TVG

• Beneish M-Score -0.4529 (measures a combination of eight financial ratios that Beneish found correlate with earnings manipulation); the company ranks in the 91st percentile among Vietnamese peers (higher = more aggressive accounting vs VN peers) and the M-Score moved +1.90 year-over-year, which flags a notable upward trajectory in the score compared with local peers.
• AQI (Accounting Quality Index) = 10.0000 (measures unusual accounting attributes across adjusted earnings and balance-sheet items); a value this high is an outlier and merits closer inspection of the components behind it.
• SGI (Sales Growth Index) = 1.9064 (measures sales growth relative to the prior year); high SGI can make aggressive accounting more likely because fast growth strains controls and revenue recognition.
• Altman Z-Score = 1.19 (measures distance to bankruptcy using profitability, leverage, liquidity and activity ratios); 1.19 sits in the distress zone and indicates low buffer against financial stress.
• Margin-quality 43.5/100 (measures stability/persistence of profit margins); a below-average margin-quality score suggests profit margins are volatile or backed by non-recurring items.
• TATA (Total Accruals to Total Assets) = -0.3566 (measures whether accruals are large relative to assets); a materially negative TATA indicates large non-cash items affecting reported profit that should be reconciled with cash flows and notes.
• Director-deal registrations: 0 sale registrations and 11 purchase registrations (7 registrants) totalling 1,844,741 shares; net registered volume equals +90.89% of shares outstanding (registrations are intentions disclosed to the exchange, not confirmed executed trades), which is an unusually large cumulative registered buy volume.

• Earnings-Quality 90.0/100 (an aggregate score measuring multiple dimensions of earnings reliability); this is strong overall.
• Accruals quality 100.0/100 (measures whether accruals are consistent and not extreme relative to peers); indicates reported profits are not driven by unstable accrual patterns.
• Cash conversion 100.0/100 and Vietnam three-year cash conversion = 95.91 (operating cash flow / net profit over 3 years; company is at the 100th percentile among Vietnamese non-financials for the three-year test, but note low cash conversion is bad — here the score indicates cash is supporting profits), meaning profits largely convert to cash over the period.
• Receivables quality 100.0/100 and receivables outside the trade cycle = 0.8% of total assets (33rd percentile) (measures prepayments, loans receivable and other non-trade receivables); low percent of non-trade receivables reduces concern about disguised financing or large related-party receivables.
• Piotroski F-Score 7/9 (measures nine signals of fundamental strength such as profitability, leverage, liquidity and operating efficiency); a 7 indicates generally healthy operating fundamentals.

Ownership is highly concentrated: four individual shareholders hold 24.9%, 24.3%, 20.0% and 16.6% respectively (total ~85.8%), with a fifth at 4.9%. This concentration and the large registered insider purchase intentions (+90.89% of shares outstanding in registrations) are notable governance facts to consider when reviewing affiliated-party disclosures and board-related decisions.

• Compare the consolidated statement of cash flows (operating cash flow) for FY2023–FY2025 with reported net profit to verify the three-year cash conversion ratio cited (95.91) and reconcile any material timing differences in operating cash flow to notes on working capital and non-cash adjustments.
• Inspect the notes and schedules for ‘Receivables’, ‘Loans to related parties’, and ‘Prepayments’ to confirm the composition and balance that produce the 0.8% of total assets figure labelled as receivables outside the trade cycle.
• Reconcile the components of total accruals (TATA = -0.3566) by comparing changes in working-capital lines and non-cash expense notes (depreciation, provisions, impairment) to the profit-and-loss and cash-flow statements.
• Review director-deal registration disclosures and the related-party/insider shareholding note to see which insiders registered purchase volume, the stated purpose of registrations, and whether any registered trades were subsequently executed and reported.