TLT

• Beneish DSRI = 3.3774 — measures receivables growth relative to sales; a high DSRI can indicate sales recognized ahead of cash collection or growing receivables outpacing revenue.
• Beneish M-Score = -0.2192 with Vietnam peer percentile = 92nd and YoY change = +3.07 — the company ranks in the top decile for aggressive accounting vs Vietnamese peers and the M-Score moved materially year-over-year (the percentile and positive trajectory are meaningful in the Vietnamese context).
• Earnings-Quality sub-scores: overall Earnings Quality = 31.5/100; Cash conversion = 38.1/100; Receivables quality = 0.0/100; Margin quality = 0.0/100; Revenue quality = 0.0/100 — these indicate concerns about the convertibility of reported profits into cash and weak signals around revenue and margin sustainability.
• Three-year cash-conversion = 2.97 (84th percentile among VN non-financials) — operating cash flow is low relative to reported profits, which is consistent with poor cash conversion of earnings.
• DEPI = 1.0958 — depreciation index >1 measures a slowdown in depreciation rate (or changes in useful lives/estimates) that can inflate reported profits relative to economic wear-and-tear.

• TATA = 0.0299 and Accruals quality = 88.0/100 — total accruals are small and accruals-quality is high, which suggests reported profits are not heavily driven by large accruals in the period measured.
• GMI = 0.8548 (<1) — the gross margin index below 1 indicates gross margins have improved year-over-year, which reduces one class of earnings deterioration signal in Beneish's framework.
• Altman Z-Score = 2.58 (grey zone) — not in the distress cutoff, indicating moderate distance from the usual bankruptcy thresholds used in the Z-Score model.
• Piotroski F-Score = 6/9 — a neutral-to-somewhat-healthy fundamental score reflecting mixed improvements in profitability, leverage/liquidity, and operating efficiency.

Control is concentrated: VGC (Tổng Công ty Viglacera) holds 51.1% (control, disclosed 2026-03-02). The same listed parent controls or significantly influences several other listed companies (DAC, DSG, HLY, VHL, VIH, VIM, VIT, VTS), which indicates TLT sits inside a larger Viglacera group. Top shareholders also include individuals with 15.5% and 13.3%; there are no accumulated losses and owner's equity (ex-minority) is positive.

• Compare the growth in trade receivables and 'other receivables' in the FY2025 balance sheet and the notes to revenue recognition to reconcile the DSRI = 3.3774 (check the sales vs receivables schedules).
• Reconcile operating cash flow to net profit in the cash-flow statement and the management discussion to explain the three-year cash-conversion = 2.97 (operating cash / net profit).
• Inspect the fixed-asset note for changes in depreciation rates, useful lives, or revaluations that explain DEPI = 1.0958 and check the related depreciation expense and capex schedules.
• Review related-party transactions, prepayments and long-term receivables notes to verify the composition of receivables outside the trade cycle (reported 2.1% of total assets) and any group balances with VGC or sister entities.