PLO

• High Beneish peer percentile: M-Score 0.3239 at the 93rd percentile among Vietnamese peers — this ranks the company as more aggressive in accounting metrics relative to most local peers; year-over-year M-Score change +2.80 indicates a material shift in the score versus last year.
• Earnings-quality composite: 0.0/100 overall and 0/100 in all subcomponents (accruals, cash conversion, receivables, margin, revenue) — the scoring system flags pervasive weaknesses in measurable earnings quality dimensions.
• Altman Z-Score -0.30: falls in the distress zone (measures distance to bankruptcy using balance-sheet and income variables).
• Cash conversion poor: three-year operating cash flow / net profit = 0.17 (30th percentile among VN non-financials) — reported profits are not being converted into operating cash.
• Large receivables/outside-trade-cycle items: 37.1% of total assets (96th percentile) — a high share of assets are prepayments, loans receivable or long-term receivables rather than trade receivables within the normal operating cycle.
• Accumulated losses size: accumulated losses equal 0.88× paid-in capital — a substantial accumulated loss relative to equity base.
• Statutory-loss context: while the parent shows 0 consecutive years of net loss up to FY2023 and owner's equity (excluding NCI) is positive, the company trades on UPCoM where the HOSE/HNX statutory delisting test does not apply (the published statements nonetheless meet the factual criteria for the statutory-loss test as described).

• Piotroski F-Score 5/9: a middling fundamental score indicating neither strong deterioration nor robust improvement in accounting fundamentals.
• Director-deal registrations: between 2025-10-30 and 2026-10-30 there were 0 sale registrations and 3 purchase registrations (from 2 registrants; 3 without a volume disclosed) — registrations recorded with the exchange show some insider intent to buy rather than sell (registrations are intentions, not executed trades).
• Owner's equity (excluding minority interest) is positive: the consolidated statements show positive parent equity, not an immediate statutory-equity deficit on the face of the balance sheet.

Top shareholders are concentrated: two institutional shareholders hold 28.1% and 11.1% respectively, plus an individual at 9.9%; a state-related or group-affiliated institution appears among the largest owners. This concentrated ownership and presence of institutional/group shareholders can influence related-party transactions and group-level flows (note Vietnamese group and SOE contexts).

• Compare the FY2023 line-items for 'Loans and receivables' and 'Other long-term receivables' in the balance sheet to the related-party disclosures and the notes explaining prepayments to suppliers.
• Reconcile operating cash flow (cash flows from operating activities) to reported net profit across the last three annual cash-flow statements to confirm the 0.17 cash-conversion ratio and identify major noncash adjustments or working-capital drivers.
• Inspect the audit opinion and the auditor's report paragraph(s) on related-party transactions, going concern and subsequent events for disclosures that explain receivables outside the trade cycle or large prepayments.
• Compare the movement in receivables, prepayments and loans receivable between FY2021–FY2023 in the notes (schedule of movements or receivables ageing) to verify the 37.1% of total assets figure and the composition of those balances.