TAL

• Beneish M-Score = -0.9266 (measures probability of earnings manipulation patterns); this places TAL in the 88th percentile among Vietnamese peers (higher percentile = more aggressive accounting relative to peers).
• DSRI = 1.1356 (days sales in receivables index >1 indicates receivables growing faster than sales, a signal consistent with revenue recognition or collection stress).
• SGI = 2.2144 (sales growth index well above 1, measures unusually rapid sales growth; rapid growth can make earnings quality harder to sustain).
• TATA = 0.1520 (total accruals to total assets; elevated accruals reduce cash-based earnings quality).
• Cash conversion (3-year operating cash flow / net profit) = -2.60 (measures ability to turn reported profits into cash; negative and at the 8th percentile among VN companies is a material concern).
• Receivables outside the trade cycle = 12.7% of total assets (measures prepayments, loans receivable and other long-term receivables; 85th percentile among VN peers suggests unusually large non-trade asset receivables that merit scrutiny).
• Earnings Quality Score = 18.9/100 with Revenue quality = 0.0/100 and Margin quality = 1.4/100 (aggregated measures indicating low quality of reported earnings, especially on revenue and margin persistence).
• Director-deal registrations (2025-10-30 to 2026-10-30): 8 sale registrations (5 registrants; total registered volume 10,175,097 shares, though 4 registrations listed without volume) and 10 purchase registrations (7 registrants; total registered volume 6,478,000 shares, with 7 registrations without volume). Note these are registered intentions with the exchange, not executed trades.

• GMI = 0.6676 (gross margin index <1 indicates improving gross margins year-over-year, which is typically a positive sign for underlying profitability).
• DEPI = 0.9159 (depreciation index <1 suggests depreciation policies are not becoming more aggressive relative to prior year).
• AQI = 0.5051 and LVGI = 1.0796 (asset quality and leverage indices that are not extreme; AQI <1 suggests asset write-downs or more conservative asset valuation relative to prior year).
• No accumulated losses and owner’s equity (excluding minority interest) positive; parent-company net loss count = 0 consecutive years to FY2025 (these are balance-sheet level positives).
• Statutory loss tests under Decree 155/2020 (as amended) are not met in the audited annual statements (i.e., the specific statutory triggers for delisting under that rule are not present in the published statements).

Shareholding is highly concentrated: Công ty Cổ phần Tập đoàn Taseco holds 60.0% (a controlling institutional block). Other shareholders are much smaller (largest individual 4.0%; foreign institutions like Vietnam Enterprise Investments Ltd 3.6% and Norges Bank 1.9%). The large controlling shareholder and group affiliation increase the importance of related-party disclosures and intra-group balances in the financials.

• Compare the 2025 trade receivables and the line(s) for 'prepayments to suppliers', 'loans receivable' and 'other long-term receivables' in the notes: reconcile the 12.7% of total assets figure to each note and schedules.
• Reconcile operating cash flows to reported net profit in the consolidated cash flow statement and the CFO reconciliation note to confirm drivers of the -2.60 three-year cash-conversion metric.
• Inspect the related-party disclosures and group transactions (sales/purchases, loans, guarantees) for amounts and terms that could explain large receivables or prepayments given the 60% group ownership.
• Review the accounting policies and depreciation schedules (note on fixed assets and useful lives) and the impairment/asset write-down notes to confirm drivers behind AQI = 0.5051 and DEPI = 0.9159.