PGN

• Beneish M-Score = 1.6464 (measures the likelihood of earnings manipulation signals); this is at the 97th percentile among Vietnamese peers (higher = more aggressive accounting) and increased by +4.36 year-over-year.
• DSRI (Days’ Sales in Receivables Index) = 2.2668 (measures acceleration of receivables relative to sales), indicating receivables and revenue timing differences.
• AQI (Asset Quality Index) = 10.0000 (measures shifts into non-current or less-liquid assets that can hide expenses), an unusually high value.
• Receivables outside the trade cycle = 39.2% of total assets (measures prepayments, loans receivable and other long-term receivables outside normal trade), at the 97th percentile versus Vietnamese non-financial companies.
• Cash conversion (3-year operating cash flow / net profit) = 4.34 (measures how much reported profit converts to cash), at the 89th percentile for Vietnam (high value here indicates profit is not turning into operating cash).
• Margin quality = 6.4/100 and Revenue quality = 21.9/100 (measure persistence and cash/earnings consistency of margins and revenue), both very low, suggesting earnings and top-line are of low quality.
• Altman Z-Score = 1.72 (measures distance to bankruptcy; this is in the 'distress' zone, indicating financial stress on the metrics embedded in the Z-Score).

• Accruals quality = 100.0/100 (measures proportion of earnings explained by accruals vs cash; a high score indicates earnings are not driven by accruals).
• Cash conversion score = 100.0/100 (aside from the 3-year aggregate metric above, the earnings-quality component rates the firm highly on short-term cash vs earnings consistency).
• Piotroski F-Score = 6/9 (measures fundamentals across profitability, leverage/liquidity, and operating efficiency; 6 is a neutral-to-favorable score).
• SGI (Sales Growth Index) = 0.5720 (measures sales growth; a value below 1 indicates declining sales growth pressure on the manipulation model) and SGAI = 0.8693 (measures increase in selling, general & admin expense relative to sales), neither are extreme in the direction typically associated with aggressive upward earnings manipulation.

Ownership is highly concentrated among individuals: Huỳnh Văn Quảng 24.8%, Vũ Thị Loan 19.4%, Nguyễn Văn Út 9.2%, plus other sizeable individual holders (6.9% and 6.5%). Director-deal registrations between 2025-10-30 and 2026-10-30 show 2 sale registrations and 12 purchase registrations (these are intentions registered with the exchange, not executed trades).

• Compare the line items that constitute 'receivables and other long-term receivables' in the FY2025 balance sheet to the related-party and loans/advances notes to quantify the 39.2% of total assets classified outside the normal trade cycle.
• Reconcile operating cash flow and net profit in the consolidated cash flow statement and the profit & loss to verify the 3-year cash-conversion ratio (operating cash flow / net profit = 4.34) and identify the drivers of low cash conversion into operating cash.
• Inspect the composition of 'asset quality' movements in the notes (additions to long-term receivables, prepayments, intangible or other non-current assets) to see what produces the AQI = 10.0000 and DEPI = 1.2293 (depreciation index).
• Review the revenue recognition policy note and the schedule of receivables aging to assess the high DSRI = 2.2668 and the revenue-quality score (21.9/100), focusing on timing of sales, returns, rebates and any related-party revenue.