VNEquity Research

HOSE · Verification Fixture

SMOKE2 Production Smoke Verification Two

Production Smoke Verification Company 2 (synthetic)

Persisted research state: AVAILABLE. Research is shown only when it is backed by persisted evidence and calculations.

At a glance

Company at a glance

Persisted, canonical facts only. A value that is not recorded is shown as unavailable and is never estimated, substituted or shown as zero.

CompanyProduction Smoke Verification Two
TickerSMOKE2
ExchangeHOSE
IndustryVerification Fixture
Research stateResearch available, not certified RESEARCH_AVAILABLE
Research certificationAvailable but not certified
Matched opportunity conditions0 of 5
Latest screening snapshot2026-09-25T11:22:18.302959+00:00
Latest market priceUnavailable
Latest fundamental period2024-12-31
Latest research report2026-09-12T04:36:35.300509+00:00
Evidence records4
Source documents1

Certification reflects the repository's internal approval record on the latest persisted report. It describes publication status and provenance; it is not a rating, a forecast or investment advice.

Deterministic discovery

Opportunity signals

Browse opportunity signals

0 of 5 versioned P7D V1 conditions matched at evaluation time. Every condition is either matched, unmatched, or refused when the required evidence is missing, stale or not applicable. These are deterministic screening conditions, not investment recommendations.

No deterministic condition currently matches this company. Missing evidence fails closed and never becomes a match.

Full five-rule trace (P7D_RULES_V1)

Fundamental improvement FUNDAMENTAL_IMPROVEMENT

REFUSED

Market data is missing for this company.

Refused: MARKET_DATA_UNAVAILABLE

  • Growth compares the latest two compatible full years.
  • Growth is historical, not forecast growth.
  • Parent PAT growth uses the repository's existing denominator semantics: the latest full-year PARENT_PAT versus the prior full-year PARENT_PAT.
Observations (4)
InputValueStatusPeriod / freshness
market_price — REFUSED · STALE_MARKET_DATA — · MISSING
revenue_growth 0.22% OK latest compatible full year
pat_growth — REFUSED · PRIOR_PERIOD_UNAVAILABLE —
pe_ttm — REFUSED · MARKET_DATA_UNAVAILABLE — · MISSING
Thresholds
growth min percent
0
pe positive
yes
market current max hours
72.0

Cash-flow strength CASH_FLOW_STRENGTH

REFUSED

Market data is missing for this company.

Refused: MARKET_DATA_UNAVAILABLE

  • FCF Proxy Yield is a screening proxy: trailing-twelve-month operating cash flow less reported cash capital expenditure over market capitalization.
Observations (3)
InputValueStatusPeriod / freshness
market_price — REFUSED · STALE_MARKET_DATA — · MISSING
fcf_proxy_yield — REFUSED · MARKET_DATA_UNAVAILABLE — · MISSING
pe_ttm — REFUSED · MARKET_DATA_UNAVAILABLE — · MISSING
Thresholds
fcf proxy yield min percent
0
pe positive
yes
financial applicability
NON_FINANCIAL_ONLY
market current max hours
72.0

Quality at a reasonable valuation QUALITY_AT_REASONABLE_VALUATION

REFUSED

Market data is missing for this company.

Refused: MARKET_DATA_UNAVAILABLE

  • Operating and PAT margins are not cross-sector comparable in this screening phase.
Observations (4)
InputValueStatusPeriod / freshness
market_price — REFUSED · STALE_MARKET_DATA — · MISSING
pat_margin 15.6694% OK FULL_YEAR 2024-12-31 · STALE
operating_margin — REFUSED · INSUFFICIENT_PERSISTED_EVIDENCE —
pe_ttm — REFUSED · MARKET_DATA_UNAVAILABLE — · MISSING
Thresholds
pat margin min percent
0
operating margin min percent
5
pe min exclusive
0
pe max inclusive
40
market current max hours
72.0

Valuation dislocation VALUATION_DISLOCATION

REFUSED

Market data is missing for this company.

Refused: MARKET_DATA_UNAVAILABLE

Observations (6)
InputValueStatusPeriod / freshness
market_price — REFUSED · STALE_MARKET_DATA — · MISSING
historical_pe_percentile — REFUSED · HISTORICAL_PRICE_UNAVAILABLE —
historical_premium_discount — REFUSED · HISTORICAL_PRICE_UNAVAILABLE —
historical_signal — REFUSED · HISTORICAL_PRICE_UNAVAILABLE —
pe_ttm — REFUSED · MARKET_DATA_UNAVAILABLE — · MISSING
historical_certification — MISSING · HISTORICAL_VALUATION_UNAVAILABLE —
Thresholds
historical percentile max
25
historical signals
BELOW_HISTORY, DEEPLY_BELOW_HISTORY
historical premium discount max exclusive
0
pe positive
yes
market current max hours
72.0

Research gap RESEARCH_GAP

UNMATCHED

Persisted research state is AVAILABLE; only NONE, INSUFFICIENT qualify as a research gap.

