PXT

• Beneish M-Score -1.2522, Vietnam peer percentile 84th: the absolute M-Score is above the US -1.78 threshold and, within Vietnam, sits high versus peers — the percentile shows the company’s pattern of accruals and ratios is more aggressive than 84% of non-financial Vietnamese peers.
• Year-over-year M-Score change +0.92: the M-Score moved substantially this year, and although single-year persistence is low, the direction is a secondary signal that accounting behaviour has changed.
• AQI (Asset Quality Index) = 3.5906: a high AQI measures increases in the relative size of non-current assets, intangible-type items, or other non-standard asset reclassifications, which can indicate capitalisation or reclassification policies shifting balance-sheet composition.
• GMI (Gross Margin Index) = 1.3877 and SGI (Sales Growth Index) = 1.1580 with Revenue quality = 0.0/100 and Margin quality = 33.5/100: rising GMI (>1) and low revenue/margin quality indicate declining gross margins and very weak revenue-quality signals (the revenue-quality metric here scores 0), suggesting the reported sales and margins deserve scrutiny.
• Altman Z-Score = -0.24 (distress zone): this Z-Score places the company in the zone associated with higher bankruptcy distance in the Altman model, reflecting weak liquidity/solvency ratios.
• Three-year cash conversion (operating cash flow / net profit) = 1.03, 47th percentile: this middling cash-conversion metric (close to 1) indicates profits are not strongly turning into operating cash relative to peers — a lower percentile would flag cash conversion problems but here it is mediocre.
• Accumulated losses = 0.79x paid-in capital: the company has accumulated losses equivalent to 79% of paid-in capital, a substantial historical loss position relative to capital.
• Receivables outside the trade cycle = 1.7% of total assets, 46th percentile: there are non-trade receivables / prepayments / loans classified outside the normal trade cycle that, while not extremely large, exist and should be checked for related-party or long-term terms.

• Accruals quality = 99.1/100: the accruals component scores very highly, indicating reported earnings are not being driven by unusual accruals in the periods measured.
• Receivables quality = 100.0/100: the receivables-quality metric scores at the top, suggesting no immediate sign of widespread receivable recognition issues in the tested measures.
• TATA (Total Accruals to Assets) = 0.0024: total accruals are very small relative to assets, supporting the high accruals-quality score and indicating reported profits are not dominated by large accounting accrual flows.
• Piotroski F-Score = 6/9: a neutral-to-favourable fundamental score showing several healthy operating/fundamental signals (profitability, leverage, liquidity and efficiency items mixed but not deeply negative).
• Owner’s equity (excluding minority interest) is positive and the company reports 0 consecutive years of parent net loss up to FY2025: the company is not reporting statutory consecutive-year net losses, and equity is positive.

Control is concentrated: PVX (Tổng Công ty Cổ phần Xây lắp Dầu khí Việt Nam) holds 51.0% and thus is the controlling shareholder. The company sits in a group where the same parent holds or exerts influence over multiple related listed entities (PFL 34.9%, PID 50.0%, PSG 24.7%, PVH 36.0%, PXI 51.0%, PXM 48.3%, PXS 51.0%), which can create intercompany business and related-party transaction patterns typical in Vietnamese group structures. No director-deal registrations were provided in the data set (no registered insider transaction intentions are listed here).

• Compare the FY2025 note(s) on related-party transactions and the disclosures to the line items that comprise the 1.7% of total assets labelled as receivables outside the trade cycle (identify prepayments, loans receivable and other long-term receivables).
• Reconcile the components of AQI in the balance-sheet notes: check changes in ‘construction in progress’, intangible assets, deferred costs and reclassifications year-over-year to see what drove AQI = 3.5906.
• Compare the cash-flow statement (operating cash flow) and the net-profit reconciliation to verify the three-year cash conversion ratio (operating cash flow / net profit = 1.03) and identify major non-cash adjustments or working-capital movements.
• Examine the revenue and margin disclosure schedules (revenue breakdown by segment/product and cost of goods sold detail) and the audit notes to explain why revenue quality = 0.0/100 and margin quality = 33.5/100 (look for one-off revenues, timing differences, or margin compression explanations).