UPCOM:PSG

• Beneish M-Score -0.0101 (90th percentile vs VN peers) and YoY change +2.73 — the M-Score has moved materially year-over-year and ranks high versus Vietnamese peers, which signals a notable shift in accounting metrics (Beneish components below).
• SGI (sales growth index) = 4.3800 — very high growth index component which can elevate manipulation signals in Beneish decomposition.
• GMI (gross margin index) = 1.3172 — gross margins deteriorated (GMI > 1 measures worsening margins), a component that increases manipulation risk in Beneish.
• Receivables outside the trade cycle = 8.5% of total assets (80th percentile) — sizable non-trade receivables (prepayments, loans receivable, long-term receivables) relative to peers.
• Accumulated losses = 2.25x paid-in capital and owner's equity (excluding minority interest) negative — the company has accumulated losses well above contributed capital and negative equity on the parent accounts.
• Net loss (parent) for 8 consecutive years up to FY2020 and losses in each of latest 3 years — prolonged operating losses are evident in the financial statements.
• Cash-conversion and revenue-quality components = 0.0/100 each (Earnings Quality Score subcomponents) — operating cash flow and revenue persistence/quality metrics are weak or inconsistent with reported earnings.
• Margin quality = 8.3/100 — low margin quality indicates earnings may not be supported by stable margins (consistent with GMI > 1).
• Statutory loss test results (Decree 155/2020 Art.120(1)(e), amended) present in the published statements: accumulated losses above paid-in capital, losses in each of latest 3 years, negative owner's equity — the company meets the listed criteria described in the decree (note the company trades on UPCoM, where the HOSE/HNX cancellation rule does not apply).

• Accruals quality = 100.0/100 — accrual measures in the Earnings Quality Score indicate low abnormal accruals in the period measured.
• Receivables quality = 100.0/100 — within the earnings-quality framework, receivables-related measures score highly (despite the absolute level of receivables outside the trade cycle noted above).
• TATA (total accruals to total assets) = -0.0272 — a small negative total-accruals ratio, consistent with the high accruals-quality score.
• LVGI (leverage index) = 1.1202 — moderate increase in leverage; not extreme by this metric alone.

Ownership is concentrated: PVX holds 24.7% (significant influence disclosed 2025-10-05) and the listed parent controls multiple related construction/energy affiliates (several with 36–51% holdings). Institutional holders include Leadvisors (8.6%) and Long Sơn industrial investor (7.2%); an individual holds 2.0%. The group structure and related-party network are material to the company’s position and may explain related-party balances and group cash flows.

• Compare the line(s) for 'loans receivable', 'prepayments to suppliers' and 'other long-term receivables' in the annual notes to the balance sheet and quantify the 8.5% of total assets figure disclosed for receivables outside the trade cycle.
• Read the statement of changes in owner's equity and the auditor’s notes that disclose accumulated losses to confirm the 2.25x paid-in capital figure and the negative owner's-equity presentation (parent and consolidated).
• Verify the income-statement and parent-profit note showing net losses for each of the latest 3 years and the 8 consecutive years up to FY2020 (confirm year-by-year parent profit/loss lines).
• Examine related-party schedules and the notes on transactions with the listed parent and group entities (PVX and the listed subsidiaries) to reconcile intra-group receivables, loans and prepayments disclosed in the financial statements.