PSE

• Beneish M-Score = -1.2793 (83rd percentile vs Vietnamese peers): measures the likelihood of earnings manipulation using eight financial ratios; the company sits well above the US -1.78 cutoff and high versus local peers, and the score rose by +1.90 year-over-year.
• DSRI = 2.2312: measures receivables growth relative to sales; this elevated value suggests receivables are growing materially faster than revenue.
• Receivables outside the trade cycle = 33.6% of total assets (96th percentile among Vietnamese non-financials): proportion of assets in prepayments, loans receivable and other long-term receivables is very high versus peers.
• TATA = 0.0464 (Total Accruals to Total Assets): low absolute accruals contribution to assets but paired with poor cash conversion (see below) may indicate timing or quality issues in earnings realization.
• Earnings-quality sub-scores — Receivables quality = 0.0/100 and Revenue quality = 0.0/100: these components indicate very weak observable quality in reported receivables and revenue metrics.
• Cash conversion (operating cash flow / net profit, 3 years) = 0.80 (38th percentile): a material portion of reported profit is not converting into operating cash compared with peers.
• LVGI = 1.3965 and SGI = 1.1478: measures of leverage/vulnerability and sales growth; elevated LVGI signals higher leverage or asset growth relative to peers which can stress earnings quality.

• Altman Z-Score = 13.73 (safe zone): measures distance to bankruptcy using balance-sheet and earnings ratios; this value indicates a large buffer against financial distress under the Altman model.
• Accruals quality = 81.4/100 and Margin quality = 76.0/100: accrual composition and margin stability score well, suggesting reported margins and accruals are more consistent with stable accounting.
• Piotroski F-Score = 4/9 (neutral fundamentals): the F-Score does not show strong deterioration in basic profitability, liquidity and operating performance indicators.
• No accumulated losses; owner's equity (excluding minority interest) positive; parent profit not loss in any of the last 0 years: the statutory balance-sheet indicators are not showing the kinds of losses that trigger delisting tests.

Tổng Công ty Phân bón và Hóa chất Dầu khí (DPM) holds 75.0%, representing clear controlling ownership and a listed-group structure in which the same parent controls several sibling subsidiaries (PCE, PMB, PSW at 75% and PMP at 43.3%). Director-deal registrations were not provided in the input (none reported here).

• Compare the line(s) or note titled 'Receivables', 'Loans and advances to customers', and 'Prepayments' in the FY2025 audited statements with the related-party disclosures: quantify how much of the 33.6% of total assets is to related parties or non-trade counterparties.
• Reconcile the consolidated 'Net cash from operating activities' for the past three years with 'Profit for the year' (parent) to reproduce the cash-conversion ratio (0.80) and identify the main reconciling items (changes in working capital, non-cash adjustments).
• Inspect the notes on 'Transactions with related parties' and any schedules of guarantees/receivables to find the composition of long-term receivables and whether they are loans, prepayments, or other advances (items driving the high receivables-outside-trade-cycle percentage).
• Review the auditor's report and the accounting-policy notes for revenue recognition, receivables provisioning and related-party lending to see policy choices that could affect DSRI (2.2312), revenue-quality (0.0/100) and receivables-quality (0.0/100) metrics.