PTM

• Beneish M-Score -0.0905 (93rd percentile vs Vietnamese peers): the M-Score combines eight indicators of earnings manipulation risk; the high peer percentile says PTM’s pattern of the eight inputs is more aggressive than most Vietnamese companies even though the US -1.78 cutoff is not directly calibrated to Vietnam.
• AQI (Days sales in receivables and related accrual quality): 4.8085 — this component is elevated and contributes to the overall M-Score, measuring unusual asset quality/receivable patterns.
• TATA (total accruals to total assets): 0.2810 — measures total accruals as a share of assets; a high positive number signals a material use of accruals in reported earnings.
• SGAI (sales, general & administrative expenses index): 1.4803 — measures change in SG&A relative to sales; an increase can indicate costs being managed or shifted into margins in ways that affect reported profit.
• LVGI (leverage index): 1.5620 — measures change in leverage; rising leverage can indicate balance-sheet pressure and is part of the M-Score pressure.
• Earnings-Quality composite 26.9/100 with very low sub-scores: Accruals quality 15.9/100, Cash conversion 0.0/100, Margin quality 13.2/100, Revenue quality 8.1/100 — these quantify weak convertibility of reported profits into cash, weak margins and revenue reliability.
• Piotroski F-Score 2/9 — this score summarizes nine fundamental signals; a 2 indicates weak operating and financial-strength signals year-on-year.
• Receivables outside the trade cycle = 1.2% of total assets (40th percentile among Vietnamese non-financials): while not huge, the presence of prepayments, loans receivable and other long-term receivables outside the normal trade cycle is a noteworthy item to inspect given the low cash-conversion score.

• Altman Z-Score 4.38 (safe zone) — this composite measures distance to bankruptcy using profitability, leverage, liquidity and activity ratios; PTM is well inside the safe zone.
• Receivables quality sub-score 100.0/100 — this metric indicates receivables themselves look clean by the scoring rules used here.
• No accumulated losses and owner’s equity (excluding minority interest) is positive — the balance sheet shows retained earnings are not negative and equity is positive.
• Director-deal registrations: 10 purchase registrations, 0 sale registrations, net registered volume +6.90% of shares outstanding — the disclosed registrations (not executed trades) show insider/related parties registering net purchases over the past year, which is a contemporaneous behavioral signal to record (registrations can repeat for the same holder).

HAX (Công ty Cổ phần Dịch vụ Ô tô Hàng Xanh) holds 52.1% (control, disclosed 2026-06-30), with three individuals holding a further material block (11.3%, 9.4%, 6.2%, 6.0%). The shareholder base is therefore concentrated with a controlling listed parent (HAX) and several significant individual holders.

• Compare the FY2025 note(s) and schedule(s) for prepayments to suppliers, loans receivable and other long-term receivables to confirm the 1.2% of total assets labeled as receivables outside the trade cycle.
• Reconcile the components of total accruals in the cash-flow and balance-sheet reconciliation to verify the TATA = 0.2810 figure (total accruals / total assets) and inspect what contributed most to accruals.
• Inspect the cash-flow statement and the operating cash conversion note for FY2025 to verify the Cash conversion = 0.0/100 result and to see timing differences between profit and cash receipts/payments.
• Review related-party disclosure notes and the schedule of transactions with controlling shareholder HAX to understand the nature and terms of any intercompany balances or transactions given the 52.1% controlling stake.