TKC

• Beneish M-Score -1.1194 (measures likelihood of earnings manipulation using eight ratios); at the 82nd percentile among Vietnamese peers, indicating more aggressive accounting than most local peers, and a YoY change +0.29 showing recent move in the score.
• DSRI (Days' Sales in Receivables Index) = 5.8210 (measures receivables relative to sales; a large rise may indicate revenue recognition or receivable booking beyond normal trade patterns).
• GMI (Gross Margin Index) = 4.2393 (measures deterioration in gross margin; values >1 indicate gross margin has worsened year-over-year).
• SGAI (Sales, General & Administrative Index) = 10.0000 (measures change in SG&A relative to sales; a large increase suggests SG&A grew much faster than sales).
• TATA (Total Accruals to Total Assets) = -0.5080 (measures the accrual component of earnings; a large-magnitude negative number indicates large accruals swing in the period).
• LVGI (Leverage Index) = 1.5476 (measures increase in leverage; >1 indicates leverage rose year-over-year).
• Earnings Quality overall 25/100 with Cash conversion 0/100, Receivables quality 0/100, Margin quality 0/100, Revenue quality 0/100 (these measure cash conversion of profits, quality and collectibility of receivables, stability of margins and reliability of revenue respectively).
• Receivables outside the trade cycle = 46.8% of total assets (98th percentile among Vietnamese non-financials; this includes prepayments to suppliers, loans receivable and other long-term receivables and indicates a large portion of assets are non-trade receivables).
• Accumulated losses = 4.03 × paid-in capital (a statutory fact from the published statements showing losses far exceed contributed capital).
• Owner's equity (excluding minority interest) is negative and the parent reported a net loss in the most recent consecutive year — the statements therefore meet the statutory loss facts referenced (note that the Decree delisting rule applies to HOSE/HNX listings; TKC trades on UPCoM where that listing rule does not apply).
• Altman Z-Score = -2.80 (an insolvency-distance measure; this value is in the distress zone).
• Piotroski F-Score = 1/9 (measures fundamental financial strength; 1/9 indicates weak fundamentals).

• Accruals quality = 100/100 (this metric measures the apparent quality of accrual accounting in the financial statements and here shows a strong score for accrual measurement).
• AQI (Asset Quality Index) = 1.1703 (measures proportion of non-current and intangible-type assets; values modestly above 1 indicate some increase but not an extreme change versus peers).
• SGI (Sales Growth Index) = 0.1866 (measures sales growth; value <1 indicates sales declined year-over-year rather than artificially growing).

Ownership is moderately concentrated: three individuals hold the top three stakes (Lê Đại Nghĩa 10.2%, Quỹ Đầu Tư Tài Chính MKDS 10.2%, Nguyễn Thị Thuận Vi 9.9%), with institutional COTEC at 3.8% and a further individual at 3.6%. No director-deal registrations were provided in the data set (director-deal registrations are intentions recorded with the exchange, not executed trades).

• Compare the line items and notes for 'receivables', 'prepayments to suppliers', 'loans receivable' and 'other long-term receivables' in the audited financial statements to quantify the 46.8% of total assets and identify related-party counterparties and maturities.
• Reconcile profit (parent-company profit or loss) with cash from operations in the consolidated cash flow statement to see the cash-conversion shortfall implied by Cash conversion 0/100.
• Inspect the accumulated losses and paid-in capital lines in the equity statement and the auditor's notes to confirm the 4.03× figure and the components driving negative owners' equity.
• Review revenue recognition policies, the trade receivables and sales notes, and any related-party transaction schedules to assess the drivers of DSRI = 5.8210 and Revenue/Receivables quality 0/100.