PVC

• Beneish M-Score -0.8378 (measures likelihood of earnings manipulation using eight financial ratios); the company sits at the 89th percentile versus Vietnamese peers (higher = more aggressive accounting) and the M-Score rose by +1.76 year-over-year (the change indicates accounting metrics moved materially this year).
• DSRI 1.1941 (Days’ Sales Receivables Index; >1 can indicate revenue recognition or receivables growth relative to sales), coupled with Revenue Quality 0.0/100 (measures persistence and cash backing of reported revenue) — both suggest receivables/revenue deserve scrutiny.
• TATA 0.2044 (Total Accruals to Total Assets; measures accrual intensity) and Accruals quality 32.2/100 — reported profits have a substantial accrual component and low accrual quality.
• Cash conversion (three-year operating cash flow / net profit) = -1.73 (10th percentile among Vietnamese non-financials; measures how profit turns into cash) and Earnings Quality 17.0/100 with Cash conversion subscore 0.0/100 — reported earnings are not converting into cash.
• SGI 1.7337 (Sales Growth Index; rapid sales growth relative to peers can be a risk factor) alongside LVGI 1.2598 (Leverage/volume growth index) — fast top-line growth may be driving some of the aggressive metrics.
• Receivables outside the trade cycle = 3.1% of total assets (57th percentile) (this captures prepayments to suppliers, loans receivable and long-term receivables) combined with DSRI >1 suggests non-trade receivables and trade-receivables dynamics merit verification.
• Earnings-quality Revenue quality 0.0/100 and Cash conversion 0.0/100 together flag that reported profit margins and revenue lack supporting cash evidence (Margin quality 30.7/100 further weak).

• Altman Z-Score 2.81 (measures distance to bankruptcy using liquidity, profitability and leverage; this company is in the 'grey zone', not the distress zone), indicating not an immediate insolvency signal by that metric.
• Piotroski F-Score 6/9 (measures fundamental quality across profitability, leverage, liquidity and operating efficiency; 6/9 is a neutral-to-favourable score), which offsets some concern from the M-Score.
• AQI 0.7667 (Asset Quality Index; <1 suggests asset-writeoffs or conservative asset recognition relative to sales) — this component is not indicating aggressive capitalization of assets.
• DEPI 0.9765 and SGAI 0.7799 (Depreciation Index and SG&A Index; values near or below 1 suggest no obvious upward pressure from slowing depreciation or inflated SG&A capitalization).

Top shareholder is Tập Đoàn Công Nghiệp – Năng Lượng Quốc Gia Việt Nam (state-related institution) holding 36.0%, followed by an individual, Nguyễn Hữu Phẩm, at 14.8%; institutional foreign holder Samarang UCITS holds 5.0%. Ownership is concentrated with a dominant state-related block (36.0%), which can affect governance, related-party flows and group transactions. Director-deal registrations for 2025-10-30 to 2026-10-30 show 1 sale registration (50,000 shares) and 0 purchase registrations (net registered volume -0.06% of shares outstanding); these are registered intentions disclosed to the exchange, not executed trades.

• Compare the three-year operating cash flows with reported net profit in the consolidated cash flow statement and management discussion to reconcile the cash-conversion ratio of -1.73.
• Inspect the receivables and other receivables / long-term receivables notes for FY2025 to identify the composition of the 3.1% of total assets classified as 'receivables outside the trade cycle' (prepayments, loans to related parties, other long-term receivables).
• Reconcile revenue recognition policies and the revenue note (including cut-off and contracts) with the DSRI = 1.1941 and Revenue Quality = 0.0/100 to see whether growth (SGI 1.7337) is linked to terms, timing or non-recurring items.
• Review related-party transactions (notes and schedules) and the group structure disclosures to check for intra-group loans, large prepayments or non-arm’s-length service/supply arrangements that could explain accruals (TATA 0.2044) and receivable patterns.