TTZ

• Beneish M-Score = -1.4324 (measures likelihood of earnings manipulation signals); Vietnam peer percentile = 80th (this places TTZ in the top 20% most 'aggressive' signal readings among Vietnamese listed peers).
• Year-over-year M-Score change = +1.63 (measures trajectory of the manipulation signal; a notable upward shift compared with prior year).
• DSRI = 1.9395 (Days Sales Receivable Index; elevated DSRI suggests receivables and revenue recognition have increased faster than sales).
• GMI = 1.7505 (Gross margin index >1 indicates declining gross margins, which can create incentives to manage earnings).
• TATA = 0.0131 (total accruals to assets; modest positive accruals combined with other signals warrant attention despite high accruals-quality score).
• Earnings-Quality Score = 23.7/100 with component zeros: Cash conversion = 0.0/100, Receivables quality = 0.0/100, Margin quality = 0.0/100, Revenue quality = 0.0/100 (these measure cash flow conversion, concentration/aging of receivables, stability of margins, and revenue persistence respectively).
• Receivables outside the trade cycle = 26.0% of total assets (92nd percentile among VN non-financials; this includes prepayments to suppliers, loans receivable and other long-term receivables and is unusually large).
• Net loss at parent level in 2 consecutive years up to FY2023 (a statutory fact in the published statements).
• Altman Z-Score = 0.88 (measures bankruptcy distance; 0.88 places the company in the distress zone).
• Piotroski F-Score = 3/9 (measures nine fundamental signals; 3 indicates weak operational and financial fundamentals).

• Accruals quality = 94.8/100 (measures the reliability of accruals; a high score suggests accruals are, by the applied metric, not large or unusually volatile).
• AQI = 1.0116 (Asset Quality Index close to 1; not showing a large unexplained shift toward long‑lived asset reclassifications in isolation).
• DEPI = 0.9869 and LVGI = 1.0517 (Depreciation Index slightly <1 and Leverage/Gearing Index modestly above 1; no extreme depreciation policy reversals or explosive leverage changes shown by these indices).
• SGI = 0.7171 (Sales Growth Index <1 indicates sales contracted year-over-year, which can reduce pressure to inflate growth).
• No director-sale registrations in the last year; only 1 purchase registration and 1 registration without volume (director-deal registrations are intentions filed with the exchange, not executed trades).

Ownership is concentrated among five named individuals: Trần Thị Thu (10.7%), Huỳnh Văn Quảng (10.4%), Lưu Huyền Trang (10.2%), Nguyễn Văn Quang (5.2%) and Nguyễn Thị Bích Thủy (5.1%). This creates a tight shareholder base with several large individual holders; director-deal disclosures show one purchase registration and no sale registrations in the most recent 12 months (registrations are intentions reported to the exchange).

• Compare the FY2023 schedule or notes for 'trade and other receivables' and 'prepayments to suppliers' to quantify the 26.0% of total assets reported as receivables outside the trade cycle and identify counterparty or related-party breakdowns.
• Reconcile consolidated vs parent-company profit (parent-profit) line items and the audit opinion to confirm the statement that the parent reported net losses in two consecutive years up to FY2023.
• Examine the related‑party transactions note for loans receivable, advances to/from related parties and any classifications that contribute to receivables outside the trade cycle.
• Review the cash-flow statement and the components of operating cash flows to verify the zero cash-conversion quality score (compare net income to operating cash flow and changes in working-capital lines).