UPCOM:PSH

• Beneish M-Score = 1.9939 (97th percentile among Vietnamese peers). The Beneish M-Score estimates the probability of earnings manipulation using eight financial ratios; PSH’s score is high versus Vietnamese companies and rose by +1.59 year-over-year, indicating a notable change in the accounting profile.
• DSRI = 7.9188. The Days’ Sales Receivables Index measures changes in receivables relative to sales; a DSRI this large indicates receivables grew much faster than sales in the period measured.
• SGAI = 7.8371. The Sales, General & Administrative expenses Index compares SG&A to sales year-over-year; such a large SGAI suggests SG&A escalated relative to sales, which can signal expense recognition or timing issues.
• LVGI = 1.1978 and GMI = 1.2379. LVGI (leverage index) >1 and GMI (gross margin index) >1 indicate increasing leverage and deteriorating gross margins, both consistent with business or accounting stress.
• Altman Z-Score = -0.45 (distress zone). The Altman Z-Score is a composite distance-to-default metric; a negative value places the company in the distress zone on this bankruptcy-proximity metric.
• Piotroski F-Score = 2/9. The Piotroski F-Score measures nine fundamental signals of financial health; a score of 2 indicates weak operational and profitability signals.
• Earnings-quality sub-scores very low: Cash conversion = 0.0/100, Receivables quality = 0.0/100, Margin quality = 0.0/100, Revenue quality = 0.0/100. These low component scores indicate poor cash generation relative to earnings, weak receivable dynamics, and weakness in margins and revenue quality.
• Three-year checks: Accumulated losses = 0.41× paid-in capital and a net loss in 1 consecutive years up to FY2024. Accumulated losses at 41% of paid-in capital signal historical retained-loss recognition, and the recent net loss is a financial-statement fact.

• Accruals quality = 99.1/100. This indicates that the accruals component of earnings is of high measured quality relative to peers, suggesting current-period earnings are not dominated by abnormal accruals by that metric.
• Receivables outside the trade cycle = 1.7% of total assets (47th percentile). The specific share of receivables outside the ordinary trade cycle—prepayments to suppliers, loans receivable and other long-term receivables—is moderate in the Vietnamese peer context (near the median).
• Owner's equity (excluding minority interest) is positive. The balance sheet retains positive parent equity despite losses and distress signals.

Ownership is highly concentrated: Mai Văn Huy holds 42.6% of shares; the next significant registered holder is Mai Hữu Phúc at 0.4% with other named individuals at or near 0.0%. No director-deal registrations were provided in the supplied data; note that any such exchange registrations would represent intentions rather than completed trades.

• Compare the movement in accounts receivable and sales in the notes to the financial statements to reconcile the DSRI = 7.9188 (look for line-items: trade receivables, prepayments, related-party receivables and revenue by segment).
• Inspect the SG&A and cost-of-goods-sold schedules to reconcile SGAI = 7.8371 and GMI = 1.2379 (check the SG&A note, and any one-off expense disclosures or restructuring charges).
• Examine the related-party note for loans receivable, prepayments to suppliers and other long-term receivables to verify the composition behind the 'receivables outside the trade cycle = 1.7% of total assets'.
• Review the statement of changes in equity and the retained earnings/accumulated losses line to confirm 'accumulated losses = 0.41× paid-in capital' and the parent-company net loss in the most recent year.