TTL

• Beneish M-Score -0.7032 (90th percentile vs VN peers; YoY change +1.85) — measures an eight-variable forensic score designed to flag earnings manipulation; high peer percentile and a large positive YoY change indicate movement toward more aggressive accounting relative to Vietnamese peers.
• Days Sales Receivable Index (DSRI) = 1.2989 — measures growth in receivables relative to sales; >1 suggests receivables have grown faster than sales, consistent with revenue recognition or collection issues.
• AQI (asset quality index) = 4.0922 — measures non-current asset growth and other potentially illiquid assets; elevated AQI indicates expansion of assets that can mask expense recognition or be reclassified to inflate profits.
• TATA (total accruals to total assets) = 0.0661 — measures accruals size; positive accruals indicate earnings not matched by cash flows (consistent with low cash conversion).
• Earnings Quality Score 18.8/100 with Cash conversion 0.0/100 and Receivables quality 0.2/100 — measures show profits are not being converted into cash and receivables/prepayments look weak or risky.
• Cash conversion (3-year operating cash flow / net profit) = 0.14 (24th percentile) — indicates operating cash flow is only 14% of reported net profit over three years, a sign of poor convertibility of earnings into cash.
• Receivables outside the trade cycle = 23.4% of total assets (92nd percentile) — a high share of assets tied up in prepayments, loans receivable or other long-term receivables; this is unusually large versus peers and raises recoverability and classification concerns.
• Altman Z-Score = 0.84 (distress zone) — measures distance to bankruptcy; this low score indicates financial stress metrics on the published accounts.

• GMI (gross margin index) = 0.7263 — measures deterioration in gross margins; a value <1 suggests gross margins improved year-over-year, which is a stabilizing signal for core profitability.
• DEPI (depreciation index) = 0.8252 — <1 indicates reported depreciation expense has increased relative to prior period (or asset base), reducing the chance that depreciation is being depressed to inflate profits.
• SGAI (sales, general & admin index) = 0.8436 — <1 implies SGA expenses did not grow faster than sales, which can be a conservative signal for operating expense recognition.
• LVGI (leverage index) = 1.0479 — modest increase in leverage; not an extreme spike in the leverage metric within the Beneish inputs.
• No accumulated losses, owner's equity (exclude minority interest) positive, and 0 years of parent-company net loss up to FY2025 — the company is profitable on the parent level and has not triggered statutory loss thresholds in the published statements.

Ownership is concentrated: two institutions hold a combined 70.8% (Tng 50.5% and TTL HOLDINGS 20.3%), with an individual (Phạm Tuấn Vũ) at 10.3% and another institutional investor at 7.2%. Director-deal activity for 2025-10-30 to 2026-10-30 shows registrations (not executed trades): three sale registrations (two registrants; 6,200 shares, two registrations without a volume) and two purchase registrations (one registrant; two without a volume).

• Compare the 2025 schedule/note for "trade and other receivables" with the related-party note and the long-term receivables line to identify the composition of the 23.4% of assets classified as receivables outside the trade cycle.
• Reconcile the consolidated statement of cash flows (operating cash flows) for FY2023–FY2025 with consolidated net profit to reproduce the 3‑year cash conversion ratio (operating cash flow / net profit = 0.14) and identify major non‑cash adjustments or timing items.
• Review the fixed-asset and depreciation notes for FY2025 to confirm depreciation policies, useful lives and movements that explain DEPI = 0.8252 and to check for reclassifications or impairments.
• Inspect the related-party transactions note and the loans/advances to (or from) related parties for unusually large movements or balances that could explain the elevated AQI (4.0922) and receivables outside the trade cycle.