PID

• Beneish M‑Score 0.2061 (measures likelihood of earnings manipulation patterns; this value sits at the 92nd percentile among Vietnamese peers, indicating more aggressive accounting behaviour relative to most VN peers).
• SGI (Sales Growth Index) 4.3110 (measures sales growth; a very large value indicates rapid revenue growth that can stress controls and working capital).
• Altman Z‑Score -8.03 (measures distance to bankruptcy; a strongly negative value places the company in the distress zone).
• Receivables outside the trade cycle = 141.6% of total assets (measures non‑trade receivables such as prepayments to suppliers, loans receivable and long‑term receivables; ranked 100th percentile among Vietnamese non‑financial companies).
• Accumulated losses = 1.28× paid‑in capital (measures cumulative retained losses relative to contributed capital; this exceeds paid‑in capital).
• Owner's equity without minority interest: negative (direct balance‑sheet fact reported in the audited statements).
• Cash conversion component of Earnings‑Quality = 0.0/100 (measures the firm's ability to convert profits into cash; extremely weak), and overall Earnings‑Quality 37.9/100 (low).

• Accruals quality 98.6/100 (measures the reliability of accruals relative to cash; very strong score implies reported earnings are supported by low accrual manipulation).
• TATA (Total Accruals to Total Assets) = 0.0034 (measures aggregate accruals; a very small value is consistent with the high accruals‑quality score).
• LVGI (Leverage Growth Index) = 0.8186 (measures change in leverage; below 1 suggests leverage did not spike year‑over‑year).
• Piotroski F‑Score 5/9 (measures fundamental performance across profitability, leverage/liquidity, and operating efficiency; a middle score is neutral rather than strongly negative).

The listed parent PVX holds 50.0% (disclosed 2026‑06‑30), indicating majority control under VAS classifications; other top holders include an 18.5% institutional holder and two individuals at 9.8% and 2.5%. The company sits in a wider group of entities controlled or influenced by PVX (multiple related listed construction/oil‑and‑gas subsidiaries), which raises typical group‑structure and related‑party exposure considerations in the filings.

• Compare the line items and notes for 'Receivables' and 'Other long‑term receivables' in the FY2022 audited statements to quantify the 141.6% of total‑assets figure and identify the composition (prepayments to suppliers, related‑party loans, other).
• Reconcile 'Accumulated losses' and 'Paid‑in capital' in the equity note and verify the 1.28× ratio and the components driving negative owner's equity excluding minority interest.
• Review the cash‑flow statement and the note to operating cash flows to confirm the Cash conversion result (Earnings‑Quality cash conversion = 0.0/100) and the TATA = 0.0034 accruals calculation.
• Inspect related‑party disclosures and the consolidated/parent breakdown to see whether large receivables or loans are intra‑group (given the 50% parent PVX and the listed group of related companies).