HNX:TSB

• Beneish M-Score = -1.2115 (measures likelihood of earnings manipulation using eight ratios); it is at the 85th percentile among Vietnamese peers (higher = more aggressive accounting relative to VN peers) and increased by +1.57 YoY (the change signals a move in accounting profile even though the absolute US cutoff (-1.78) is not directly calibrated to Vietnam).
• Very low cash conversion signal: Earnings Quality — Cash conversion = 0.0/100 (measures how reported profit converts into operating cash flow over time).
• Revenue quality = 0.0/100 (measures persistence and cash backing of reported revenues).
• Piotroski F-Score = 2/9 (measures nine fundamental signals of profitability, leverage, liquidity and operating efficiency; a low score indicates weak fundamentals).
• AQI (Asset Quality Index) = 2.2398 (one Beneish component that rises when a company shifts to higher non-current or discretionary assets; high AQI can indicate capitalising items that might obscure true performance).
• LVGI (Leverage Index) = 1.2151 (measures rising leverage; >1 indicates leverage increased year-over-year).
• DSRI (Days’ Sales in Receivables Index) = 1.0948 (measures receivable growth relative to sales; >1 can indicate slower collections or revenue recognition timing changes).
• TATA (Total Accruals to Total Assets) = 0.1191 (measures accruals magnitude; a positive and material value suggests earnings are supported by accruals rather than cash).

• Altman Z-Score = 4.58 (measures distance to bankruptcy; value in the 'safe' zone indicates low short-term insolvency risk).
• Accumulated losses: none (undistributed earnings are not negative — a statutory/statement fact).
• Statutory loss tests: none met under Decree 155/2020 Art.120(1)(e) as amended by Decree 245/2025 (the published statements do not meet the exchange cancellation trigger in those clauses).
• Receivables outside the trade cycle = 0.6% of total assets (measures prepayments, loans receivable and other long-term receivables; at 0.6% this is low and is at the 26th percentile among VN non-financials), and three-year cash conversion ratio = 1.27 (operating cash flow / net profit over three years; at 1.27 and the 56th percentile it is not among the weakest in Vietnam).
• DEPI (Depreciation Index) = 0.9777 and SGAI (Sales, General & Admin Index) = 0.9253 (both <1 indicate no obvious aggressive slowing of depreciation or rising SG&A relative to sales).

The company is majority-controlled: DGC holds 51.0% (control, disclosed 2026-06-30), with the next largest individual holdings at 3.0%, 1.5%, 1.5% and 1.5%. This concentrated, listed-group control (DGC listed) means related-party, group transactions and VAS disclosures may materially affect the statements; director-deal registrations were not provided in the data set.

• Compare the movement in receivables and the DSRI (1.0948) to the notes: reconcile trade receivables, prepayments and long-term receivables line items in the FY2025 financial statements and the related-party disclosures.
• Match total operating cash flow and the accruals (TATA = 0.1191) in the cash flow statement and the notes: verify components of profit before tax versus cash from operations over the last three years to confirm the Cash conversion signal (Earnings Quality cash conversion = 0.0/100; three-year cash conversion = 1.27).
• Review the fixed-asset schedules and depreciation policy disclosures given DEPI = 0.9777 and AQI = 2.2398: compare additions, revaluations, useful lives and capitalised development or other non-current asset increases in FY2025.
• Check related-party transactions and group disclosures (DGC 51.0% owner): inspect the holders’ lists, related-party note and any intra-group balances, loans or guarantees disclosed in FY2025 to explain low receivables-outside-trade-cycle (0.6% of assets) and to identify concentration of transactions with the parent group.