UPCOM:GTX

• Beneish M-Score = -1.1878 and Vietnam peer percentile = 85th: the absolute M-Score is above the US −1.78 cutoff, but more relevant here is the peer percentile (85th) and the YoY change +1.60, which show the company’s accounting profile is more aggressive than most Vietnamese peers and moved materially this year.
• AQI (Asset Quality Index) = 10.0000: AQI measures reclassification of assets away from fixed or inventory into less-conservative categories (other receivables, long-term receivables, intangible assets). A value this large is an outlier and suggests major changes in asset composition or large non-trade receivables/prepayments.
• SGAI (Sales, General & Admin Index) = 1.5590: SGAI measures growth in SG&A relative to prior year sales. A 1.559 index indicates SG&A expense rose ~55.9% relative to sales, which can reflect aggressive capitalisation/reclassification or shifts in operating structure that require explanation.
• Cash conversion (3-year operating cash flow / net profit) = 3.44 (87th percentile among Vietnamese non-financials): the ratio is in the 87th percentile where, per the Vietnamese benchmark, a high percentile signals that reported profit is not converting into sustainable operating cash (the dataset flags this as poor cash conversion).
• LVGI (Leverage Growth Index) = 1.0957: leverage increased by ~9.6%, which, together with AQI and SGAI, may indicate balance-sheet growth funded by liabilities and increases in non-trade receivables or assets.

• DSRI (Days' Sales Receivables Index) = 0.3836: DSRI measures changes in receivables relative to sales. A value well below 1 implies receivables are shrinking relative to sales (receivables days declined), which reduces one common avenue for revenue recognition stretching.
• DEPI (Depreciation Index) = 0.7962: DEPI < 1 indicates depreciation expense increased relative to prior year (or useful lives shortened / accelerated), which works against earnings inflation and is a conservative signal for the current period.
• TATA (Total Accruals to Total Assets) = -0.3310: negative total accruals indicate net cash-based earnings (operating cash flows exceed accrual earnings), which is a favorable accruals-quality signal and is consistent with the perfect accruals-quality subscore (100/100).
• Earnings Quality Score = 100.0/100 with 100/100 on accruals, cash conversion and receivables quality: the synthetized earnings-quality metrics flag strong accrual quality and receivables measurement in the underlying accounting.

Ownership is highly concentrated in a few individuals: Nguyễn Thị Ngọc Yến holds 47.1% and Trần Lê Thuỳ Đan holds 19.6% (combined 66.7%); the next largest holders are individuals with 5.1%, 0.4% and 0.1%. There is no explicit state or institutional block in the top five; no director-deal registrations were provided in the data (registrations are intentions recorded with the exchange, not executed trades).

• Compare the FY2025 'other receivables' and 'long-term receivables' lines (and any related-party schedule) with the AQI drivers in management discussion to reconcile why AQI = 10.0000.
• Reconcile the FY2025 cash flow statement operating cash flow and the income statement net profit to reproduce the three-year cash-conversion ratio (operating cash flow / net profit = 3.44) and inspect the notes for one-off timing items or reclassifications.
• Inspect the SG&A note and breakdown (salaries, marketing, professional fees, capitalised vs expensed items) to explain SGAI = 1.5590 and whether any costs were reclassified or capitalised in prior or current year.
• Review related-party transaction disclosures, prepayment schedules and the note to receivables/advances to confirm whether receivables outside the trade cycle (reported as 0.3% of total assets) include significant loans, prepayments or guarantees that would affect AQI interpretation.