APG stock placed under warning after auditor's qualified opinion on 2025 financial statements

APG Joint Stock Securities Company (APG-HOSE) said the Ho Chi Minh Stock Exchange (HOSE) has placed APG’s shares under the warning category from April 9, 2026, following a qualified audit opinion issued on the company’s audited 2025 financial statements.

Reason for the warning category

In its audited 2025 financial statements, APG reported two key matters that led to the qualified opinion.

1) Other receivables from individuals

As of December 31, 2025, APG recorded other receivables from individuals totaling VND 319.58 billion. The auditor stated it was unable to estimate the necessary allowance for these personal receivables, meaning any adjustments—if made—would affect the 2025 financial statements.

2) Bond receivable from Khang Minh Group (GKM Holdings)

APG also disclosed that, up to the reporting date, it had not fully recovered the principal and interest of the GKMH2124001 bond issued by Khang Minh Group (now GKM Holdings) at maturity on September 20, 2024.

The bond had previously been extended to September 20, 2020, but the extension documents did not clearly specify the collateral and its value. The outstanding balances were VND 44.150 billion for principal and VND 8.535 billion for interest.

As with the personal receivables, the auditor said it could not estimate the necessary allowance for these receivables, and any adjustments would affect the 2025 financial statements.

APG’s explanation and actions

APG said the personal receivables arose from transactions in prior years. The company reported that it has been working with related parties to recover the debt and believes the receivables remain collectible based on related parties’ payment commitments. However, APG stated that at the time of preparing the 2025 financial statements, it did not collect sufficient audit evidence required by accounting standards to recognize the allowance. The company also noted that the Chairman of the Board is directly responsible for liaising with related parties to resolve the issue.

Qualified opinion related to bond investment

Regarding the bond investment, APG holds a bond issued by GKM Holdings. In 2025, APG and the issuer agreed to extend the bond’s maturity. However, at the time of the extension, the issuer had not disclosed complete information about collateral, and APG said it did not have sufficient basis to assess the credit risk and fair value of the investment, resulting in a qualified opinion on this item.

APG added that GKM sent a letter requesting additional collateral and the conversion of the bond into fund certificates. APG said it has noted the audit opinion and is reassessing whether the new asset has sufficient economic and legal value to support conversion.

Commitment to improve transparency

APG said it will actively resolve the issues that led to the qualified opinion as soon as possible, to improve transparency and fully comply with public disclosure requirements for a listed company.