PCT

• Beneish M-Score 0.0116 (93rd percentile among Vietnamese peers): the score is well above the US -1.78 cutoff and ranks at the 93rd percentile versus Vietnamese companies, which signals relatively higher likelihood of aggressive accounting compared with peers; YoY change +0.04 shows accounting metrics moved in a more aggressive direction year-over-year.
• GMI (Gross Margin Index) = 1.3256: measures deterioration in gross margins (values >1 indicate worsening margins year-over-year).
• AQI (Asset Quality Index) = 10.0000: very high value (measures shift into intangible/non-current asset components that historically correlate with earnings manipulation signals).
• SGI (Sales Growth Index) = 1.3602: elevated sales growth (measures revenue growth; rapid growth can be associated with pressure to manage earnings).
• Margin quality = 26.9/100: low sub-score (despite other high-quality metrics, margin quality indicates weak or volatile margins).
• Altman Z-Score = 0.37 (distress zone): measures distance to bankruptcy using balance-sheet and income components; 0.37 places the company in the distress zone on that metric.

• Earnings Quality 89.0/100 with Accruals quality 100/100: accrual-based metrics look clean (TATA = -0.1756, indicating negative total accruals to assets), and accruals-quality subscore is at the maximum.
• Cash conversion and Receivables quality both 100/100: Cash conversion sub-score 100 and Receivables quality 100 indicate operating cash-flow dynamics and receivables composition appear strong in the earnings-quality model.
• Revenue quality = 100/100 and DSRI = 0.1749: revenue and receivables-sales relationship (DSRI) are consistent with high revenue quality and low evidence of receivables-driven revenue recognition issues.
• LVGI = 1.0580 and DEPI = 0.8894: low to moderate signals from leverage and depreciation indices (LVGI slightly >1; DEPI <1 indicates no upward bias from slower depreciation).
• Vietnamese checks: no accumulated losses, owner's equity (excluding minority) positive, net parent profit not a loss in any of the last three years, and none of the statutory loss tests under Decree 155/2020 (as amended) are met — these are favourable factual indicators from the audited statements.

Ownership is highly concentrated among five individuals: Lương Diệu Linh 23.4%, Trần Vọng Phúc 20.1%, Trần Xuân Thành 19.6%, Trần Thị Thu Hà 18.3% and Nguyễn Thị Phượng 14.7%. Director-deal activity shows 0 sale registrations and 2 purchase registrations filed between 2025-10-30 and 2026-10-30 (two traders, both registrations without a disclosed volume); these are registration filings with the exchange, not executed trades.

• Compare the AQI drivers in the 2025 balance-sheet notes: review 'property, plant and equipment', 'intangible assets' and 'other non-current assets' schedules to quantify the components behind AQI = 10.0000.
• Reconcile operating cash flow and profit in the cash-flow statement and notes: verify the three-year operating cash flow / net profit trend that produced the cash-conversion metric 5.55 (92nd percentile).
• Examine the receivables and related-party disclosures: check the notes for 'prepayments to suppliers', 'loans receivable' and 'amounts due from related parties' to confirm the 0.8% of total assets classified as receivables outside the trade cycle.
• Read the auditors' report and statutory schedules supporting the statutory loss tests: confirm the audited annual statements and the fact that none of the Decree 155/2020 (as amended) loss criteria are met for FY2025.