TNI

• Beneish M-Score -1.1044 with Vietnam peer percentile 87th: the M-Score measures the likelihood of earnings manipulation based on eight financial ratios; this score is well above most Vietnamese peers (higher percentile = more aggressive accounting), and the YoY change of +1.55 indicates a notable shift in the company’s Beneish profile year-over-year.
• DSRI = 2.1076: the Days’ Sales Receivable Index measures whether receivables are growing faster than sales; a value above 1 suggests receivables are increasing relative to sales, and 2.1076 is materially elevated.
• Cash conversion (three-year operating cash flow / net profit) = 6.55 (93rd percentile): this ratio measures how well reported profit converts to cash; a very low conversion (high ratio here in the dataset context) indicates profits are not producing operating cash and is a concern for earnings quality.
• Earnings-Quality Score = 20.7/100 with component scores of 0.0/100 for cash conversion, receivables quality, margin quality and revenue quality: these measures quantify weaknesses in the cash and revenue pictures underpinning reported earnings.
• Earnings-quality components: receivables quality = 0.0/100 and revenue quality = 0.0/100 — these specific scores flag weak evidence that reported revenue and receivables are high quality.
• Beneish LVGI = 0.7982 and DEPI = 0.7945: the LVGI (sales growth combined with leverage changes) and DEPI (depreciation index) below 1 can signal changes in asset valuation or depreciation policies that affect earnings comparability.

• No accumulated losses and parent net loss years = 0: retained earnings are positive and the parent company reported no net loss years up to FY2025, which is a basic solvency/continuity signal in the financial statements.
• Receivables outside the trade cycle = 0.1% of total assets (11th percentile): this measures prepayments, loans receivable and other long-term receivables outside normal trade terms; at 0.1% of assets the exposure is small relative to peers.
• Piotroski F-Score = 6/9: this score measures nine fundamental signals (profitability, leverage/liquidity, and operating efficiency); a 6 is mildly positive/neutral, suggesting mixed but not weak operating fundamentals.
• AQI = 0.7012 and TATA = 0.0772: AQI (accrual quality index) below 1 and a relatively small total accruals to assets (TATA = 0.0772) indicate accruals are not extreme in scale compared with total assets.

Ownership appears relatively dispersed among individuals: top five shareholders are all individuals with stakes of 5.8%, 5.1%, 5.0%, 4.9% and 4.9%, respectively. Director-deal registrations between 2025-10-30 and 2026-10-30 show 2 sale registrations and 1 purchase registration (registrations are intentions disclosed to the exchange, not executed trades).

• Compare Note(s) on accounts receivable and revenue recognition in the FY2025 annual report to reconcile the DSRI (2.1076) — verify whether receivables growth exceeds sales growth and whether any changes in credit terms or allowances are disclosed.
• Reconcile the cash flow statement to profit: quantify the three-year operating cash flow / net profit series that produced the cash conversion measure 6.55 and check the notes for non-cash items, related-party cash flows, and timing differences.
• Inspect the fixed-asset and depreciation note to confirm the inputs behind DEPI = 0.7945 (depreciation index) and any changes in useful lives, additions or disposals that would affect depreciation policy.
• Review the related-party schedules and the notes on prepayments/loans to verify the composition behind 'receivables outside the trade cycle' (0.1% of total assets) and to identify any material intercompany balances or terms.