PCM

• Beneish M-Score -2.0586 with Vietnam peer percentile 64th: the M-Score moved +2.68 year-over-year, which signals a notable change in the pattern of the eight variables Beneish uses (DSRI, GMI, AQI, SGI, DEPI, SGAI, LVGI, TATA).
• Days Sales Receivable Index (DSRI) = 1.0821: receivables are rising faster than sales, which can indicate collection pressure or timing differences in revenue recognition relative to the prior year.
• Gross Margin Index (GMI) = 1.1376 and Margin Quality = 0.0/100: gross margins have deteriorated year-over-year (GMI > 1 means gross margin fell), and the margin-quality component scores very poorly, suggesting profitability per sale has weakened.
• Leverage/Volume Growth Index (LVGI) = 1.1027 and Sales Growth Index (SGI) = 1.2590: the company is growing sales (SGI > 1) while leverage/volume measures also rose, which in combination with falling margins can pressure cash generation.
• Receivables outside the trade cycle = 0.5% of total assets (23rd percentile vs VN non-financials): although small in absolute terms, this is an item to monitor because it includes prepayments, loans receivable and long-term receivables that sit outside ordinary trade receivables.

• Accruals quality = 100.0/100: accrual-based distortions appear low according to the accruals component of the earnings-quality score.
• Cash conversion = 83.8/100: the company converts reported earnings into cash reasonably well relative to peers.
• Total Accruals to Total Assets (TATA) = -0.0009: near zero TATA supports the high accruals-quality score (low net accruals relative to assets).
• Altman Z-Score = 3.86: the firm is in the safe zone on the Altman bankruptcy-distance metric, suggesting distance from financial distress under that model.
• Piotroski F-Score = 6/9: fundamentals are neutral-to-favorable on profitability, leverage/liquidity, and operating efficiency tests captured by Piotroski.

Ownership is highly concentrated: Cao Thanh Trường holds 49.0% and the next largest holder is 11.8%, with three other individuals holding 5.0%, 5.0% and 3.3%. Director-deal disclosures for 2025-10-30 to 2026-10-30 show 0 sale registrations and 2 purchase registrations (2 traders; both without volume), where registrations are intentions disclosed to the exchange rather than executed trades.

• Compare the schedule/note for trade receivables with the related-party note and the line items for prepayments, loans receivable and other long-term receivables to reconcile the 0.5% of total assets classified as receivables outside the trade cycle.
• Review the consolidated statement of profit or loss and the notes on gross margin drivers to understand the components behind GMI = 1.1376 and the Margin Quality = 0.0/100 (e.g., cost of goods sold movements, one-off items, product mix changes).
• Examine the cash-flow statement and the cash-flow from operating activities reconciliation to validate the Cash Conversion (83.8/100) and the near-zero TATA (−0.0009) implied by low accruals.
• Inspect the related‑party transactions note and any schedule of group/company loans or guarantees to check whether growth (SGI = 1.2590) and increases in leverage/volume (LVGI = 1.1027) are accompanied by intra-group funding or off-cycle receivables.