PHH

• Beneish M-Score = 7.9031 (measures the likelihood of earnings manipulation using eight accounting ratios); this score is at the 100th Vietnam peer percentile (higher = more aggressive accounting vs VN peers) and rose by +8.20 year-over-year.
• GMI (Gross Margin Index) = 3.6319 (measures deterioration in gross margins year-over-year), SGI (Sales Growth Index) = 10.0000 (measures unusually high sales growth), DEPI (Depreciation Index) = 10.0000 (measures changes in depreciation policies) — extreme component values within the Beneish model.
• TATA (Total Accruals to Total Assets) = 0.1779 (measures accruals intensity), and AQI (Asset Quality Index) = 0.2570 (measures shift to non-current and potentially less repeatable assets) — both elevated.
• Altman Z-Score = 1.06 (measures financial distress / bankruptcy distance) — in the distress zone.
• Cash conversion (3-year operating cash flow / net profit) = -1.80 (10th percentile among VN non-financials) — reported profit has not been converting into operating cash.
• Receivables outside the trade cycle = 34.8% of total assets (96th percentile) — a large portion of assets are prepayments, loans receivable or long-term receivables rather than trade receivables.
• Earnings Quality overall = 29.8/100, with Cash conversion = 0.0/100, Margin quality = 0.0/100, Revenue quality = 0.0/100 — low scores on cash and revenue realization.

• Receivables quality = 100.0/100 (measures the quality and persistence of receivables) — within the earnings-quality components this is the strongest element.
• Piotroski F-Score = 5/9 (measures nine accounting-based fundamentals such as profitability, leverage, liquidity and operating efficiency) — a neutral-to-moderate fundamentals score rather than a full deterioration.
• Accumulated losses = 0.02x paid-in capital and owner's equity (excluding minority interest) is positive — no balance-sheet accumulated deficit relative to capital and equity remains positive.
• DSRI (Days Sales in Receivables Index) = 0.1493 (part of Beneish; here not elevated) and LVGI (Leverage Index) = 0.9287 (no sharp deterioration in leverage by this index).

Ownership is concentrated among individuals: the top three individual shareholders hold 19.8%, 13.9% and 13.7% respectively, and an institutional shareholder holds 11.8%; top-five holders together control a large share. No director-deal registrations were provided in the input (director-deal registrations are exchange-registered intentions, not executed trades).

• Compare the line(s) for 'Receivables and other receivables' and the note(s) on 'Prepayments, loans to related parties and long-term receivables' in the FY2025 audited notes to reconcile the 34.8% of total assets figure.
• Reconcile operating cash flow (cash flow from operating activities) with reported net profit in the FY2023–FY2025 cash flow statement and the related notes to verify the three-year cash conversion ratio of -1.80.
• Inspect the depreciation policy note and fixed-asset schedules to explain the DEPI = 10.0000 component and check for changes in useful lives, residual values or capitalization policies between years.
• Review the revenue-recognition note, sales by contract/customer schedules (if any) and the trade receivables aging to validate why revenue quality = 0.0/100 and DSRI is low; also check for significant related-party sales or non-trade receivables disclosures.