TOT

• Beneish M-Score -1.1879, Vietnam peer percentile 85th and YoY change +2.01 — the M-Score is higher (more aggressive) than most Vietnamese peers and has trended up; note the US cutoff -1.78 is not directly applicable to Vn context.
• DSRI (Days Sales Receivable Index) = 1.6487 — receivables growth outpacing sales, a primary driver of the M-Score.
• AQI (Asset Quality Index) = 2.3034 — a large rise in non-current/other assets relative to sales, consistent with reclassification, capitalisation or increases in long‑term receivables/prepayments.
• Revenue quality = 3.4/100 and Receivables quality = 0.0/100 — very low scores indicating reported revenue and receivables patterns that weaken confidence in revenue durability and collectability.
• Cash conversion (3‑year operating cash flow / net profit) = 1.81 (72nd percentile) — operating cash has converted to profit less efficiently than most peers (a higher ratio here indicates profit not turning into cash).

• Accruals quality = 93.0/100 — accrual measures (net accruals relative to assets/profit) suggest reported earnings are not being driven by abnormal accruals.
• TATA (total accruals) = 0.0176 — a small absolute total accruals figure consistent with the high accruals quality score.
• Altman Z‑Score = 3.45 — places the company in the 'safe' zone for bankruptcy distance under the Altman model.
• No accumulated losses; owner's equity (excluding minority interest) positive; parent profit not a net loss for 0 consecutive years up to FY2025 — the statutory balance-sheet and profit tests reported show no signs of the specific loss triggers listed under Decree 155/2020 (amended).

Control is highly concentrated: TMS (Công ty Cổ phần Transimex) holds 82.3% (reported 2026-06-30), giving the listed parent decisive control. The remaining free float is small (largest individual holders 1.8%, 1.2%, 1.0%, 0.9%). Several other listed companies are within the same group (TMS holds material stakes in CLX 28.1%, TJC 57.7%, VNF 61.1%, etc.), indicating a group structure where related‑party transactions and intra‑group balances can be economically significant.

• Compare the year‑by‑year breakdown of 'Receivables' and 'Other long‑term receivables / prepayments to suppliers' in the notes to the 2025 audited financial statements; quantify the components that drove AQI = 2.3034 and receivables outside the trade cycle = 0.7% of total assets.
• Reconcile revenue growth and the DSRI: compare sales by segment to accounts receivable ageing schedules and the disclosure that supports DSRI = 1.6487 to see whether receivables growth is due to timing, new business, or reclassification.
• Check the cash flow statement and the reconciliation of profit to operating cash flow for the last three years to verify the 3‑year cash conversion ratio = 1.81 and the TATA = 0.0176 (inspect the components of accruals used in the reconciliation).
• Review related‑party disclosures and schedules (loans to/from related parties, guarantees, intra‑group balances) given the 82.3% parent ownership and the group holdings (TMS stakes in CLX, TJC, VNF, etc.) to identify any material intra‑group receivables or prepayments that could affect AQI and receivables quality.