TUG

• Beneish M-Score = -1.1395 (measures the likelihood of earnings manipulation relative to a model calibrated on US data). The company sits at the 87th percentile versus Vietnamese peers (higher percentile = more aggressive account-ing behavior relative to peers).
• Year-over-year change in M-Score = -3.20 (measures direction and magnitude of change in the M-Score). This large negative change shows the M-Score moved materially in the latest year compared with the prior year.
• AQI (Asset Quality Index) = 8.5821 (measures change in the proportion of non-current/illiquid assets; higher values can signal asset reclassification or write-offs). This is notably large and warrants attention to composition of non-current assets.
• DEPI (Depreciation Index) = 4.9420 (measures change in depreciation policy / rate; values >1 suggest slower depreciation or asset revaluation; here it is materially >1).
• Revenue quality = 3.8/100 (from the earnings-quality decomposition; measures persistence and reliability of revenue). This very low score indicates concerns about the quality or sustainability of reported revenue growth.
• Cash conversion (3-year operating cash flow / net profit) = 0.73, ranked 36th percentile among Vietnamese non-financials (measures the extent profits convert to cash). A sub-1 value and relatively low percentile indicate profit is not fully turning into operating cash.
• Receivables outside the trade cycle = 0.5% of total assets, 23rd percentile (measures prepayments, loans receivable and other long-term receivables outside normal trade receivables). Low-percentile but non-zero amount suggests some non-trade receivable exposure to review.
• Piotroski F-Score = 4/9 (measures 9 fundamental signals of quality; a 4 is neutral-to-weak).

• Earnings Quality Score = 78.1/100 (aggregate measure of different earnings-quality pillars).
• Accruals quality = 100.0/100 (measures the extent earnings are driven by accruals; a high score indicates low abnormal accruals).
• Cash conversion (component) = 100.0/100 in the earnings-quality components (measures recent cash/earnings dynamics at a sub-score level). Note this contrasts with the 3-year cash-conversion check — the decomposition’s cash-conversion metric and the three-year cash conversion rank are different measures.
• Receivables quality = 100.0/100 (within the earnings-quality decomposition this indicates receivables appear consistent with revenues over the scoring horizon).
• SGI (Sales Growth Index) = 1.0260 (measures sales growth; modestly >1 indicates low to moderate sales growth rather than high, potentially volatile expansion).
• LVGI (Leverage Index) = 1.3969 (measures change in leverage; while >1 indicates rising leverage, it is a quantified signal that can be reconciled with balance-sheet items rather than an immediate accounting concern).
• No accumulated losses; owner’s equity (excluding minority interest) is positive and parent profit has not posted a net loss in the last 0 years up to FY2025 (these are balance-sheet and statutory outcomes showing no historical statutory loss condition).

The largest shareholder is PHP (Công ty Cổ phần Cảng Hải Phòng) with 60.3% (control), indicating a controlling listed parent. Another significant listed shareholder is HMH at 13.4%. The listed parent also controls DVP (51.0%). Director-deal registrations recorded between 2025-10-30 and 2026-10-30 show 1 sale registration and 1 purchase registration (registrations are intentions filed with the exchange, not executed trades).

• Compare the AQI drivers in the notes to the fixed assets / other non-current asset schedules — identify which asset lines rose and reconcile the 8.5821 AQI to those line items.
• Inspect the depreciation policy note and movement in accumulated depreciation to reconcile DEPI = 4.9420 (check changes in useful lives, residual values or revaluations).
• Compare the revenue recognition note and detailed revenue schedules to the revenue-quality component (3.8/100) — specifically reconcile any one-off, inter-segment or related-party revenue items.
• Reconcile operating cash flow, profit before tax and the three-year cash-conversion ratio reported (operating cash flow / net profit = 0.73) using the consolidated cash-flow statement and the parent profit figure.
• Review the disclosures for ‘receivables and prepayments’ and the related-party receivables note to locate the 0.5% of total assets classified as receivables outside the trade cycle and to see counterparty and maturity details.