

• Accruals quality = 91.7/100 and TATA (total accruals) = 0.0206 — accrual magnitudes and accrual-based distortions appear limited by the accrual-quality metric.
• Altman Z-Score = 6.07 (safe zone) — the Z-Score indicates distance from bankruptcy in the classic financial-stress metric.
• SGI = 0.9297 and SG&A Index (SGAI) = 1.1930 — sales growth is below 1 (modest/negative growth) which reduces pressure to aggressively inflate revenue; SGA spending rose modestly but not extreme.
• DEPI = 1.0635 and LVGI = 1.4291 provide mixed signals on depreciation policy and leverage/asset growth, but do not by themselves indicate extreme accounting manipulation.

Top ownership is moderately concentrated among institutions: Vietcap Securities 14.0%, Quỳnh Phúc 7.0%, N.T.P trading entity 6.3%, plus an individual at 5.0%. Director-deal disclosures show 24 purchase registrations and 0 sale registrations (17 registrants; 5,074,904 shares registered; 11 registrations without a volume) — these are registered intentions with the exchange, not executed trades.

• Compare the year-on-year change in trade receivables and the notes on 'other long-term receivables / loans receivable' in the FY2025 audited notes to explain the DSRI = 1.8318 and the 7.8% of assets classified as receivables outside the trade cycle.
• Reconcile revenue line items and the revenue recognition note (contracts, timing, returns) with the revenue-quality score of 0.0/100 and the SGI = 0.9297 to see whether revenue composition or timing changed in FY2025.
• Review the cash-flow statement and the notes to operating cash flows for FY2023–FY2025 to validate the 3-year cash-conversion ratio = 1.44 and the cash-conversion subscore (53.3/100).
• Inspect related-party schedules and the schedule of prepayments to suppliers in the notes to identify the components of the 7.8% receivables-outside-the-cycle figure and any large balances with group entities.