TEG

• Beneish M-Score -0.0179 (93rd percentile among Vietnamese peers; YoY change +0.99) — the M-Score is a statistical indicator of likely earnings manipulation tendencies (the Vietnam percentile and the recent upward move indicate this company is more 'aggressive' on these metrics than most local peers, though the US -1.78 cutoff is not directly calibrated to Vietnam).
• DSRI (Days' Sales in Receivables Index) = 5.2184 — measures whether receivables are growing faster than sales; a very large reading suggests receivables and revenue recognition have moved out of line.
• Receivables outside the trade cycle = 18.2% of total assets (89th percentile) — this line (prepayments to suppliers, loans receivable, other long-term receivables) is large relative to peers and consistent with the DSRI signal.
• SGAI (Sales, General & Administrative Index) = 4.3065 — measures SG&A growth relative to sales; a high value implies SG&A is growing much faster than sales, which can signal cost capitalization or timing shifts in expense recognition.
• DEPI (Depreciation Index) = 4.1687 — measures whether depreciation expense is declining relative to gross PPE (values >1 suggest slower depreciation or asset-life extension), which can inflate earnings.
• Receivables-quality score = 0.0/100 and Revenue-quality score = 0.0/100 — the earnings-quality component scores indicate very weak quality for receivables and revenue recognition.
• Cash-conversion (three-year operating cash flow / net profit) = -3.64 (7th percentile) — profit is not converting to cash; low percentile shows this is poor versus Vietnamese peers.
• Director-deal registrations (2025-10-30 to 2026-10-30): 14 sale registrations across 5 registrants totalling 12,648,689 shares (three registrations without a volume) and 0 purchase registrations — these are registered intentions to trade disclosed to the exchange.

• Accruals-quality score = 96.2/100 and TATA = 0.0096 — total accruals relative to assets are small and the accruals-quality component is strong, indicating reported earnings are not driven by unusually large total accrual levels.
• AQI (Asset Quality Index) = 0.9963 — this index (measuring changes in non-current and other non-operating assets) is close to 1, suggesting no major deterioration in asset composition by this metric.
• GMI (Gross Margin Index) = 0.1571 and SGI (Sales Growth Index) = 0.1869 — GMI well below 1 implies gross margin has not deteriorated (per the index definition), and SGI <1 shows sales declined rather than rapidly expanding (both can counter some manipulation hypotheses based on aggressive growth).
• Piotroski F-Score = 5/9 — a neutral fundamental score (neither strongly improving nor collapsing on the nine fundamental signals).
• Altman Z-Score = 2.10 — within the 'grey zone' for bankruptcy risk distance; this is not a clear distress signal but indicates limited buffer under the classical Z model.
• Accumulated losses: none, and owner's equity (excluding minority interest) is positive — the statutory balance-sheet tests for forced delisting under Decree 155/2020 (amended) are not met.

Ownership is concentrated: top shareholder Công ty Cổ phần Tập Đoàn Trường Thành Việt Nam holds 23.8%, with other institutions (Mernus 9.0%, Sermsang Power 5.0%, SHS 3.7%) and one individual (Nguyễn Thị Thanh Hà 7.5%) among the largest holders. The top holder appears to be a corporate group, implying potential group influence over accounting and related-party transactions. Director registrations show only sale intentions in the past year.

• Compare the 'Receivables and other receivables' and 'Loans and advances to related parties' lines in the FY2025 notes to the balance-sheet schedule to reconcile the 18.2% of total assets classified as receivables outside the trade cycle.
• Reconcile operating cash flows to reported net profit in the cash-flow statement and the 'Reconciliation of profit (loss) to cash flows from operating activities' note to verify drivers of the -3.64 three-year cash-conversion ratio.
• Inspect the depreciation policy and fixed-asset useful-life disclosures (PPE note) and any changes in depreciation methods or useful lives to assess the DEPI = 4.1687 signal.
• Review the revenue-recognition policies and detailed revenue by customer or by contract note (and the aging schedule of receivables) to evaluate the DSRI = 5.2184 and the receivables-quality score of 0.
• Check the related-party transactions and balances note (including prepayments to suppliers and loans receivable) for concentrations, terms, and whether the large non-trade receivables are with group entities or related parties.
• Examine the director/insider dealings disclosure schedules on the exchange site for the 14 sale registrations to see registrant names, registered volumes (where provided), and whether any were subsequently amended or executed (registrations are intentions, not confirmed trades).