TST

• Beneish M-Score = 1.3152. The M-Score is a composite that estimates the likelihood of earnings manipulation; this level is above the US -1.78 threshold and sits at the 96th Vietnam peer percentile (higher = more aggressive accounting versus VN peers). Year-over-year M-Score change = +0.96, indicating accounting metrics have shifted materially in the last year.
• SGI (Sales Growth Index) = 5.0727. SGI measures year-over-year sales growth; a value this large signals very rapid reported revenue growth (or a small prior-year base) which is one of the inputs that can pressure accounting choices.
• Cash conversion (Earnings Quality subscore) = 0.0/100 and Margin quality = 0.0/100. Cash conversion measures how much reported earnings convert into operating cash flow; 0.0 indicates near-complete non-conversion of reported profit into cash in the scoring framework used here. Margin quality = 0.0 signals deterioration or inconsistency in gross/operating margins relative to peers or history.
• Altman Z-Score = -0.33 (distress zone). The Altman Z-Score is a structural bankruptcy-distance measure; a negative score is consistent with elevated financial distress risk in the score’s framework.
• Statutory loss outcomes: the audited statements show accumulated losses above paid-in capital and losses in each of the latest 3 years. Although the Decree 155/2020 statutory delisting test applies to HOSE/HNX and not UPCoM, the published statements meet the numeric criteria referenced by the rule.
• Accumulated losses = 1.11× paid-in capital. This is an absolute measure from the balance sheet showing retained/accumulated losses exceed contributed capital by 11% of paid-in capital.
• Net loss (parent profit) in 5 consecutive years up to FY2025. This is a multi-year operating loss record in the published parent financials.
• DEPI (Depreciation Index) = 1.6188. DEPI > 1 implies depreciation expense has fallen relative to prior year gross PPE (or the implied rate has fallen), which can increase reported profits via lower periodic depreciation charge and is one of Beneish’s manipulation signals.
• LVGI (Leverage Growth Index) = 1.0806. LVGI > 1 indicates leverage has increased year-over-year, which can interact with other stress signals.

• Receivables quality = 100.0/100. This component measures the quality of receivables; a perfect score indicates no detected issues in the receivables profile used by the earnings-quality model.
• Receivables outside the trade cycle = 2.2% of total assets (50th percentile). The check quantifies prepayments to suppliers, loans receivable and other long-term receivables; 2.2% is a modest absolute level and median among Vietnamese non-financials.
• DSRI (Days’ Sales Receivable Index) = 0.2125. DSRI measures whether receivables are growing faster than sales; a value well below 1 suggests receivables have not ballooned relative to sales in the year measured.
• GMI (Gross Margin Index) = 0.5818. GMI < 1 implies gross margins improved year-over-year (the index compares prior-to-current gross margin), which is a favorable signal in the Beneish components.
• TATA (Total Accruals to Total Assets) = 0.1930. TATA measures accruals relative to assets; a relatively low positive value indicates accruals are not extremely large in proportion to assets compared with manipulative patterns.
• Owner’s equity excluding minority interest: positive. Despite accumulated losses exceeding paid-in capital, the parent/owner’s equity (without minority interest) is reported positive in the statements.

Ownership is concentrated: Tập Đoàn Bưu Chính Viễn Thông Việt Nam (VNPT group) holds 32.8% and Công ty Cổ phần Dữ Liệu Khoa Học Vdt holds 18.2%; three individuals hold 17.0%, 8.3% and 8.1%. The top holder is a large state-related telecom group, indicating group/state influence and a typical large-block institutional shareholder structure in Vietnam.

• Compare the FY2025 note(s) on 'receivables and prepayments' with the balance-sheet line for 'other receivables / long-term receivables' to verify the 2.2% of total assets figure and the composition (prepayments, loans receivable, long-term items).
• Check the audited retained earnings / accumulated losses note and the statement of changes in equity to confirm Accumulated losses = 1.11× paid-in capital and the presentation of owner’s equity excluding minority interest.
• Reconcile the consolidated cash-flow from operating activities (CFO) for FY2025 with reported profit before tax and the components of working-capital movement to inspect the low cash-conversion signal (cash conversion = 0.0/100) and any large non-cash adjustments or working-capital timing differences.
• Inspect the related-party transactions and related-party receivables/payables schedules in the notes for FY2025 to see whether material flows (prepayments, advances, loans) appear in those schedules and how they are classified and disclosed.