TOW

• Beneish M-Score -1.6213 (77th percentile among Vietnamese peers): the score is above many local peers and moved +0.21 year-over-year; the percentile and increase suggest relative upward pressure on the manipulation-risk composite vs the Vietnamese universe (note: the -1.78 cutoff is US-calibrated).
• DSRI (Days Sales Receivables Index) = 1.7627: this measures the change in receivables relative to sales and a value substantially above 1 signals receivables growing faster than sales, consistent with weaker collection or revenue recognition timing.
• AQI (Asset Quality Index) = 1.1843: this measures increases in non-current/non-operating assets (capitalized costs, other receivables, long-term assets) and a value >1 indicates rising asset-side items that can be used to manage earnings.
• Receivables quality = 0.0/100 and Receivables outside the trade cycle = 2.9% of total assets (56th percentile): the formal score is minimal and the schedule shows some receivables/prepayments/loans outside the trade cycle, which may reduce the quality of reported revenue/receivables.
• Margin quality = 45.8/100: indicates operating margin components are less consistent with high-quality earnings.
• TATA (Total Accruals) = 0.0098: while this is small, combined with weak receivables quality and DSRI it suggests accruals aren't the primary mover but other areas (receivables/asset composition) are.

• Accruals quality = 96.1/100: this metric measures the extent to which earnings are driven by accruals versus cash; a high score implies reported profits are supported by cash flow rather than large non-cash accruals.
• Cash conversion (operating cash flow / net profit, 3 years) = 1.00 (45th percentile): this ratio equals one over the three-year window, indicating three-year operating cash roughly matches reported profit on aggregate (not excessively divergent).
• Altman Z-Score = 9.18 (safe zone): the Z-Score measures distance to bankruptcy using profitability, leverage, liquidity and activity ratios; 9.18 is in the safe/low-bankruptcy-risk range.
• No accumulated losses and zero consecutive years of parent net loss up to FY2025; owner's equity (excluding minority interest) is positive: these are straightforward balance-sheet and profit-history facts supportive of solvency.

Control is concentrated: CTW (Công ty Cổ phần Cấp thoát nước Cần Thơ) holds 65.4% (disclosed 2026-06-30), giving a single controlling shareholder. Other top holders are individuals with much smaller stakes (5.1%, 2.4%, 0.7%, 0.7%). No director-deal registrations were provided in the data supplied.

• Compare the FY2025 note on trade and other receivables to the related-party disclosures and the long-term receivables schedule to quantify the 2.9% of total assets labeled as receivables outside the trade cycle.
• Reconcile the DSRI driver: compare year-over-year revenue (sales) and the trade receivables aging/sales reconciliation to see why DSRI = 1.7627 (receivables growth vs sales growth).
• Inspect the fixed/other asset rollforward or 'changes in other non-current assets' note that feeds the AQI to identify whether increases reflect capital expenditures, capitalized costs, or related-party balances.
• Compare consolidated operating cash flow and parent net profit line items across the three-year window to confirm the cash-conversion ratio of 1.00 and to see timing differences within the three years.