PTC

• Beneish DSRI = 2.7071 (measures days-sales-in-receivables growth relative to sales; a high DSRI suggests receivables or revenue recognition have grown faster than sales).
• Earnings-quality sub-scores: Cash conversion = 24.9/100 and Receivables quality = 0.0/100 (these measure how reported profit converts to cash and the quality/collectibility of receivables; both are very low).
• Vietnam check — three-year cash conversion (operating cash flow / net profit) = -0.58 (16th percentile among Vietnamese non-financials; indicates reported profits have not been converting into operating cash over three years).
• Earnings-Quality total = 23.5/100 with Margin quality = 0.0/100 and Revenue quality = 0.0/100 (these indicate weak underlying earnings drivers and revenue persistence measures in the scoring framework).
• LVGI = 0.3313 (sales growth volatility index; elevated value implies greater volatility in growth — this can complicate revenue-quality assessment).

• Altman Z-Score = 15.76 (measures bankruptcy distance using balance-sheet and earnings items; this is in the 'safe' zone relative to distress thresholds).
• Piotroski F-Score = 6/9 (measures nine fundamental signals of financial strength; a 6 indicates several healthy operational and balance-sheet metrics).
• Beneish GMI = 1.0000 and DEPI = 0.7726 (GMI measures gross-margin deterioration; GMI = 1.0 shows no gross-margin worsening in the index, DEPI <1 indicates depreciation patterns have not moved in the direction that Beneish associates with earnings inflation).
• No accumulated losses and zero years of parent net loss through FY2025; owner's equity (excluding minority interest) is positive, and statutory loss tests under Decree 155/2020 (amended) are not met (these are objective facts from published statements showing no statutory-loss triggers).

Shareholding is concentrated: one individual, Võ Anh Linh, holds 35.6% and together with another individual, Phạm Thị Thu Hà (9.0%), insiders/individuals hold substantial stakes; an institutional shareholder holds 6.1%. This concentration and the presence of large individual owners are facts that can affect related‑party flows and group transactions in the filings.

• Compare year‑by‑year trade receivables, other receivables and prepayments in the notes to the consolidated balance sheet to quantify the DSRI driver (DSRI = 2.7071).
• Reconcile operating cash flow to net profit in the cash-flow statement and the notes to reproduce the three‑year cash conversion ratio (reported as -0.58) and identify drivers (non‑cash items, working‑capital swings, related‑party receivables).
• Inspect the related‑party note and schedules for loans, prepayments or long‑term receivables (receivables outside the trade cycle = 7.0% of total assets) and disclose counterparties and terms.
• Verify the statutory loss tests and equity position: check the parent profit/loss line, retained earnings/accumulated losses note, and the auditor’s report to confirm none of the statutory loss conditions are met.