Earnings Quality
Financial Forensics
Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.
Checks measured on Vietnamese companies · FY2023
- Cash conversion, 3 yearsOperating cash flow / net profit
- 0.1730th pctile
- Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
- 37.1%96th pctile
- Accumulated losses / paid-in capitalUndistributed earnings below zero
- 0.88×
- Consecutive years of net lossProfit after tax of the parent
- 0
- Owner's equityWithout the non-controlling interest
- Positive
Percentiles rank each fiscal year against Vietnamese non-financial companies (0 lowest, 100 highest). Over FY2015-2024, low cash conversion and a large share of receivables outside the trade cycle came before more listing trouble and more net losses the next year.
Statutory loss tests (Decree 155/2020/NĐ-CP, Art. 120(1)(e), amended by Decree 245/2025/NĐ-CP): a HOSE or HNX listing is cancelled when the audited annual statements show net losses in each of the latest 3 years, accumulated losses above the paid-in charter capital, or negative owner's equity. Read here from the annual statements as the data vendor publishes them. The company trades on UPCoM, where these tests do not apply.
PLO's Beneish M-Score is 0.3239 and sits at the 93rd percentile versus Vietnamese peers, with a year-over-year increase of +2.80 (the -1.78 US cutoff is not directly applicable; use the peer percentile and trajectory). The earnings-quality composite is 0/100 across all subcomponents, the Altman Z-Score is -0.30 (in the distress zone) and the Piotroski F-Score is 5/9 (neutral). Several Vietnamese-specific checks show weak cash conversion (0.17 three-year OCF/net profit, 30th percentile) and large receivables/outside-trade-cycle balances (37.1% of total assets, 96th percentile).
- High Beneish peer percentile: M-Score 0.3239 at the 93rd percentile among Vietnamese peers — this ranks the company as more aggressive in accounting metrics relative to most local peers; year-over-year M-Score change +2.80 indicates a material shift in the score versus last year.
- Earnings-quality composite: 0.0/100 overall and 0/100 in all subcomponents (accruals, cash conversion, receivables, margin, revenue) — the scoring system flags pervasive weaknesses in measurable earnings quality dimensions.
- Altman Z-Score -0.30: falls in the distress zone (measures distance to bankruptcy using balance-sheet and income variables).
- Cash conversion poor: three-year operating cash flow / net profit = 0.17 (30th percentile among VN non-financials) — reported profits are not being converted into operating cash.
- Large receivables/outside-trade-cycle items: 37.1% of total assets (96th percentile) — a high share of assets are prepayments, loans receivable or long-term receivables rather than trade receivables within the normal operating cycle.
- Accumulated losses size: accumulated losses equal 0.88× paid-in capital — a substantial accumulated loss relative to equity base.
- Statutory-loss context: while the parent shows 0 consecutive years of net loss up to FY2023 and owner's equity (excluding NCI) is positive, the company trades on UPCoM where the HOSE/HNX statutory delisting test does not apply (the published statements nonetheless meet the factual criteria for the statutory-loss test as described).
- Piotroski F-Score 5/9: a middling fundamental score indicating neither strong deterioration nor robust improvement in accounting fundamentals.
- Director-deal registrations: between 2025-10-30 and 2026-10-30 there were 0 sale registrations and 3 purchase registrations (from 2 registrants; 3 without a volume disclosed) — registrations recorded with the exchange show some insider intent to buy rather than sell (registrations are intentions, not executed trades).
- Owner's equity (excluding minority interest) is positive: the consolidated statements show positive parent equity, not an immediate statutory-equity deficit on the face of the balance sheet.
Top shareholders are concentrated: two institutional shareholders hold 28.1% and 11.1% respectively, plus an individual at 9.9%; a state-related or group-affiliated institution appears among the largest owners. This concentrated ownership and presence of institutional/group shareholders can influence related-party transactions and group-level flows (note Vietnamese group and SOE contexts).
- Compare the FY2023 line-items for 'Loans and receivables' and 'Other long-term receivables' in the balance sheet to the related-party disclosures and the notes explaining prepayments to suppliers.
- Reconcile operating cash flow (cash flows from operating activities) to reported net profit across the last three annual cash-flow statements to confirm the 0.17 cash-conversion ratio and identify major noncash adjustments or working-capital drivers.
- Inspect the audit opinion and the auditor's report paragraph(s) on related-party transactions, going concern and subsequent events for disclosures that explain receivables outside the trade cycle or large prepayments.
- Compare the movement in receivables, prepayments and loans receivable between FY2021–FY2023 in the notes (schedule of movements or receivables ageing) to verify the 37.1% of total assets figure and the composition of those balances.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
- P/B
- —
- P/S
- —
- ROE
- 0.0%
- ROA
- 0.0%
- Gross Margin
- 0.0%
- Net Margin
- 0.0%
- D/E
- —
- Current Ratio
- 0.00
- EV/EBITDA
- —
- Div Yield
- —
Company Overview
- Shares outstanding
- 7.2M
- Charter Capital
- 71.9B VND
- Sector (ICB L2)
- Hàng & Dịch vụ Công nghiệp
- Industry (ICB L3)
- Vận tải
- Sub-industry
- Kho bãi, hậu cần và bảo dưỡng
- Company Type
- CT