DCM

• Beneish M-Score -0.8679 (88th percentile vs VN peers; YoY change -1.48) — the M-Score is above most Vietnamese peers and moved sharply year-over-year (note: the -1.78 US cutoff is US-calibrated; ~28% of VN names exceed that).
• DSRI (Days Sales Receivable Index) = 1.9267 — measures receivables growth relative to sales; a value above 1 suggests receivables grew faster than sales, consistent with potential revenue recognition or collection issues.
• TATA (Total Accruals to Total Assets) = 0.1552 — measures accrual-based earnings; a relatively high positive TATA implies earnings contain substantial accruals rather than cash.
• Earnings Quality Score = 18.8/100 with Cash conversion = 0.0/100 and Receivables quality = 0.0/100 — the composite and two sub-scores indicate low cash conversion of profits and weak receivables quality in the scoring model.
• Cash conversion (3-year operating cash flow / net profit) = 0.36 (28th percentile) — over three years, operating cash flow is only 36% of reported profits, low relative to peers and signalling profits are not fully turning into cash.
• SGAI (Sales, General & Administrative Index) = 1.1599 — SG&A grew more than sales, which may compress margins or indicate cost-side management issues.

• Altman Z-Score = 3.60 (safe zone) — measures distance to bankruptcy; the score sits in the safe zone.
• Piotroski F-Score = 6/9 — a neutral-to-favourable score on fundamentals (profitability, leverage/liquidity, operating efficiency).
• AQI (Asset Quality Index) = 1.0562 and LVGI (Leverage Index) = 1.1128 — modest asset-quality deterioration and modest increase in leverage by these indices, not extreme.
• Statutory loss tests: none met under Decree 155/2020 Art. 120(1)(e) (amended) — the published audited statements do not meet the statutory criteria listed for cancellation of listing in the cited decree.
• No accumulated losses and owner's equity (excluding minority) positive — retained earnings are not negative and equity is positive per the checks.

Ownership is highly concentrated: Tập Đoàn Công Nghiệp – Năng Lượng Quốc Gia Việt Nam holds 75.6% (institutional, effectively controlling). The listed-group note shows a 51.0% holding in PBP (control); director-deal activity in 2025–10–30 to 2026–10–30 records one sale registration for 8,000 shares (registrations, not executed trades) and no purchase registrations, with net registered volume effectively -0.00% of shares outstanding.

• Compare the company’s 2025 consolidated trade receivables and the related-party receivables schedule to the DSRI drivers (note or schedule showing receivable ageing and related-party balances).
• Reconcile operating cash flow (statement of cash flows, 2023–2025) with net profit to verify the 3-year cash conversion ratio of 0.36 and identify the main non-cash accruals driving TATA = 0.1552.
• Inspect the SG&A note and revenue note in the 2025 annual report to see components behind SGAI = 1.1599 and SG&A growth relative to revenue (sales breakdown by segment or major expense lines).
• Confirm the statutory tests in the auditor’s report/management discussion (references to Decree 155/2020 Art.120 and subsequent amendment) to verify that none of the statutory loss/cancellation tests were met in the published audited statements.