PSC

• Beneish M-Score = -1.2558 (Vietnam peer percentile 84th): the score is higher (more aggressive) than 84% of Vietnamese peers and rose by +2.30 year-over-year; this indicates an accounting trajectory that has moved relative to peers even though the absolute US-calibrated manipulation cutoff (-1.78) is not definitive in Vietnam.
• Days-sales-residual/receivables index (DSRI) = 2.3160: DSRI > 1 indicates receivables (or revenue recognition patterns) grew faster than sales; a DSRI above 2 is notable and is a main driver of the M-Score increase.
• LVGI = 1.3727 (largest single-year component >1): elevated leverage-growth interaction suggests leverage and growth moved together in a way Beneish links to aggressive reporting.
• Earnings Quality Score = 32.7/100 with Receivables quality = 0.0/100, Margin quality = 0.0/100, Revenue quality = 0.0/100: very low scores on those components point to weak quality in revenue recognition, margins and receivables stability.
• Cash conversion problems: three-year operating cash flow / net profit = 3.95 (89th percentile among Vietnamese non-financial firms) — this high ratio (low converted cash relative to profit) shows profits have not been converting efficiently into operating cash.
• TATA (total accruals) = 0.0148: while small positive total accruals can be normal, combined with other red flags it warrants scrutiny of accrual drivers given low cash conversion and weak revenue/receivables quality.

• Accruals quality = 94.1/100: accruals appear to be of relatively high quality by the score, indicating less concern from pure accrual magnitude or volatility alone.
• DEPI = 0.9956 and SGAI = 0.9408: depreciation and SG&A indices are around 1 (DEPI slightly below 1, SGAI below 1), so no obvious unusual pattern there compared with the rest of the Beneish components.
• Altman Z-Score = 3.25 (safe zone): the company is in the safe distance-to-bankruptcy zone by the Altman measure, suggesting solvency/financial distress is not immediate.
• Piotroski F-Score = 5/9: a neutral score that does not show broad operational deterioration in profitability, leverage/liquidity or efficiency across the nine Piotroski tests.

Shareholding is highly concentrated: Tập đoàn Xăng dầu Việt Nam (Petrolimex) holds 52.7% (institutional), Partners Việt Nam holds 16.7%, and three individuals together hold ~9.5%; the majority (52.7%) indicates group/state influence consistent with typical Vietnamese listed groups and may affect related-party activity and intercompany balances. Director-deal registrations in the past year show one sale registration (3,796,755 shares) and one purchase registration (3,796,755 shares) — these are exchange-registered intentions, not executed trades, and net registered volume is 0.00% of shares outstanding.

• Compare the growth in trade receivables and revenue year-over-year in the revenue note and the receivables ageing schedule to explain the DSRI = 2.3160.
• Reconcile operating cash flow to parent net profit in the cash flow statement and the notes to reconcile the three-year cash conversion ratio (operating cash flow / net profit = 3.95) and identify large non-cash items or timing differences.
• Inspect the related-party transactions note and the schedule of receivables/advances (prepayments to suppliers, loans receivable, other long-term receivables) to verify the 3.9% of total assets classified as receivables outside the trade cycle.
• Read the auditor’s report and the statutory disclosures for the FY2025 statements to confirm which, if any, of the statutory loss tests are met (none were met per the data) and to check any emphasis-of-matter or qualified language regarding going concern, related parties or revenue recognition.