TAW

• Beneish M-Score -1.0259 (Vietnam peer percentile 87th): the absolute score is above the US-based -1.78 cutoff, but the 87th percentile vs Vietnamese peers and the YoY change of -1.36 show a significant relative shift in the company’s accounting behaviour.
• Days’ Sales Receivable Index (DSRI) = 2.6528: this measures whether receivables (and revenue recognition) are growing faster than sales; a DSRI >1 can indicate collecting slower or revenue being recognized ahead of collections.
• DEPI = 1.2282 (days’ depreciation index): measures whether depreciation expense has fallen relative to prior-year asset balances; >1 can signal slowing depreciation or changes in useful lives/estimates that inflate profit.
• LVGI = 1.2435 (leverage index): measures leverage growth; >1 indicates rising leverage which can pressure profit and cashflows.
• Earnings Quality Score 23.8/100 with Cash conversion = 0.0/100 and Receivables quality = 0.0/100 and Revenue quality = 0.0/100: these quantify very weak operating cash conversion and weak quality of receivables and reported revenue.
• Three-year cash conversion (operating cash flow / net profit) = 2.11 (76th percentile): the company is in the higher end of Vietnamese peers for low cash conversion (i.e., profit less converted to cash).
• Piotroski F-Score = 3/9: the firm shows weak fundamental signals (profitability/liquidity/operating improvement tests).
• Director-deal registrations: net registered volume -5.50% of shares outstanding (one sale registration for 275,000 shares in the 12 months to 2026-10-30). Registrations are intentions disclosed to the exchange, not confirmed trades, but the net registered sale volume is material relative to free float.

• Accruals quality = 75.6/100: this score indicates relatively clean or lower-risk accrual patterns by the accruals metric compared with many peers.
• AQI = 0.1073 (asset quality index low): lower AQI suggests fewer write-ups of capitalized items or fewer unusual asset-quality shifts being flagged by the Beneish components.
• SGI = 1.1086 (sales growth index moderate): sales grew about 10.86% year-over-year; moderate growth reduces some low-quality growth concerns compared with very high SGI cases.
• No accumulated losses and owner’s equity (excluding minority interest) positive: the statutory balance-sheet measures show no historical equity deficit and the parent has not reported net loss in the latest year (0 years of parent net loss up to FY2025).
• Receivables outside the trade cycle = 0.4% of total assets (21st percentile): low proportion of prepayments/loans/long-term receivables relative to assets versus peers, which reduces one source of off-cycle receivable risk.

Ownership is highly concentrated: Tổng Công ty Cấp nước Sài Gòn holds 65.0%, with two other large holders at 14.5% (Hồ Lê Minh) and 10.3% (Công Ty TNHH Thương Mại N.T.P). The largest holder is a state-affiliated water company (group control), indicating tight controlling ownership and potential intra-group and related-party transactions commonly seen in Vietnamese listed groups.

• Compare the company’s FY2025 operating cash flow (CFO) to net profit in the cash-flow note and the consolidated statement of cash flows to reproduce the three-year cash-conversion ratio cited (2.11).
• Reconcile trade receivables and the ‘receivables outside the trade cycle’ line in the notes: inspect the detailed receivables schedule and ageing and the related-party receivables/prepayments sub-notes to confirm composition of the 0.4% of total assets.
• Review the fixed-asset and depreciation note: check useful lives, recent revaluations or changes in depreciation method to understand drivers of DEPI = 1.2282 and whether depreciation expense changed materially year-over-year.
• Examine the related-party transactions and loans/prepayments schedules for FY2025 for any intra-group financing, prepayments to suppliers or long-term receivable items that could affect revenue/receivable quality and the high DSRI (2.6528).