PET

• Beneish M-Score -1.2087 (85th percentile among Vietnamese peers): the M-Score is above most peers and rose by +1.47 year-over-year; the DSRI component is 1.7053 (high, indicating days-sales or receivables growth relative to sales), and TATA is 0.1296 (positive total accruals to total assets, suggesting accrual-based earnings).
• Earnings-Quality Score 20.0/100 with Cash conversion 0.0/100 (3‑year operating cash flow / net profit = -1.82, at the 10th percentile): reported profits have not converted into cash over the rolling three-year window.
• Receivables outside the trade cycle = 8.5% of total assets (77th percentile): a relatively high share of assets are receivables/prepayments/other long-term receivables outside ordinary trade operations.
• Revenue-quality component very low (9.3/100) and Receivables quality 0.0/100: revenue and receivables signals point to weak earnings persistence and potential timing or recognition issues.

• AQI (Asset Quality Index) 0.7017 (below 1): proportionally lower asset reclassifications or unusual capitalisation compared with prior year.
• GMI (Gross Margin Index) 1.0195 and SGAI (SG&A Index) 0.9725: gross margin has been broadly stable (GMI close to 1) and SG&A has not expanded materially relative to sales (SGAI slightly below 1).
• DEPI (Depreciation Index) 1.0469 and LVGI (Leverage Index) 1.0420 are modestly above 1 but not extreme: depreciation policies and leverage show some movement but not large swings.
• No accumulated losses, owner's equity (excluding minorities) is positive, and statutory loss tests under Decree 155/2020 (amended) are not met — the published statements do not trigger the listed-company statutory loss criteria.

The listed group holds 73.8% of PSD (control), indicating a controlling group shareholder. Top institutional holders include HD Fund Manager 18.7% and VietinBank Fund Manager 14.3%; director-deal activity shows registrations (not trades) of 2 sale registrations (total 24,916,934 shares, one registration without a volume) and 5 purchase registrations (two registrants, five without a volume) disclosed between 2025-10-30 and 2026-10-30.

• Compare the line items and notes for other receivables / loans and prepayments in the FY2025 balance sheet to quantify the 8.5% of total assets classified outside the trade cycle and identify related-party counterparties.
• Reconcile operating cash flow and net profit in the cash flow statement and profit & loss to confirm the three-year cash conversion ratio of -1.82 and inspect the notes explaining major non-cash adjustments (Tập hợp các điều chỉnh vô tiền mặt).
• Review the accounting policy and note on revenue recognition and the revenue breakout in FY2025 to investigate the low revenue-quality score (9.3/100) and the DSRI component (DSRI = 1.7053).
• Inspect the auditor's report, retained earnings / accumulated losses schedule and the statutory-loss disclosure note to verify that accumulated losses are nil and that none of the Decree 155/2020 (as amended) statutory loss criteria are met.