TTB

• Beneish M-Score = -0.1553 (93rd percentile vs VN peers) — the absolute score is above the US -1.78 cutoff but that cutoff is US-calibrated; the high peer percentile and a year-over-year increase of +3.99 are signals of increased accounting aggressiveness relative to Vietnamese peers.
• SGI (sales growth index) = 4.4420 — measures sales growth; a value >>1 indicates very rapid revenue growth year-over-year, which can pressure recognition policies.
• DEPI (depreciation index) = 1.0928 — measures a slowdown in reported depreciation expense (ratio >1 implies depreciation expense decreased relative to prior period), which can inflate reported earnings.
• LVGI (leverage index) = 0.8027 — measures change in leverage (value <1 indicates leverage increased), so leverage rose versus prior year (a potential financing/solvency concern when combined with Altman score).
• Margin quality = 0/100 and Revenue quality = 0/100 — the earnings-quality framework flags deterioration in margins and revenue sustainability even though accruals and cash measures look clean.
• Altman Z-Score = 0.37 (distress zone) — this measures distance to bankruptcy using balance-sheet and profit measures and implies financial stress by the model's thresholds.

• Accruals quality = 100/100 — the accruals component measures how much earnings are driven by accruals versus cash; a perfect score indicates low accrual-based earnings manipulation signals.
• Cash conversion = 100/100 — operating cashflow converts to reported profit well, which reduces concern about earnings being driven by noncash items.
• Receivables quality = 100/100 — receivables behavior (growth relative to sales, collectability signals) does not raise red flags in the earnings-quality module.
• Piotroski F-Score = 9/9 — the company scores strongly on profitability, leverage/liquidity, and operating efficiency fundamentals (each component of Piotroski is passing).
• TATA (total accruals to total assets) = -0.0622 — a small negative TATA indicates total accruals are not a major positive driver of earnings in the period assessed.

Top shareholders are institutional entities with the largest at 7.9% (Công ty TNHH Bắc Nam Thái Nguyên) and several others between 5.9%–7.9%; ownership appears dispersed among institutions rather than controlled by a single dominant shareholder. No director-deal registrations were supplied in the data provided (registrations are intentions filed with the exchange, not executed trades).

• Compare the 2025 line items: 'Prepayments to suppliers', 'Loans receivable' and 'Other long-term receivables' to the note on receivables to confirm the composition of the 10.7% of total assets reported as receivables outside the trade cycle.
• Reconcile reported depreciation and useful-life disclosures in the fixed-asset note with the DEPI = 1.0928 to see whether changes in depreciation policy or useful lives caused the measured depreciation slowdown.
• Inspect the cashflow statement and the notes to confirm components behind the cash-conversion = 100/100 score (operating cashflow vs reported profit, and any large one-off cash items).
• Review the revenue recognition policy note and major sales/customer schedules to understand drivers of SGI = 4.4420 (very high sales growth) and to verify revenue cut-off, related-party sales and any significant rebates/returns disclosures.