TYA

• Beneish M-Score -1.5689: above the US -1.78 threshold but the Vietnamese context matters; the score ranks at the 78th percentile among Vietnamese peers (higher = more aggressive accounting) and increased by +0.84 year-over-year, indicating a material shift in the accounting profile.
• Very low cash conversion: Cash conversion component = 0.0/100 and three-year operating cash flow / net profit = 0.12 (24th percentile among VN non-financials). This measures the company’s ability to turn reported profit into operating cash flow — a low figure suggests profits are not being realised in cash.
• Zero margin and revenue quality scores: Margin quality = 0.0/100 and Revenue quality = 0.0/100, indicating the algorithms found patterns in margins and top-line recognition that lower confidence in reported operating performance.
• Elevated SGI and LVGI contributors to M-Score: SGI = 1.2610 (sales growth index) and LVGI = 1.0853 (leverage growth index) are above 1, measuring faster sales growth and higher leverage year-over-year—both can be associated with pressure to sustain growth and higher risk of accounting smoothing.
• TATA (total accruals) low but non-negligible: TATA = 0.1953 measures discretionary accruals; a positive figure of 19.53% of assets indicates accruals are adding to reported profit and should be checked in detail.
• Altman Z-Score 2.76 (grey zone): measures bankruptcy distance; being in the grey zone suggests limited cushion compared with safer firms.
• Piotroski F-Score 4/9 (neutral): measures near-term fundamentals (profitability, leverage/liquidity, operating efficiency); a middling score indicates mixed operational fundamentals.

• Receivables outside the trade cycle low: 0.9% of total assets (33rd percentile). This metric measures prepayments, loans receivable and other non-trade receivables; a low percentage reduces concern about material related-party loans or long-term receivables hiding cash flows.
• Receivables quality high: Receivables quality = 82.8/100, indicating the algorithm finds fewer red flags in revenue-related receivables recognition and aging.
• AQI (asset quality index) supportive: AQI = 0.5169 (<1). AQI measures write-offs and non-current asset shifts; a value below 1 generally signals fewer asset-quality deterioration signals feeding into the M-Score.
• No accumulated losses and equity positive: Undistributed earnings are not negative, owner’s equity (excluding minority interest) is positive, and there were 0 years of parent net loss through FY2025, which are concrete balance-sheet and profit continuity positives.
• Director-deal registrations skew to purchases: Four purchase registrations (45,500 shares across three registrants) and zero sale registrations registered in the last 12 months; registrations measure declared intentions to trade, not executed transactions.

Ownership is highly concentrated: Taya Vietnam (Cayman) Holding Ltd. holds 80.0% (institutional), with the next largest holders at 3.5%, 2.4% and smaller institutional stakes. This concentration implies control is tightly held by the Cayman holding entity; 0 sale registrations and several purchase registrations by insiders/related persons are recorded but registrations are intentions, not executed trades.

• Compare the 2025 operating cash flow reconciliation (cash flow statement and related note) with consolidated net profit to verify the components driving the 3‑year cash conversion ratio of 0.12.
• Inspect the notes supporting trade and non‑trade receivables (receivables aging, related‑party receivables and prepayments) to confirm the 0.9% of total assets labelled as receivables outside the trade cycle.
• Reconcile total accruals and the TATA calculation by reviewing the accounting policies and notes for provisions, depreciation and other non-cash adjustments that produce TATA = 0.1953.
• Review financing and debt schedule notes for the year-over-year leverage increase (LVGI = 1.0853) and the drivers of SGI = 1.2610 (sales growth), including related-party transactions and off‑balance financing disclosures.