TET

• M-Score -1.4037 (Beneish): above the historical US threshold of -1.78 but note Vietnamese context — company ranks at the 81st percentile among Vietnamese peers and the M-Score increased by +1.16 year-over-year (an uplift in the manipulation signal relative to peers and a non-trivial YoY move).
• DSRI (days-sales-related index) = 1.9492: this component of the M-Score measures relative growth in receivables/sales and suggests receivables (or revenue recognition relative to sales) expanded materially year-over-year.
• Cash-conversion (operating cash flow / net profit, 3-year) = 0.01, 22nd percentile among Vietnamese non-financials: reported profits are not converting into cash over a multi-year window (very low cash conversion).
• Earnings-Quality sub-scores: Cash conversion = 0.0/100, Receivables quality = 0.0/100, Revenue quality = 0.0/100 — these three zeros indicate very weak observable quality on those axes in the scoring method used.
• TATA (total accruals to total assets) = 0.0960: positive accruals relative to assets which, together with low cash conversion, can indicate earnings driven by accruals rather than cash.
• LVGI (leveraging index) = 0.8374 and SGAI = 0.9190: sales growth and SG&A patterns are not strongly supportive of organic quality growth (SGAI <1 but DSRI and other signals point to revenue/receivable tension).

• Altman Z-Score = 35.50: measures bankruptcy distance; this is in the safe zone indicating low bankruptcy risk on the standard Altman metric.
• Piotroski F-Score = 6/9: measures fundamentals (profitability, liquidity, leverage, operating efficiency); a 6 is a neutral-to-positive score indicating several healthy fundamental signals.
• Accruals quality = 61.6/100: relative strength on accruals quality compared with other sub-scores, suggesting accruals are not uniformly poor.
• DEPI = 1.0000 and SGI = 0.9960: depreciation and sales-growth indices show stability (DEPI = 1.0 means no change in depreciation policy effect; SGI near 1 shows flat sales growth), reducing some concerns that aggressive depreciation or high growth are driving results.

The share register is highly concentrated: F1 Housing (institution) holds 84.2% while four individuals together hold the remaining ~15.8% (largest individual 5.2%). This indicates dominant institutional control with limited free float and potential for group or controller influence over accounting and disclosures.

• Compare FY2025 trade receivables, loans and other receivables lines with the related-party and long-term receivables notes to reconcile the 4.9% of total assets figure described as 'receivables outside the trade cycle.'
• Reconcile operating cash flow and profit for FY2023–FY2025 in the cash-flow statement and the profit-and-loss note to verify the 3-year cash conversion ratio of 0.01 and to identify major non-cash adjustments or one-off timing items.
• Inspect the revenue recognition note and the schedule of receivables aging to validate the components behind DSRI = 1.9492 and the revenue-quality = 0.0/100 signal.
• Review the equity and retained-earnings lines and the statutory-loss disclosures to confirm that accumulated losses are absent and that none of the Decree 155/2020 (amended) statutory loss tests for listing cancellation are met.