TNC

• Beneish M-Score -0.636 (measures the likelihood of earnings manipulation patterns; this level is above the US -1.78 cutoff but that cutoff is US-calibrated—against Vietnamese peers the company sits at the 90th percentile, meaning it is more aggressive in this sample).
• Year-over-year M-Score change +1.61 (measures change in the manipulative-signaling mix; a large positive change indicates the accounting profile has moved materially versus prior year).
• DSRI 2.2289 (Days' Sales in Receivables Index — measures receivables growth relative to sales; a value well above 1 suggests receivables or revenue recognition grew faster than sales, consistent with revenue-inflation risk).
• Earnings-quality sub-scores show weak cash-related quality: Cash conversion 8.0/100 (measures ability of reported profit to convert into operating cash), and Receivables quality 0.0/100 (measures collectibility and composition of receivables), both indicating low cash realization versus earnings.
• Earnings Quality overall 30.4/100 (composite measure of accruals, cash conversion, receivables and revenue quality), signaling low overall earnings quality by the applied metrics.

• TATA 0.1160 (Total accruals to assets — measures accrual intensity) is modest, suggesting accruals are not extreme in absolute terms.
• SGI 1.1593 (Sales Growth Index — measures sales growth; moderate growth rather than hyper-growth) and Revenue quality 62.6/100 (measures consistency and sustainability of reported revenue) support that reported revenue is not entirely anomalous.
• Altman Z-Score 12.95 (measures distance to bankruptcy) is in the safe zone, indicating low near-term insolvency risk under that model.
• Piotroski F-Score 7/9 (measures profitability, leverage/liquidity, and operating efficiency) indicates generally strong accounting fundamentals.

Ownership is highly concentrated and state-linked: Uỷ Ban Nhân Dân Thành Phố Hồ Chí Minh and Ủy Ban Nhân Dân Tỉnh Bà Rịa - Vũng Tàu together are shown at 51.0% (the same percentage listed twice, indicating substantial public-sector control), with Công ty Cổ phần Khu công nghiệp Hố Nai holding 22.9% and Công ty Cổ Phần Đầu Tư New Asia 11.9%. No director-deal registrations were provided in the input (registrations, when present, are intentions filed with the exchange, not executed trades).

• Compare the change in trade receivables and the disclosures on revenue recognition in the notes: verify the components behind DSRI = 2.2289 (sales vs receivables movement).
• Reconcile operating cash flow and profit: trace the three-year operating cash flow / net profit ratio (0.10) to the cash flow statement and the profit breakdown to understand low cash conversion drivers.
• Inspect the receivables and other receivables / advances schedule to confirm the 0.1% of total assets labelled as receivables outside the trade cycle and check whether there are related-party loans or long-term items.
• Review the statutory tests and equity notes that support the statement that accumulated losses are none and that no statutory loss triggers (Decree 155/2020 as amended) are met in the audited FY2025 statements.