PVB

• Beneish M-Score 0.4494 (measures probability of earnings manipulation); this score lies at the 95th percentile among Vietnamese peers (higher = more aggressive accounting than peers) and increased by +4.89 year-over-year (shows a pronounced recent move in the index). Note: the -1.78 US cutoff is not fully applicable to Vietnam; percentile and trajectory are more relevant.
• DSRI (Days Sales in Receivables Index) = 1.8504 (measures whether receivables are growing faster than sales; value >1 suggests receivables rising relative to sales), supporting concern about revenue/receivable recognition.
• SGI (Sales Growth Index) = 3.1361 (measures sales growth; high value indicates rapid sales growth which can increase pressure to manage earnings), combined with LVGI = 3.9818 (large increase in leverage relative to sales).
• Earnings Quality overall 8.4/100, with Cash conversion 0.0/100 and Receivables quality 0.0/100 (these measure conversion of profit to cash and the quality of receivables; both scores at the floor indicate profits are not being converted to cash and receivables are of low quality).
• Three-year cash conversion (operating cash flow / net profit) = -2.92 (8th percentile vs Vietnamese non-financials; measures whether reported profit is backed by operating cash flow; a negative figure and low percentile indicate profit is not turning into cash).
• TATA (Total Accruals to Total Assets) = 0.2723 (measures accruals intensity; elevated accruals can indicate lower earnings quality).
• GMI (Gross Margin Index) = 0.8412 and SGAI (Sales, General & Admin Index) = 0.5604 — GMI <1 and SGAI <1 may reflect margin and expense trends but must be interpreted with other signals; margin quality is low (9.1/100).

• Statutory loss tests (Decree 155/2020 Art.120(1)(e), amended) — none met (these are objective, published-statement tests that would trigger listing cancellation when met).
• No accumulated losses and owner's equity (excluding minority interest) is positive (fact from published statements; indicates retained earnings and positive equity position).
• Altman Z-Score = 2.21 (measures distance to bankruptcy; this is in the 'grey zone' rather than the distress zone), and Piotroski F-Score = 5/9 (measures nine fundamental signals; a middle score indicating neutral fundamentals).
• Receivables outside the trade cycle = 2.2% of total assets (51st percentile vs Vietnamese peers; this metric captures prepayments, loans receivable and other long-term receivables — here it is close to median, which tempers extreme concern about off-cycle receivables volume).
• DEPI = 1.0000 (Depreciation Index ~1 indicates depreciation policy not changing materially year-over-year).

Control is highly concentrated: Tổng Công ty Khí Việt Nam (GAS) holds 52.9% (control, disclosed 2026-03-31). The company sits inside a listed state-linked group that controls multiple other listed subsidiaries (CNG 56.0%, PGD 50.5%, PVG 51.3%, PGS 35.3%), indicating group and state-related governance and related-party exposure consistent with Vietnamese group structures.

• Compare the FY2025 notes on accounts receivable and prepayments with the revenue note: reconcile the growth in receivables (DSRI 1.8504) to sales growth (SGI 3.1361) and disclose whether significant receivables are overdue or reversed in subsequent periods.
• Reconcile operating cash flow to net profit in the cash-flow statement and the management discussion: verify the components driving three-year cash conversion = -2.92 (check whether large non-cash items or working-capital movements explain the negative conversion).
• Inspect the related-party transactions and loans schedule for FY2025 for amounts classified as 'receivables outside the trade cycle' (2.2% of total assets) to see proportion to total receivables and terms (maturity, interest, collateral).
• Review the auditor's report and the accounting-policy notes for revenue recognition, receivables provisioning and accrual accounting (given TATA = 0.2723 and Earnings Quality 8.4/100) to identify any changes in estimates or disclosure of one-off items.