PXA

• Beneish M-Score -0.4727 (91st percentile vs VN peers; YoY change +1.77) — the score is well above the US -1.78 threshold and ranks in the top decile of Vietnamese firms for aggressive accounting indicators, with a notable year-over-year rise of +1.77.
• GMI (gross margin index) = 3.2952 — measures deterioration in gross margins year-over-year; values >1 indicate margin pressure.
• SGI (sales growth index) = 2.3529 — measures unusually high sales growth (values >1 indicate growth that can be associated with earnings manipulation risk in some contexts).
• TATA (total accruals to total assets) = 0.0111 — positive accruals; while small in absolute terms, TATA contributes to the M-Score and must be interpreted with the cash-conversion and margin signals.
• Altman Z-Score = -0.62 (distress zone) — this bankruptcy-distance measure suggests financial distress under the Altman model.
• Earnings-quality composite 43.9/100 with cash conversion 0.0/100, margin quality 0.0/100, revenue quality 0.0/100 — indicates weak convertibility of reported earnings into cash and weak margin/revenue reliability.
• Receivables outside the trade cycle = 5.8% of total assets (70th percentile vs VN peers) — a material portion of receivables is not trade-related (prepayments, loans receivable, long-term receivables) which can complicate revenue/earnings recognition analysis.
• Accumulated losses = 0.81x paid-in capital — accumulated losses are substantial relative to capital (0.81 times paid-in capital).
• Director-deal registrations (2025-10-30 to 2026-10-30): 0 sale registrations, 3 purchase registrations (one registration for 2,000,000 shares, one registration with unspecified volume) — registrations are intentions disclosed to the exchange, not executed trades.

• Accruals quality 95.5/100 and receivables quality 100.0/100 — the accruals profile and the measurable quality of receivables score well by the earnings-quality model.
• DSRI (days sales receivable index) = 0.3987 — a DSRI below 1 can indicate receivables are not ballooning relative to sales, consistent with the high receivables-quality score (but note the separate metric for non-trade receivables).
• DEPI (depreciation index) = 0.9706 and LVGI (leverage growth index) = 0.9816 — these are close to 1, indicating no large shifts in depreciation policy or leverage growth that often accompany aggressive accounting.
• No reported parent net loss in the most recent year (0 consecutive years of net loss up to FY2025) and positive owner’s equity (excluding minority interest) — the primary statements show positive equity and not currently reporting a parent loss in the latest year.

Shareholding is concentrated: Công ty Cổ phần Xây dựng Dầu khí Nghệ An holds 40.5%, and three individuals hold large stakes (Trần Thị Toàn 24.4%, Lê Mạnh Trung 22.9%, Đường Hùng Cường 14.4%); combined these reflect strong control by institution and insiders. Director-deal filings show only purchase registrations (3) and no sale registrations in the disclosed period; these are registered intentions, not executed trades.

• Compare the 2025 line items for "loans receivable" and "other long-term receivables" in the notes to the balance sheet against the 5.8% of total assets figure for receivables outside the trade cycle.
• Reconcile the statement of cash flows 2023–2025 with the reported cash-conversion quality (cash conversion 0.0/100) — inspect operating cash flow, changes in working capital and a note to accruals/total accruals (TATA = 0.0111).
• Review the auditor’s report and the statement of owner’s equity for disclosures explaining accumulated losses equal to 0.81x paid-in capital and any management commentary on capital adequacy.
• Inspect director and related-party transaction disclosures and the exchange’s director-deal registry entries for the three purchase registrations (including the 2,000,000-share registration) to confirm counterparties, purpose and dates; remember these are registered intentions, not proof of execution.