UPCOM:TV6

• Beneish M-Score = -0.5986 (90th percentile vs Vietnam): the overall score is above most Vietnamese peers (higher percentiles imply more aggressive accounting metrics in the local sample).
• SGI (Sales Growth Index) = 9.2671: measures revenue growth relative to the prior year; a very large value signals unusually rapid top-line growth compared with the prior period.
• LVGI (Leverage Index) = 5.7628: measures change in leverage; a high value indicates a marked increase in leverage (debt or liabilities) year over year.
• GMI (Gross Margin Index) = 2.1964: measures deterioration in gross margins; >1 means gross margin worsened year over year and GMI is substantially >1 here.
• Margin quality = 0.0/100: the earnings-quality component for margins is the weakest possible, indicating margins are a primary area of concern despite other accrual/cash signals.
• TATA (Total Accruals to Total Assets) = -0.7936: a strongly negative accruals ratio that feeds the Beneish score — while negative TATA can reflect cash-heavy earnings, it is also atypical and should be examined in context.

• Earnings-Quality Score = 82.4/100 with Accruals quality = 100/100 and Cash conversion = 100/100: the company shows high reported earnings quality on accrual and cash-flow measures.
• Receivables quality = 100/100 and Receivables outside the trade cycle = 1.1% of total assets (37th percentile): receivables and non-trade receivables are small in absolute and relative terms.
• Altman Z-Score = 8.56 (safe zone): the distance-to-distress indicator places the company well within the non-distress zone.
• Piotroski F-Score = 6/9: fundamentals are neutral-to-favourable on profitability, leverage/liquidity, and operating efficiency checks.

Ownership is concentrated among individuals: top five shareholders are all individuals holding 12.3%, 11.5%, 11.0%, 7.3% and 6.5% respectively, which implies control is materially held by a small group of insiders. Director-deal registrations in the past year show net registered selling of -15.40% of shares outstanding (3 sale registrations for 609,000 shares and 1 purchase registration for 147,000 shares) — these are registered intentions with the exchange, not confirmed executed trades.

• Compare the year-over-year composition of revenue and the note on revenue recognition in the FY2025 annual report to understand drivers of the SGI = 9.2671.
• Reconcile changes in total liabilities and the debt schedule to verify the components behind LVGI = 5.7628 and the leverage movement.
• Inspect the statement of cash flows and the notes to identify the items producing TATA = -0.7936 and confirm whether large non-cash timing items or one-offs drove accruals.
• Compare gross-margin detail and cost breakdown in the management discussion and the cost of goods sold note to explain GMI = 2.1964 and the margin-quality score of 0/100.