CNG

• Beneish M-Score = -1.335 (measures likelihood of earnings manipulation relative to a US-calibrated threshold); Vietnam peer percentile = 83rd (company scores more aggressive than 83% of Vietnamese peers).
• Year-over-year M-Score change = +0.96 (measures change in the manipulativeness signal year-on-year; a sizeable upward move compared with low serial correlation).
• DSRI = 1.1624 (days sales receivable index; >1 can indicate revenue recognition/receivables growth versus sales).
• AQI = 2.7995 (asset quality index; >1 can indicate reclassification or capitalization shifts that raise noncurrent assets relative to sales).
• SGI = 1.3310 (sales growth index; >1 indicates sales growth which can pressure margin and accounting choices).
• Receivables quality = 27.5/100 (measures collectibility and concentration of receivables; this is weak).
• Revenue quality = 0.0/100 (measures sustainability and persistence of reported revenue; this is a concern).
• Margin quality = 10.7/100 (indicates volatility or weakening of margins).
• Vietnam cash conversion (3yr OCF / net profit) = 0.77, 37th percentile (measures extent profits convert to cash; below 1 and low percentile suggests profits are not fully cash-backed).

• Accruals quality = 96.5/100 (measures how much earnings are driven by accruals; high score indicates low unusual accruals — TATA = 0.0086, i.e. total accruals to assets ≈0.86%).
• Altman Z-Score = 3.67 (measures bankruptcy distance; value >2.99 is typically the ‘safe’ zone for non-financial firms).
• Piotroski F-Score = 4/9 (measures nine fundamental signals of firm health; this is neutral rather than strongly negative).
• Receivables outside the trade cycle = 0.4% of total assets (22nd percentile) — the absolute share of long-term/non-trade receivables is low in magnitude even if the percentiles vs peers are mixed.
• No accumulated losses; owner’s equity (parent, excluding minority) is positive and parent net loss years = 0 (the statutory equity and loss indicators show no immediate statutory breach).
• Statutory loss tests (Decree 155/2020 Art. 120(1)(e) as amended) = none met (the published statements do not meet the exchange cancellation loss criteria).

Control is concentrated: Tổng Công ty Khí Việt Nam (GAS) holds 56.0% (control, disclosed 2026-06-30) and the company sits inside a listed state-linked group that also controls PGD (50.5%), PGS (35.3%), PVB (52.9%) and PVG (51.3%). No director-deal registrations were provided in the data set (director-deal registrations are exchange-registered intentions, not executed trades).

• Compare FY2025 notes for ‘trade and other receivables’ and the related-party receivables schedule to quantify the composition of the 0.4% of assets classified as receivables outside the trade cycle.
• Reconcile the cash flow statement (operating cash flow) to profit to reproduce the 3-year cash conversion ratio = 0.77 and identify the main non-cash or timing items causing the shortfall.
• Inspect the fixed-asset and intangible schedules and the note on reclassifications/capitalization to understand drivers of AQI = 2.7995 (asset quality index).
• Trace revenue recognition policies and the revenue note (including related-party sales or one-off transactions) to evaluate why revenue quality = 0.0/100 and DSRI = 1.1624.