TMW

• Beneish M-Score = -0.3906 (measures the probability of earnings manipulation using eight financial ratios); this score is in the 91st percentile versus Vietnamese peers, indicating accounting metrics more aggressive than most local companies. The year-over-year M-Score change is +1.60, showing a material move in the score year-to-year (note the -1.78 US cutoff is not directly transferible to Vietnam).
• DSRI = 1.5703 (Days' Sales Receivables Index; measures growth in receivables relative to sales). A DSRI >1 suggests receivables are growing faster than sales.
• LVGI = 4.7300 (Leverage Growth Index; measures growth in leverage). A large LVGI indicates rapid increase in leverage or leverage-like balance-sheet items.
• AQI = 1.1429 (Asset Quality Index; measures shifts into long‑lived or cost‑less‑to‑expense assets). AQI >1 signals a higher share of non-current or other assets that can obscure earnings quality.
• SGI = 1.5218 (Sales Growth Index; measures sales growth). SGI >1 shows strong sales growth which can make manipulation incentives higher under Beneish framework.
• TATA = 0.4510 (Total Accruals to Total Assets; measures accrual intensity). A positive TATA of 0.4510 indicates sizeable accruals relative to assets.
• Earnings Quality Score = 0/100 and all component scores 0/100 (measures combined signals of accruals, cash conversion, receivables and margin quality). This uniform zero indicates very weak signals on multiple earnings-quality tests.
• Three-year cash conversion (operating cash flow / net profit) = -1.70 (10th percentile). This shows reported profits are not turning into operating cash over a three-year window.
• Receivables outside the trade cycle = 40.4% of total assets (98th percentile). A very large share of assets is in prepayments, loans receivable or long-term receivables rather than trade receivables tied to sales.
• Altman Z-Score = 2.01 (classified in the 'grey zone' for bankruptcy distance). This indicates limited cushion on traditional distress metrics.
• Piotroski F-Score = 3/9 (measures fundamentals: profitability, leverage/liquidity, and operating efficiency). A score of 3 indicates weak fundamental signals.

• DEPI = 0.9166 (Depreciation Index; measures change in depreciation policy). DEPI <1 suggests no obvious reduction in depreciation rates relative to prior period (not a sign of earnings inflation via lower depreciation).
• SGAI = 0.7038 (Sales, General & Admin Index; measures change in SG&A relative to sales). SGAI <1 indicates SG&A grew less than sales, which can reflect operating leverage rather than discretionary expense capitalization.
• No accumulated losses and owner's equity (ex-minority) positive (the published statements show undistributed earnings are not negative and equity excluding minority interest is positive).
• Statutory loss tests: the company is listed on UPCoM where the HOSE/HNX statutory delisting test (Decree 155/2020 Art.120(1)(e) as amended) does not apply; the filing therefore does not trigger that specific exchange delisting criterion.

Ownership is highly concentrated: Công ty TNHH Thanh Bình holds 53.2% and Tổng Công Ty Công Nghiệp Thực Phẩm Đồng Nai holds 33.1%, together controlling 86.3% of shares; Quỹ Đầu Tư Phát Triển Đồng Nai holds 6.5%. Major shareholders are institutions and a clear dominant shareholder exists, while individual free-float appears very small (largest individuals 0.5% and 0.3%).

• Compare the line(s) in the 2025 balance sheet and notes that detail 'receivables and other long-term receivables' to reconcile the 40.4% of total assets figure and identify composition (prepayments to suppliers, loans to related parties, long-term receivables).
• Reconcile operating cash flow to parent net profit in the 2023–2025 cash flow statements and the notes to quantify the drivers of the three‑year cash conversion of -1.70 (identify non-cash items, working-capital movements and related-party cash flows).
• Inspect the notes on related-party transactions and prepayments in FY2025 to see whether significant balances are with group entities, suppliers, or other counterparties and to check contractual terms and maturities.
• Review the auditor's report and any emphasis-of-matter or key-audit-matters in the FY2025 audited financial statements for commentary on asset valuation, recoverability of receivables/prepayments, going-concern or unusual related-party arrangements.