PSD

• Beneish M-Score = -0.9131 (88th percentile vs Vietnam peers; YoY change +2.96). The M-Score combines several ratios to screen for earnings manipulation risk; the company ranks high versus local peers and the score has increased materially year-over-year.
• DSRI (Days’ Sales Receivables Index) = 1.4873. A DSRI >1 suggests receivables (or revenue recognition relative to sales) are growing faster than sales, which can indicate more aggressive revenue recognition or slower collections.
• DEPI (Depreciation Index) = 2.2428. DEPI >1 implies depreciation expense has fallen relative to prior period implied depreciation, which can indicate changes in useful lives, depreciation methods, revaluations, or other accounting choices that defer expense.
• TATA (Total Accruals to Total Assets) = 0.1288. Positive TATA indicates accruals contributed to reported profit; higher accruals versus assets reduce cash-basis earnings quality.
• Earnings Quality overall = 17.6/100 with Cash conversion = 0.0/100, Receivables quality = 0.0/100, Revenue quality = 0.0/100. These component scores signal low conversion of reported profits into sustainable cash and weak revenue/receivables quality metrics in the scoring model used.

• AQI (Asset Quality Index) = 1.0000. AQI =1 indicates no change in non-current asset reclassification or relative asset composition by this measure.
• SGI (Sales Growth Index) = 1.3716 and GMI (Gross Margin Index) = 1.0820. The company shows revenue growth (SGI>1) and a modest change in gross margin (GMI>1), which are inputs to the M‑Score but here indicate expansion rather than contraction in scale.
• LVGI (Leverage Index) = 1.0676. A modest increase in leverage is present but not extreme by this index.
• Tangible balance-sheet facts: receivables outside the trade cycle are very small at 0.1% of total assets (7th percentile vs Vietnamese non-financials), accumulated losses = none, owner's equity (ex‑minority interest) positive, and zero years of parent-net-loss up to FY2025.

The shareholder register shows high concentration: PET (Tổng Công ty Cổ phần Dịch vụ Tổng hợp Dầu khí) holds 73.8% (control, disclosed 2026-07-27). Insider/director-deal registrations from 2025-10-30 to 2026-10-30 show one sale registration (160,000 shares) and seven purchase registrations (1,600,000 shares) for a net registered volume of +2.05% of shares outstanding; these are registered intentions with the exchange, not executed trades.

• Compare operating cash flow to net profit in the consolidated cash-flow statement and the notes — reconcile the three-year cash-conversion ratio (reported 1.00) to cash flows and major non-cash items.
• Inspect the receivables, loans receivable and prepayments notes — verify the composition that produces receivables-outside-trade-cycle = 0.1% of total assets and check related-party schedules for material balances.
• Review the fixed-asset and depreciation notes and policies to explain DEPI = 2.2428 (changes in useful lives, disposal/revaluation, componentisation or method changes).
• Examine the related-party transactions and shareholder group disclosures (PET and its affiliates) for intra-group sales, advances or guarantees that could affect revenue recognition, receivables and cash flows.