PXS

• Beneish M‑Score = -1.57: measures the statistical likelihood of earnings manipulation using eight ratios; the company sits at the 78th percentile versus Vietnamese peers (higher = more aggressive) and the M‑Score has risen by +0.42 year‑over‑year, indicating accounting measures have moved toward more aggressive settings this year.
• Altman Z‑Score = -0.18: measures distance to insolvency/bankruptcy; a negative score places the company in the distress zone, signalling elevated financial stress.
• Earnings Quality Score 37.4/100 with Cash Conversion = 0.0/100 and Margin Quality = 0.0/100 and Revenue Quality = 0.0/100: these three components indicate very weak cash generation relative to reported profits, poor margin stability, and concerns about revenue sustainability or recognition.
• TATA (total accruals) = 0.0509: the Beneish component TATA measures the size of total accruals relative to assets; while not large in isolation, coupled with Cash Conversion = 0.0/100 it suggests earnings include accrual components that are not being converted into cash.
• Accumulated losses = 1.02x paid‑in capital: the audited statements show accumulated losses exceed paid‑in capital, a statutory fact for FY2025 reported here (the company trades on UPCoM where HOSE/HNX delisting rules cited do not apply). This is a capital‑erosion indicator.
• Receivables outside the trade cycle = 4.3% of total assets (64th percentile): this line (prepayments to suppliers, loans receivable and other long‑term receivables) is material enough to warrant scrutiny given the low cash conversion score and the group structure.
• SGI (sales growth index) = 1.6591 and GMI (gross margin index) = 1.2587: SGI > 1 shows rapid sales growth (measures year‑over‑year sales growth); GMI > 1 indicates gross margins deteriorated versus the prior year—together they can be a pattern where growth accompanies worsening margins.

• Accruals quality = 79.6/100: indicates reported accruals, as measured, are relatively high quality versus peers on the accruals metric used here.
• Receivables quality = 87.5/100: on the metric applied, receivables look relatively high quality, despite the separate flagged 4.3% of assets being receivables outside the normal trade cycle.
• Piotroski F‑Score = 6/9: measures nine fundamental signals (profitability, leverage/liquidity, operating efficiency); a 6 is a neutral‑to‑positive score suggesting several healthy operational or balance‑sheet indicators.
• LVGI = 1.0780 and DEPI = 0.9173: LVGI (leverage/various liquidity index) modestly >1 and DEPI <1 (lower depreciation index) are not extreme; DEPI <1 suggests depreciation policies did not become markedly slower year‑over‑year.

The largest shareholder is PVX (Tổng Công ty Cổ phần Xây lắp Dầu khí Việt Nam) with 51.0% (control) as of 2026‑06‑30; the company sits within a group where the same parent controls or significantly influences several other listed affiliates (multiple holdings at or above 20–51%). No director‑deal registrations were provided in the input. The ownership is concentrated and tied to a large listed parent and a state‑linked sector group, which is relevant for related‑party, intra‑group transactions and VAS‑context reporting.

• Compare the FY2025 'Receivables and prepayments' schedule and the related‑party note: quantify the prepayments to suppliers, loans receivable and other long‑term receivables that make up the 4.3% of total assets and identify counterparties (group/related parties).
• Reconcile profit to cash flows: compare the consolidated profit reconciliation to cash flows from operating activities in the cash flow statement to understand why Cash Conversion is 0.0/100 (look for large non‑cash items, working capital build, or one‑off adjustments).
• Examine the accumulated losses and paid‑in capital lines in the parent and consolidated statements and the equity note: verify the components that produce accumulated losses = 1.02x paid‑in capital and any disclosures about capital restoration or plans.
• Inspect the related‑party transactions note and intra‑group balances: given PVX’s 51.0% control and the group’s other listed subsidiaries, check for recurring prepayments, loans or services to group entities and the terms disclosed (interest, maturity, collateral).