Observations (1)
InputValueStatusPeriod / freshness
research_state AVAILABLE OK — · AGING
Thresholds
research gap states
NONE, INSUFFICIENT
requires quantitative signal
yes

Rules version P7D_RULES_V1 · snapshot built 2026-09-25 11:22:18.302959+00:00 · market freshness MISSING · persisted research state AVAILABLE. These are deterministic screening conditions over persisted evidence, not investment recommendations, forecasts, ratings or advice.

Canonical snapshot

Screening metrics

Open screener

Values come from the persisted screening snapshot and are never recomputed in the browser. UNKNOWN or refused inputs show as “—” with their canonical reason and are never displayed as zero. OCF/PAT is expressed as a percentage of PAT (100 means 100% of PAT).

P/E (TTM, parent)— MARKET_DATA_UNAVAILABLE
P/B (parent equity)— MARKET_DATA_UNAVAILABLE
Revenue growth (latest compatible FY)0.22%
Parent PAT growth (latest compatible FY)— PRIOR_PERIOD_UNAVAILABLE
Operating margin (latest compatible period)— INSUFFICIENT_PERSISTED_EVIDENCE
PAT margin (latest compatible period)15.6694%
FCF Proxy Yield (TTM)— MARKET_DATA_UNAVAILABLE
OCF / PAT (latest compatible period)118.6709%
Market freshnessMISSING
Fundamental periodthrough 2024-12-31 freshness STALE
Snapshot built at2026-09-25T11:22:18.302959+00:00 01a09a7b-3fe4-732d-99d4-bf670cc9f3c3
Persisted research stateAVAILABLE AGING
Historical valuation signal— not available

Snapshot refusal reasons: CASH_UNAVAILABLE; HISTORICAL_VALUATION_NOT_REQUESTED; INSUFFICIENT_PERSISTED_EVIDENCE; MARKET_DATA_UNAVAILABLE; PRIOR_PERIOD_UNAVAILABLE; TTM_CAPEX_OR_REVENUE_UNAVAILABLE

Authenticated

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Valuation snapshot

Market price is unavailable; valuation metrics are refused rather than estimated.

Historical valuation

Point-in-time P/E uses only periods available on each trade date (publication-dated or lag-modeled); no negative earnings produce an observation.

Current P/E— HISTORICAL_PRICE_UNAVAILABLE
1Y median P/E— INSUFFICIENT_OBSERVATIONS
3Y median P/E— INSUFFICIENT_OBSERVATIONS
5Y median P/E— INSUFFICIENT_OBSERVATIONS
25th / 75th percentile P/E— / —
Min / max P/E— / —
Percentile rank— UNAVAILABLE
Premium / discount to median— UNAVAILABLE
SignalUNAVAILABLE NO_OBSERVATIONS
CertificationUNAVAILABLE NO_OBSERVATIONS
P/B history— PARENT_EQUITY_HISTORY_UNAVAILABLE
Dividend-yield history— DIVIDEND_PER_SHARE_HISTORY_UNAVAILABLE

Historical availability may be modeled from reporting-lag assumptions (NON_CERTIFIED_MODELED_AVAILABILITY). Modeled availability is labelled and is never point-in-time certified.

Notes: STALE_SERIES: last_trade_date=None, calendar_days=None; ADJUSTMENT_UNKNOWN: adjusted=False, adjustment_basis=UNKNOWN

Peer comparison

EXACT_INDUSTRY · Exact primary-industry and exchange match. · 1 compatible peer(s)

TickerPriceMarket capP/EP/BRevenue growthPAT growthMarginsFCF proxy yieldPremium / discount to peer median
SMOKE — MARKET_DATA_UNAVAILABLE — MARKET_DATA_UNAVAILABLE — MARKET_DATA_UNAVAILABLE — MARKET_DATA_UNAVAILABLE 0.22% — PRIOR_PERIOD_UNAVAILABLE — MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE — MARKET_DATA_UNAVAILABLE —

Peer median P/E: — INSUFFICIENT_COMPATIBLE_PEERS (0 compatible observations, 1 excluded)

comparison inputs, not causal conclusions: revenue_growth_percent, pat_growth_percent, net_margin_percent, price_to_book

LATEST RESEARCH · ling-fin

Production Smoke Verification Two (SMOKE2) - FY2024 Evidence Review

SMOKE2 reported FY2024 revenue of VND 60,500B (+0.22% YoY), PAT of VND 9,480B (15.67% margin), and OCF of VND 11,250B (118.67% of PAT). Authoritative lease-liability evidence is absent, blocking full balance-sheet assessment.

