PXL

• Beneish M-Score -1.2063 (85th percentile among Vietnamese peers; YoY change +1.16). The M-Score summarizes a set of eight ratios; a US-calibrated cutoff of -1.78 exists but about 28% of Vietnamese firms exceed it, so the peer percentile and the YoY move are the more relevant cues.
• Earnings Quality score 26.5/100, with Accruals quality 6.2/100 and Cash conversion 0.0/100 — indicating profits are poorly supported by cash and high accruals risk.
• Three-year cash conversion (operating cash flow / net profit) = -253.25 (0th percentile vs Vietnamese non-financials). This measures the degree to which reported profit converts into operating cash flow; a strongly negative value shows profit not turning into cash.
• Piotroski F-Score = 2/9 (weak fundamentals). The F-Score aggregates profitability, leverage/liquidity, and operating efficiency signals; a score of 2 is low.
• S G A I = 3.5713 (component of Beneish) and TATA (total accruals) = 0.3532 — high SGAI and positive TATA point to expense and accruals patterns that commonly appear in more aggressive reporting.
• Revenue quality = 0.0/100 and Cash conversion subscore 0.0/100 within the Earnings Quality components — revenue and cash generation look especially poor.
• Receivables outside the trade cycle = 8.8% of total assets (78th percentile). This line measures prepayments, loans receivable and other long-term receivables; it is elevated versus peers and may reflect non-trade receivables or related-party balances.

• Altman Z-Score = 30.75 (well within the safe zone). This score measures financial distress/bankruptcy distance using liquidity, profitability and leverage components; a very high value indicates large distance from typical distress cutoffs.
• Receivables quality = 100.0/100 in the Earnings Quality breakdown, suggesting reported receivables (as a trade asset) appear of high quality in that metric even though receivables outside the trade cycle are elevated.
• Accumulated losses = 0.01x paid-in capital and owner's equity (excluding minority interest) is positive; the company has not reported parent net losses in the latest year (Net loss in 0 consecutive years up to FY2025). These are factual indicators of solvency at the balance-sheet level.

The shareholder base is concentrated: Công ty Cổ phần Hạ tầng GELEX holds 65.0%, with three more institutional holders at 5.0%, 5.0% and 4.0%; an individual (Phạm Quy Nhơn) is recorded at 0.0%. This indicates dominant institutional/group control which is common in Vietnamese listed groups and can influence related-party transactions and group flows.

• Compare the FY2025 note on 'receivables and other receivables' to the balance-sheet line that shows 8.8% of total assets in receivables outside the trade cycle; identify counterparty types (related parties, suppliers, subsidiaries) and maturities.
• Reconcile the consolidated cash-flow from operations to reported consolidated net profit for FY2023–FY2025 to verify the three-year cash conversion calculation (operating cash flow / net profit = -253.25).
• Review the notes on selling, general & administrative expenses (SG&A) and the related-party transactions schedule to understand drivers of the SGAI = 3.5713 and any non-recurring or related-party allocations.
• Inspect the auditor's report and the statutory schedules for Decree 155/2020 (and Decree 245/2025) disclosures; note that the company trades on UPCoM and the HOSE/HNX statutory loss delisting rule does not apply to its listing venue.