PDR

• M-Score: -1.5793, Vietnam peer percentile 78th — this percentile indicates more aggressive accounting metrics than most Vietnamese peers; year-over-year change -1.81 signals that the M-Score moved materially this year (note the US -1.78 benchmark is from a different sample and ~28% of Vietnamese firms cross it).
• Altman Z-Score: 1.67 — in the traditional Altman classification this is in the 'distress' zone, implying limited cushion against insolvency risks measured by the Z components.
• Earnings-Quality sub-scores: Cash conversion 0.0/100 and Margin quality 0.0/100 and Revenue quality 0.0/100 — these three zeros indicate operating cash generation, margins and revenue persistence/quality are weak or did not meet the scoring thresholds used here.
• Three-year cash conversion (operating cash flow / net profit): -5.30, ranked at the 5th percentile among Vietnamese non-financial companies — net profit is not converting into operating cashflow over three years.
• Receivables outside the trade cycle: 15.2% of total assets, 87th percentile — a high share of receivables/prepayments/loans-receivable classified outside the ordinary trade cycle, which can require scrutiny under VAS for related-party or long-term financing arrangements.
• TATA (total accruals to total assets) = 0.1280 and AQI (1.1809) — the accruals component is elevated enough to depress accruals quality relative to peers (accruals quality score 52.5/100).

• Receivables quality: 100.0/100 — within the scoring framework used, receivables behavior (days, growth pattern, allowances) did not signal aggressive recognition problems.
• DSRI (days sales in receivables index) = 0.6328 — a DSRI below 1 indicates receivables relative to sales are not inflating compared with the prior period.
• SGAI = 0.6976 — selling, general & admin expense index below 1 suggests SGA costs did not accelerate relative to sales in the way that can signal margin manipulation.
• LVGI = 1.0322 and SGI = 1.6125 show growth dynamics (sales growth index >1) but the company’s accruals and cash conversion scores imply the growth is not translating into cash — growth itself can be a legitimate business pattern but is a driver of some M-Score components.
• No accumulated losses; owner’s equity (excluding minorities) positive; parent net loss consecutive years = 0 — the statutory balance-sheet and retained-earnings position do not show the company failing the listed-company loss tests in FY2025.

Ownership is concentrated: an individual, Nguyễn Văn Đạt, holds 29.5% and the related corporate holder Phát Đạt Holdings holds 8.6%, while institutional investor ACA Vietnam Real Estate III LP holds 3.7%. Director-deal registrations between 2025-10-30 and 2026-10-30 show 1 sale registration and 13 purchase registrations (11 registrants; 51,479,100 shares) — these are exchange registrations of intent, not executed trades.

• Compare the FY2025 consolidated operating cash flow and parent net profit lines and the cash-flow note to reconcile the -5.30 three-year operating-cash/earnings ratio (look at the consolidated cashflow statement and the management discussion on cashflow).
• Inspect the notes to receivables and other assets for FY2025: identify the composition of the 15.2% 'receivables outside the trade cycle' (prepayments to suppliers, loans receivable, long-term receivables) and the related-party disclosure lines.
• Reconcile total accruals: compare the change in working-capital and non-cash adjustments to the TATA = 0.1280 reported (see the reconciliation in the cashflow statement and the accounting-policy notes for accrual recognition).
• Review the revenue recognition policy, revenue roll-forwards and segment disclosures to understand why revenue- and margin-quality scores are 0.0/100 (check for one-off sales, related-party revenue, timing policy or significant adjustments in the revenue note).