UPCOM:THM

• High Beneish peer ranking: M-Score = -0.0221, Vietnam peer percentile = 93rd — the score components together place THM materially above most Vietnamese peers on measures Beneish uses to detect aggressive accounting.
• Year-over-year M-Score movement: change = -4.20 — a large trajectory change relative to prior year (Beneish M-Scores have low year-to-year correlation), which is a secondary cue that accounting variables shifted sharply.
• High AQI (asset quality index): AQI = 6.1237 — AQI measures shifts in long-lived and other assets relative to sales; a high value signals reclassification or unusual asset recognition versus prior year.
• Elevated GMI (gross margin index): GMI = 1.2346 — GMI > 1 indicates gross margins deteriorated year-on-year, which can be associated with pressure to manage earnings.
• Low TATA (total accruals to assets): TATA = 0.1003 — this measures accruals relative to assets; while not extreme, combined with poor cash conversion it suggests earnings are not being matched by cash.
• Very weak earnings-quality sub-scores: Cash conversion = 0.0/100, Margin quality = 0.0/100, Revenue quality = 0.0/100 — these measure respectively three-year operating cash flow/net profit, stability/persistence of margin, and persistence/quality of revenue reporting.
• Piotroski F-Score = 3/9 — the company scores weakly on fundamental health (profitability, leverage/liquidity, operating efficiency) according to Piotroski’s nine tests.
• Director-deal registrations concentrated to sales: 1 sale registration (1 trader; 4,500,000 shares) and net registered volume = -37.03% of shares outstanding between 2025-10-30 and 2026-10-30 — registrations are intentions filed with the exchange and show a sizable registered sell volume in that period.

• Receivables quality = 100.0/100 and Receivables outside the trade cycle = 4.1% of total assets (62nd percentile) — receivables appear well-supported and not unusually large relative to assets; the receivables-outside-trade-cycle metric captures prepayments, loans receivable and other non-trade receivables.
• DSRI (days sales receivable index) = 0.8329 — DSRI < 1 indicates receivables relative to sales decreased year-on-year rather than ballooning.
• SGAI (sales, general & administrative index) = 1.0345 — modest increase in SGA relative to sales (not a large outlier) compared with the high GMI and AQI signals.
• No accumulated losses and owner’s equity (ex-minority) positive — undistributed earnings are not negative and the balance sheet shows positive equity, a basic solvency signal.
• Cash-conversion metric (operating cash flow / net profit, 3 years) = 0.99 (45th percentile) — while not high, this value is close to parity (1.0) and ranks mid-pack among Vietnamese non-financials, so profit largely translates to cash over three years on average.

The shareholding is highly concentrated: Công ty Cổ Phần Appatex holds 65.6% (institutional majority control) and the largest individual holds 0.2%. The registrar data show one insider sale registration (4,500,000 shares) representing net registered volume of -37.03% of shares outstanding; director-deal entries are intentions filed with the exchange, not evidence of executed trades.

• Compare the 2025 note(s) on ‘long-term receivables’, ‘prepayments to suppliers’ and ‘loans receivable’ with the balance-sheet line for ‘receivables’ to reconcile the 4.1% of total assets classified as receivables outside the trade cycle.
• Recalculate the three-year operating cash flow / net profit series from the consolidated cash-flow statement and income statement to verify the cash-conversion figure of 0.99 and the Earnings-Quality Score sub-scores (cash conversion = 0.0/100; accruals quality = 59.9/100).
• Inspect the fixed-asset and intangible-asset schedules and the impairment / revaluation notes referenced in the annual report to understand contributors to AQI = 6.1237 and DEPI = 0.9748 (DEPI measures depreciation rate changes).
• Check the disclosures for related-party transactions and the register of major shareholders/transactions to reconcile the 65.6% holding by Công ty Cổ Phần Appatex and the director-deal registration(s) filed between 2025-10-30 and 2026-10-30.