TTG

• Beneish M-Score = -0.3126 (this score measures the likelihood of earnings manipulation; the company is at the 92nd percentile among Vietnamese peers, meaning it is more aggressive than most peers; note the -1.78 US cutoff is not directly applicable to Vietnam).
• Beneish DSRI = 2.7388 (Days’ sales receivable index; a high DSRI suggests receivables or revenue recognition have increased faster than sales).
• Beneish DEPI = 1.5022 (Depreciation index >1 suggests slower depreciation or changes in useful lives/estimates that increase reported profits).
• Earnings Quality overall = 11.7/100 with Receivables quality = 0.0/100 and Margin quality = 0.0/100 (these scores measure the degree to which accruals, receivables and margins look reliable; zero values indicate very weak signal quality in those dimensions).
• Cash conversion (3-year operating cash flow / net profit) = 0.40 (29th percentile among Vietnamese non-financials; low ratio means reported profits have translated poorly into operating cash flow).
• TATA (total accruals) = 0.2130 (elevated accruals relative to assets / profits can signal earnings managed via accruals rather than cash).
• Director-deal registrations during 2025-10-30 to 2026-10-30 show 9 sale registrations (7 traders; 1,201,800 shares; 6 registrations without a disclosed volume) and 5 purchase registrations (3 traders; 500,000 shares; 4 without a disclosed volume) — these are exchange-registered intentions, not executed trades, but show more registered sales than purchases in the period.

• Altman Z-Score = 7.25 (this score measures distance to bankruptcy; 7.25 sits well into the ‘safe’ zone, indicating low bankruptcy risk on standard balance-sheet metrics).
• Piotroski F-Score = 6/9 (this score measures nine fundamental improvements; a 6 indicates generally neutral-to-positive fundamentals).
• AQI (asset quality index) = 0.3957 (lower AQI indicates fewer non-current asset write-ups or abnormal increases in asset capitalization), and LVGI = 0.9310 (low leverage growth index vs prior period).
• SGI = 0.7653 and GMI = 0.8647 (sales growth index and gross margin index below 1 imply no aggressive sales growth or margin deterioration in the raw ratios used by Beneish).
• Receivables outside the trade cycle = 1.6% of total assets (44th percentile among Vietnamese non-financials), which is not unusually large relative to peers.

Ownership is concentrated in individuals: Phạm Thị Huy holds 23.5%, followed by several other individuals with single-digit stakes (8.0%, 4.9%, 4.9%, 4.6%). This structure indicates a tightly held company with dominant individual shareholders; director-deal registrations (more sale registrations than purchases) show insiders have registered intentions to trade over the past year.

• Compare the change in trade receivables and the DSRI driver: read the notes to trade receivables and revenue recognition in the FY2025 annual report and quantify how much of receivable growth is due to timing versus related-party balances.
• Reconcile depreciation and PPE notes with DEPI = 1.5022: check changes in useful lives, asset additions, disposals and depreciation methods in the fixed-asset note for FY2025 and FY2024.
• Match operating cash flow and profit components: verify the reconciliation of profit to cash flows (cash flow statement and accruals schedule) to explain the three-year cash conversion ratio of 0.40.
• Inspect related-party schedules and the prepayments/loans line items to confirm the composition of the 1.6% of assets in receivables outside the trade cycle (notes, schedules or line items for prepayments, loans to related parties, and long-term receivables).