PTT

• Beneish M-Score = -0.9934, Vietnam peer percentile = 88th, YoY change = +1.99. The M-Score components showing the largest upward pressure are DSRI = 1.6611 (days-sales-receivables index), DEPI = 1.9062 (depreciation index), LVGI = 1.9079 (leverage index) and GMI = 1.7484 (gross-margin index).
• Earnings Quality = 24.3/100 with Cash conversion = 0.0/100 and Receivables quality = 0.0/100, indicating reported profit is not converting into operating cash and receivables/prepayments are scoring poorly in the quality algorithm.
• Cash conversion (three-year operating cash flow / net profit) = 0.66 (34th percentile vs Vietnamese non-financials), showing low conversion of profit into cash relative to peers.
• Altman Z-Score = 1.61 (distress zone), signalling shortfall on the composite bankruptcy-distance metric.
• Piotroski F-Score = 2/9, indicating weak recent fundamental signals (profitability, leverage/liquidity, and operating efficiency criteria).
• SGAI = 0.6764 and SGA-focused revenue-quality metrics: Revenue quality = 5.3/100 and Margin quality = 19.7/100, suggesting weakness in sustainable margin and revenue recognition patterns.

• Accruals quality = 82.3/100, indicating that accruals-based distortions (total accruals relative to assets or similar inputs used in the score) appear relatively well-behaved.
• AQI (Asset quality index) = 0.6423 (lower AQI generally indicates fewer increases in non-current asset reclassifications or capitalized items that Beneish associates with earnings manipulation pressure).
• Receivables outside the trade cycle = 2.0% of total assets (49th percentile), i.e. not unusually large relative to Vietnamese peers—prepayments/loans/long receivables are about 2.0% of assets.
• No accumulated losses (undistributed earnings not negative) and parent-company net loss count = 0 years through FY2025, i.e. historical statutory losses are not present in the published statements.

Control is concentrated: PVT (Tổng Công ty Cổ phần Vận tải Dầu khí) owns 54.1% (control; disclosed 2026-06-30). Two other large holders are individual Nguyễn Hồng Hiệp 20.9% and Công ty TNHH Vận Tải Biển Châu Á Thái Bình Dương 20.6%. The company is part of a listed group under the same parent (PVT) that also controls GSP, PDV and PVP, indicating a group structure with common control over related listed subsidiaries.

• Compare the movements in trade receivables, prepayments and loans receivable lines in the FY2025 notes to the DSRI component (DSRI = 1.6611) to see which receivable categories drove the uplift.
• Reconcile operating cash flow vs. net profit in the cash-flow statement and the cash-flow note for FY2023–FY2025 to verify the three-year cash conversion ratio (0.66) and identify non-cash items or timing differences.
• Inspect the fixed-asset and depreciation notes and the reconciliation of depreciation expense to book value to understand the DEPI = 1.9062 and LVGI = 1.9079 contributions (changes in depreciation policy, revaluations or asset additions).
• Review related-party schedules and the notes on advances/loans to/from related parties given the group ownership (PVT controlling 54.1%) to check for material intra-group balances that could affect receivables or cash conversion metrics.