TPP

• Beneish M-Score = -1.2782: the M-Score is a composite that measures the likelihood of earnings manipulation signals; although the US cutoff is -1.78, this company ranks at the 84th percentile among Vietnamese peers (higher = more aggressive accounting versus VN peers) and the M-Score increased by +0.86 year-over-year, indicating a material change in the accounting signals.
• Days Sales Receivable Index (DSRI) = 1.5333: DSRI > 1 indicates receivables (or revenue recognition relative to sales) growing faster than sales; a DSRI of 1.5333 is a specific contributor to the elevated M-Score.
• Asset Quality Index (AQI) = 1.4786: AQI > 1 suggests increasing proportion of non-current/expensive-to-replace assets or cost capitalization; AQI of 1.4786 is a substantial contributor to the M-Score.
• Total Accruals to Total Assets (TATA) = 0.1104: relatively low TATA means lower accruals-based distortion in that specific measure, but the small TATA contrasted with weak cash conversion (below) flags a disconnect between reported profit composition and cash.
• Altman Z-Score = 1.59 (distress zone): the Z-Score uses balance-sheet and profit metrics to estimate distance to bankruptcy; 1.59 lies in the distress zone (lower distance).
• Cash conversion (operating cash flow / net profit, 3 years) = -0.50 (16th percentile): this indicates profits have not been converted into cash over the three-year window; the percentile shows it is weak relative to Vietnamese non-financial peers.
• Earnings-Quality components: overall Earnings Quality Score = 20.9/100 with Cash conversion = 0.0/100, Receivables quality = 0.0/100, Margin quality = 0.0/100: these low sub-scores highlight specific deficiencies in cash- and receivables-related earnings quality.
• Receivables outside the trade cycle = 4.8% of total assets (66th percentile): while not extreme, 4.8% of assets classified outside the trade-cycle (prepayments, loans receivable, long-term receivables) contributes to concerns about revenue/receivable quality and aligns with the high DSRI and AQI.

• Piotroski F-Score = 5/9: a neutral score indicating neither strong deterioration nor strong improvement in the accounting fundamentals used by the Piotroski model.
• Gross Margin Index (GMI) = 0.9889 and Sales Growth Index (SGI) = 0.9934: GMI slightly below 1 suggests gross margins have not deteriorated relative to prior year, and SGI close to 1 indicates sales are roughly stable year-over-year—these temper concerns from other signals.
• Depreciation Index (DEPI) = 0.6501 and SGA Index (SGAI) = 0.8725: DEPI well below 1 and SGAI below 1 suggest depreciation rates and selling/administrative expense trends are not inflating profit via reduced depreciation or exploding SG&A, which are mitigating signals against manipulation via those channels.
• No accumulated losses / retained earnings not negative and parent's net loss years = 0: accumulated losses are not present and the parent has not reported net loss in any of the 0 years up to FY2025, which is a positive solvency/fiscal continuity fact in the statements.
• Statutory loss tests: none met under the Decree 155/2020 Art. 120(1)(e) (amended): the audited annual statements do not meet the statutory loss conditions that would trigger mandatory listing review under that rule.

DNP Holding (Công ty Cổ phần DNP Holding) controls 52.7% of the company (disclosed 2026-06-30), giving a single listed parent majority control; other top holders are individual shareholders with 5.0%, 3.9%, 3.7% and 3.6%. Director-deal registrations in the 2025-10-30 to 2026-10-30 window show 2 sale registrations (both without a disclosed volume) and 1 purchase registration for 10,202,566 shares — these are exchange-registered intentions, not executed trades.

• Compare the year-over-year change in trade receivables and the components of receivables with Note X (Receivables and prepayments) in the FY2025 audited financial statements to see what is included in the 4.8% of assets classified as 'receivables outside the trade cycle.'
• Reconcile operating cash flows to profit in the Consolidated Cash Flow Statement and Management Discussion to confirm the drivers of the three-year operating cash conversion ratio = -0.50 (operating cash flow / net profit).
• Review the fixed-asset and intangible-asset schedules and the relevant accounting policy note to understand what feeds the Asset Quality Index = 1.4786 and the Depreciation Index (DEPI) = 0.6501.
• Inspect the Related-Party Transactions note and the loans/advances schedules for any material prepayments, loans receivable or long-term receivables that would explain both DSRI = 1.5333 and the 4.8% receivables outside the trade cycle.
• Check the auditor’s report and the statutory loss test disclosures in the annual report to confirm the published statement that none of the Decree 155/2020 (as amended) loss conditions are met.