TRV

• Beneish M-Score = 2.535 (Beneish cutoff -1.78 is US-calibrated; note ~28% of Vietnamese companies exceed that cutoff) and Vietnam peer percentile = 98th — this places TRV among the most aggressive-scoring Vietnamese companies on Beneish metrics.
• SGI (Sales Growth Index) = 7.8050 — measures sales growth relative to prior year; such a high value indicates very rapid reported sales growth, which can pressure margins and working-capital metrics.
• AQI (Asset Quality Index) = 1.7881 — measures increases in non-current assets or reclassification of expenses into assets; a reading above 1 suggests more assets or reclassified costs relative to sales than the prior year.
• LVGI (Leverage Index) = 0.9603 and DEPI (Depreciation Index) = 0.1656 — DEPI well below 1 (0.1656) indicates reported depreciation expense fell sharply relative to prior-period depreciation, which can boost reported profits via lower depreciation charge.
• TATA (Total Accruals to Total Assets) = -0.0721 — negative accruals (−7.21% of assets) indicate cash-based strength but must be seen with other indicators (e.g., extreme SGI/AQI) for context.
• Receivables outside the trade cycle = 0.4% of total assets (22nd percentile among VN non-financials) — while small in absolute terms, the presence of prepayments, loans receivable and long-term receivables is a line-item to monitor given the AQI signal.
• Accumulated losses = 0.43 × paid-in capital — accumulated losses amount to 43% of paid-in capital, a balance-sheet pressure point to note even though owner's equity (without minority interest) is positive.

• Earnings Quality Score = 100.0/100 with Accruals quality 100/100, Cash conversion 100/100, Receivables quality 100/100 — these components measure the transparency and cash-backed nature of reported earnings and show high internal consistency in cash and accrual metrics.
• Piotroski F-Score = 9/9 — measures nine fundamental signals (profitability, leverage/liquidity, operating efficiency); a 9 indicates strong short-term fundamentals by the Piotroski criteria.
• Altman Z-Score = 2.47 — in the grey zone for bankruptcy distance (not in the distress cut-off), indicating neither clear health nor immediate financial distress under the Altman model.
• DSRI (Days' Sales in Receivables Index) = 0.1366 — measures changes in receivables relative to sales; a low value here aligns with the low receivables-outside-trade-cycle figure (0.4% of assets) and supports the high receivables-quality rating.

Ownership is highly concentrated: Tổng Công ty Đường sắt Việt Nam (state-related institution) holds 87.3% of shares, with the next listed individuals showing 0.0% each. No director-deal registrations were provided in the data; registrations, if any, would be filings of intent rather than executed trades.

• Compare the 2025 line items for 'Prepayments to suppliers', 'Loans receivable' and 'Other long-term receivables' in the balance sheet to the related-party disclosures and the notes on related-party transactions.
• Reconcile depreciation expense and the property, plant & equipment note between FY2024 and FY2025 to verify the components behind DEPI = 0.1656 (note changes in useful lives, additions, disposals or reclassifications).
• Compare cash-flow-from-operations and the movements in working-capital lines (receivables, payables, inventories) in the cash-flow statement to validate the Cash conversion and TATA = -0.0721 accruals picture.
• Check the statement of changes in equity and the statutory notes for the calculation supporting 'Accumulated losses = 0.43 × paid-in capital' and confirm the presentation of owner's equity excluding minority interests.