Risks

Authoritative lease-liability evidence is absent (G-P1A-4), preventing assessment of off-balance-sheet obligations.

Catalysts

UNKNOWN

Scenarios

UNKNOWN

What Changed

Revenue grew 0.22% YoY from VND 60,369B (2023) to VND 60,500B (2024).

Sources (3)
  • REVENUE_NET · Synthetic production smoke fixture (not investment data) · 2024-12-31 · smoke-income-statement · p.12 · revenue_net · 2024 · source
  • REVENUE_NET · Synthetic production smoke fixture (not investment data) · 2023-12-31 · smoke-income-statement · p.12 · revenue_net · 2023 · source
  • Deterministic calculation · YOY_GROWTH · 0.217000000000 · PERCENT

Earnings Quality

OCF/PAT ratio of 118.67% indicates high earnings quality with cash generation exceeding reported profit.

Sources (3)
  • OPERATING_CASH_FLOW · Synthetic production smoke fixture (not investment data) · 2024-12-31 · smoke-income-statement · p.12 · operating_cash_flow · 2024 · source
  • CONSOLIDATED_PAT · Synthetic production smoke fixture (not investment data) · 2024-12-31 · smoke-income-statement · p.12 · consolidated_pat · 2024 · source
  • Deterministic calculation · OCF_TO_PAT · FULL_YEAR · 2024-12-31 · 118.670900000000 · PERCENT

Business Segments

UNKNOWN

Investment Thesis

SMOKE2 demonstrates stable revenue with marginal growth and strong cash conversion, but limited evidence scope restricts thesis depth.

Sources (6)
  • CONSOLIDATED_PAT · Synthetic production smoke fixture (not investment data) · 2024-12-31 · smoke-income-statement · p.12 · consolidated_pat · 2024 · source
  • REVENUE_NET · Synthetic production smoke fixture (not investment data) · 2024-12-31 · smoke-income-statement · p.12 · revenue_net · 2024 · source
  • OPERATING_CASH_FLOW · Synthetic production smoke fixture (not investment data) · 2024-12-31 · smoke-income-statement · p.12 · operating_cash_flow · 2024 · source
  • Deterministic calculation · PAT_MARGIN · FULL_YEAR · 2024-12-31 · 15.669400000000 · PERCENT
  • Deterministic calculation · OCF_TO_PAT · FULL_YEAR · 2024-12-31 · 118.670900000000 · PERCENT
  • Deterministic calculation · YOY_GROWTH · 0.217000000000 · PERCENT

Variant Perception

UNKNOWN

Profitability Returns

PAT margin of 15.67% for FY2024.

Sources (3)
  • CONSOLIDATED_PAT · Synthetic production smoke fixture (not investment data) · 2024-12-31 · smoke-income-statement · p.12 · consolidated_pat · 2024 · source
  • REVENUE_NET · Synthetic production smoke fixture (not investment data) · 2024-12-31 · smoke-income-statement · p.12 · revenue_net · 2024 · source
  • Deterministic calculation · PAT_MARGIN · FULL_YEAR · 2024-12-31 · 15.669400000000 · PERCENT

Balance Sheet Cash Flow

Operating cash flow of VND 11,250B confirmed. Authoritative lease-liability evidence is absent, blocking full balance-sheet assessment.

Sources (1)
  • OPERATING_CASH_FLOW · Synthetic production smoke fixture (not investment data) · 2024-12-31 · smoke-income-statement · p.12 · operating_cash_flow · 2024 · source

Capital Allocation Management

UNKNOWN

Typed research claims

FACT and CALCULATION are evidence-backed; INTERPRETATION, HYPOTHESIS and SCENARIO are analytical judgements and are labelled as such.

  • UNKNOWN FY2024 PAT margin was 15.67%.
  • UNKNOWN OCF to PAT ratio was 118.67%, indicating strong cash conversion.
  • UNKNOWN Revenue grew 0.22% YoY in FY2024.

Known limitations and unknowns

The items below are unresolved; supported findings above are unaffected.

  • NOT_FOUND — Lease liabilities
  • NOT_FOUND — Business segment breakdown
  • NOT_FOUND — Capital allocation details
  • NOT_FOUND — Catalysts
  • NOT_FOUND — Scenarios
  • NOT_FOUND — Variant perception
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