TNM

• Beneish M‑Score = -1.2107 (measures likelihood of earnings manipulation signals); Vietnam peer percentile = 80th (this company is more aggressive vs 80% of Vietnamese peers), year‑over‑year change = +0.58 (the M‑Score moved notably from the prior year).
• DSRI = 3.1550 (days‑sales‑in‑receivables index; elevated value suggests receivables and revenue recognition may have inflated reported sales/receivables relative to prior period).
• AQI = 3.0869 (quality of accruals index; elevated value indicates unusual accruals behavior relative to peers).
• SGAI = 4.2775 (selling, general & administrative expenses index; large change suggests expense recognition shifts that can affect reported profit).
• Cash conversion (operating cash flow / net profit, 3 years) = 19.18 (99th percentile among Vietnamese non‑financials; low ratio means reported profits are not converting into cash).
• Receivables outside the trade cycle = 10.7% of total assets (85th percentile; includes prepayments to suppliers, loans receivable and other long‑term receivables and is relatively large).
• Earnings‑Quality overall = 21.5/100 with revenue quality = 0.0/100, margin quality = 0.0/100 and receivables quality = 0.0/100 (these component zeros signal very weak metrics on cash flow, margins and revenue persistence).

• Accruals quality = 86.0/100 (measures how much earnings are driven by accruals versus cash; a relatively high score here suggests reported accruals are not extreme on the specific accrual metric used).
• TATA = 0.0351 (Total Accruals to Total Assets; a modest positive value indicating accruals are present but not extremely large in absolute terms).
• LVGI = 0.8961 (leverage growth index; below 1.0 implies leverage has not expanded dramatically on the index used).
• Piotroski F‑Score = 5/9 (measures nine fundamental signals; a midpoint score represents neutral/ mixed fundamentals rather than clear deterioration).
• No accumulated losses and owner's equity (net of minority) positive; net loss (parent) = 0 consecutive years up to FY2016 (the statutory insolvency/loss tests in Decree 155/2020 apply to HOSE/HNX listings but this company is on UPCoM where that delisting rule does not apply).

Ownership is concentrated in a small number of individuals: top three shareholders hold 12.8% + 8.6% + 7.9% = 29.3%, and the top five together hold about 35.8%. These are individual (private) shareholders rather than state or widely dispersed public ownership; no director‑deal registrations were provided in the data.

• Compare the line(s) for 'prepayments to suppliers', 'loans receivable' and 'other long‑term receivables' in the notes to total assets and to the 10.7% figure reported for receivables outside the trade cycle.
• Reconcile operating cash flow (cash flow statement) to reported net profit for each of the three years and confirm the components producing the three‑year cash conversion ratio of 19.18 (note the components that reduce cash conversion: changes in working capital, non‑cash items, related‑party cash movements).
• Inspect the revenue and receivables notes and the trade receivables aging to assess the basis for DSRI = 3.1550 (check whether revenue growth is supported by collection patterns and whether any large end‑period receivables or related‑party receivables appear).
• Read the auditor's report and any related‑party transaction disclosures (notes) for descriptions of related‑party loans, guarantees, or group flows that could explain elevated AQI/SGAI or the receivables outside the trade cycle.