TIX

• Beneish M-Score = -1.689 (Beneish cutoff -1.78 is US-based); Vietnam peer percentile 75th — this percentile shows the company’s M-Score is higher (more aggressive) than 75% of Vietnamese non-financial peers.
• M-Score year-over-year change = +1.37 — a sizeable upward move in the M-Score compared with the prior year, indicating accounting signals shifted materially this year.
• DSRI = 1.7899 — Days’ Sales Receivable Index above 1 suggests receivables grew faster than sales, which can indicate extended credit terms, slower collections, or revenue recognition timing effects.
• Receivables quality = 0.0/100 and Revenue quality = 0.0/100 — these specific earnings-quality sub-scores flag concerns about the composition or sustainability of reported revenue and the recoverability/timing of receivables.
• Cash conversion (3-year operating cash flow / net profit) = 1.02 (46th percentile) — relatively low percentile implies profits are not converting to cash any better than about half of peers; combined with weak receivables/revenue scores, this elevates scrutiny on cash realization of sales.
• LVGI = 1.0142 and SGI = 1.1109 — modest revenue growth (SGI>1) with some leverage on inventory/working capital (LVGI>1) can amplify the effect of aggressive revenue recognition if present.

• Accruals quality = 96.9/100 — accrual components (non-cash adjustments) appear high-quality in the scoring model used, suggesting low unusual accruals relative to peers.
• TATA = 0.0077 — Total Accruals to Total Assets is small (0.77%), supporting the high accruals-quality score.
• GMI = 0.9026 and SGAI = 0.8999 — Gross Margin Index <1 and SGA index <1 indicate margins and selling/general admin costs have not deteriorated year-over-year by the amounts that often precede aggressive reporting.
• Altman Z-Score = 3.55 — places the company in the safe zone for bankruptcy distance by Altman’s model.
• Piotroski F-Score = 8/9 — strong fundamentals on profitability, leverage/liquidity, and operational efficiency under Piotroski’s tests.

Ownership is concentrated among institutions: CHOLIMEX 20.1%, Tanimex 17.3%, Minh Phat 11.0%, Hưng Phát 6.7%, plus an individual with 9.7%. This majority institutional block structure indicates a few large shareholders control a substantial portion of equity. Director-deal registrations for 2025-10-30 to 2026-10-30 show 2 sale registrations (2 traders; 300,000 shares) and 2 purchase registrations (2 traders; 100,000 shares; one purchase without a volume), and these are registered intentions with the exchange rather than executed trades.

• Compare the FY2025 and FY2024 schedules/notes for trade receivables and non-trade receivables: reconcile the components that produce the DSRI = 1.7899 and the receivables-outside-the-trade-cycle figure (0.5% of total assets).
• Reconcile operating cash flow versus reported net profit across FY2023–FY2025 to inspect the cash conversion ratio = 1.02 (three-year operating cash flow / net profit) and identify the items preventing profit from converting to cash.
• Inspect the revenue recognition note, sales cut-off and related-party transaction disclosures to understand drivers of Revenue quality = 0.0/100 and SGI = 1.1109 (sales growth) — look for large year-end sales, returns reserves, or related-party sales.
• Review the notes on prepayments, loans receivable and long-term receivables to verify the composition that gives Receivables outside the trade cycle = 0.5% of total assets and to confirm allowance policies and recoverability.
• Examine the audited statement conclusions and regulatory notes that confirm none of the statutory loss tests under Decree 155/2020 Art.120(1)(e) (amended by Decree 245/2025) were met for FY2025.