PVL

• Beneish M-Score = 4.8543 (measures probability of earnings manipulation using eight ratios). This is in the 99th percentile versus Vietnamese peers (higher = more aggressive accounting vs VN peers). Note: the -1.78 US cutoff is not directly transferable to Vietnam; ~28% of Vietnamese companies exceed it, so peer percentile and trend matter more than the raw cutoff.
• GMI = 10.0000 (Gross Margin Index measures deterioration in gross margin; values >1 suggest margin deterioration). An extreme value of 10 indicates a large reported gross margin deterioration year-over-year.
• SGI = 4.5497 (Sales Growth Index, measures sales growth; very high value indicates rapid revenue growth which can be associated with aggressive recognition).
• AQI = 1.0921 (Asset Quality Index, higher values indicate increases in non-current assets or intangible/other assets that can be associated with aggressive capitalization).
• Receivables outside the trade cycle = 30.0% of total assets (95th percentile among Vietnamese non-financials). This includes prepayments to suppliers, loans receivable and other long-term receivables — a large share of assets not arising from normal trade operations.
• Three consecutive years of net loss at parent level (FY2023–FY2025). The financials meet the published statutory-loss description (losses in each of the latest three years) though the UPCoM listing rules cited for delisting on HOSE/HNX do not apply to UPCoM.
• Accumulated losses = 0.74x paid-in capital (a high ratio of retained losses versus equity contributed).
• Altman Z-Score = -0.52 (distance-to-bankruptcy measure; a negative score places the company in the distress zone).
• Piotroski F-Score = 3/9 (measures nine fundamental signals; a 3 indicates generally weak operational and balance-sheet improvement signals).
• Cash conversion component = 0.0/100 and TATA = 0.0044 (total accruals to total assets small but cash conversion metric failing suggests operating cash is weak relative to earnings).

• Accruals quality = 98.2/100 (measures quality of accruals; a high score indicates reported earnings are not driven by unusual accruals).
• Receivables quality = 100.0/100 (measures how receivables behave relative to revenue; a perfect score indicates receivables dynamics are not inflating revenue recognition in the usual models).
• DSRI = 0.2376 (Days Sales in Receivables Index; value <1 can indicate receivables growing less than sales — here unusually low, which in combination with receivables-outside-trade-cycle suggests the receivables composition, not volume, is driving risk).
• DEPI = 0.1585 and SGAI = 0.0531 (Depreciation Index and SG&A Index are not indicating extreme upward pressure from those components compared with some other ratios in the M-Score).
• LVGI = 1.0196 (Leverage Index ~1.02, a small year-over-year increase in leverage rather than a dramatic jump).

Ownership is concentrated among individuals: Trịnh Quốc Khánh 11.1% and Nguyễn Việt Dũng 11.0%, with smaller institutional and affiliated holdings (top institutional 4.9%, SJS group 3.2%). Director-deal registrations for 2025-10-30 to 2026-10-30 show 3 purchase registrations (1,056,500 shares) and 0 sale registrations, net registered volume +2.11% of shares outstanding — note these are registrations of intent filed with the exchange, not confirmed trades.

• Compare the FY2025 line items for 'Loans receivable', 'Other long-term receivables' and 'Prepayments to suppliers' in the balance sheet with the related-party note to identify how much of the 30.0% of total assets classified as receivables outside the trade cycle relates to related parties or non-operating counterparties.
• Reconcile the components of gross margin and the note on revenue recognition in FY2025 to understand the drivers of GMI = 10.0000 and SGI = 4.5497 (check sales growth schedule, segment note and revenue cut-offs).
• Review the statement of cash flows for operating cash flow and the notes on working capital to verify the cash-conversion issues (cash conversion = 0.0/100) and the small TATA = 0.0044 measured against net income.
• Confirm the accumulated losses and paid-in capital lines and the parent-company profit (loss) for the last three years in the audited financial statements to verify the 0.74x accumulated losses and the three consecutive years of parent net loss.