TNA

• Beneish M-Score = -0.3686 (measures likelihood of earnings manipulation relative to an 1980s US threshold; company ranks at the 92nd percentile among Vietnamese peers, indicating more aggressive accounting than most peers)
• M-Score year-over-year change = +0.86 (measures the shift in the manipulation signal versus prior year; a large positive change is a secondary cue that accounting behavior moved)
• DSRI = 4.9431 (days-sales-in-receivables index; very high value indicates receivables grew much faster than sales or revenue recognition may have accelerated)
• SGAI = 2.2212 (sales, general & admin index; >1 indicates SG&A grew faster than sales, which can signal cost capitalization or selling-pressure on margins)
• DEPI = 1.1766 and LVGI = 1.0519 (depreciation index >1 and leverage-growth index >1; DEPI suggests slower depreciation or useful-life changes, LVGI indicates rising leverage/long-term liabilities)
• TATA = -0.0377 (total accruals to total assets; negative but small — accruals measure short-term earnings management and here accruals are not strongly positive)
• Earnings-quality: Cash conversion 22.7/100 and Receivables quality 0/100 (measures of how well cash generation and receivables support reported profits; both are poor here)
• Margin quality = 0/100 (reported margins are not supported by stable or cash-backed performance)
• Altman Z-Score = 0.10 (measures financial distress/bankruptcy distance; 0.10 is in the distress zone)
• Three consecutive years of net loss in the audited statements through FY2025 (a statutory test result reported in the filings; the company trades on UPCoM where the HOSE/HNX cancellation rule does not apply)
• Receivables outside the trade cycle = 0.2% of total assets (14th percentile among VN non-financials; these are prepayments, loans receivable and other long-term receivables that sit outside normal trade receivables)

• Accruals quality = 100.0/100 (measures how much reported income relies on accruals; here accruals appear not to be the primary driver of reported earnings)
• Revenue quality = 76.0/100 (indicates a relatively high proportion of revenue is supported by cash/recurring sources versus being one-off or easily reversible)
• Piotroski F-Score = 5/9 (measures conservative/healthy fundamentals; a middle score indicates neutral operating/fundamental signals rather than clear deterioration)
• Owner's equity (excluding minority interest) is positive and accumulated losses are 0.15x paid-in capital (shows the company retains positive equity despite three years of parent losses)

Ownership is concentrated in a small group of individual shareholders: three individuals together hold 41.2% (Nguyễn Quang Hòa 17.3%, Nguyễn Trần Thảo Nguyên 15.9%, Nguyễn Trần Thảo Hương 8.0%), with two other individuals holding smaller stakes. No state-owned or institutional block is listed in the top shareholders provided.

• Compare the receivables outside the trade cycle (prepayments to suppliers, loans receivable, other long-term receivables) reported in the balance-sheet note to the ageing schedule and related-party disclosures.
• Reconcile cash flow from operations to reported profit in the cash-flow note and the statement of profit or loss to verify the low cash-conversion score (check components of working-capital movements and one-off items).
• Inspect the depreciation policy note and fixed-asset reconciliation to confirm the basis for DEPI = 1.1766 (changes to useful lives, residual values, or capitalization policies).
• Check the related-party transactions and receivable/payable schedules for balances and terms that could explain the high DSRI (4.9431) and loans/receivables outside the normal trade cycle.