PN // PN Smart Energy Limited (Class A)

DES <GO> NASDAQ RQD COCKPIT → CIK 0002001288 ↗

Technology • Retail: Computer Software & Peripheral Equipment

$2.18 ▼ -0.11 (-4.80%)

MKT CAP: $33.8M • VOL: 44.9K

52W L $2 52W H $40

PIOTROSKI

4 / 9

PN // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

▼ DOWNGRADE // C- (RQD 59) -> D (RQD 51) AS OF 2026-11-02

ROARABLE D

RQD CONFIDENCE

51 / 100 -8D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Sell — Underperform / Distribution Warning

01 MASSIVE / SEC XBRL

Forensic Fundamentals

16 / 20

STRONG

FCF +77.4% vs NI +0% • ROIC-WACC +2.4% • Z 3.2

02 INSTITUTIONAL TAPE & TREND

Whale & Options Flow

[LOCKED] FLAGGED

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03 SEC XBRL CAPITAL ALLOCATION

Insider & Capital Conviction

11 / 20

NEUTRAL

FCF YIELD +7.1% • P/E N/A • F-SCORE 4/9

04 FRED 90D r-MATRIX

Macro Regime Fit

10 / 20

NEUTRAL

NEUTRAL • r(10Y)=+0.07 (+23bp) • r(OAS)=-0.03

05 10-K REDLINE AUDIT

Forensic 10-K Risk

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ALERT

Why did PN's Whale & Options Flow & Forensic 10-K Risk sub-score just flash a warning? Enter your email to unlock the full 5-Pillar Rating Breakdown + get instant alerts whenever PN is Upgraded or Downgraded.

SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON PN)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // MACRO TAILWIND SCORE (18/100)SIFTER 05 // TRUE NET LIQUIDITY BETA

SEVERITY: 94/100 Z-SCORE: +6.10σ

PN Macro Tailwinds Plunge to 18/100 as Net Liquidity Drops to $5,746B (-0.64% 4W)

TRUE NET LIQUIDITY

$5,746B (-0.64% 4W)

NET LIQUIDITY ELASTICITY

6.00x BETA (r=+0.20)

MACRO TAILWIND SCORE

18 / 100

[GEEK DESK FORENSIC NOTE // FRED WALCL - TGA - RRP × 5Y BETA]

FRED Fed Assets (WALCL)US Treasury TGA (WTREGEN) + ON RRPICE BofA High-Yield OAS + 5Y Equity Beta

PN faces acute liquidity headwinds as primary net liquidity contracted -0.64% over four weeks to $5,746B ($5,745.73B), triggering a severe 6.1 z-score macro divergence. The issuer exhibits an elevated net liquidity elasticity of 6.00x beta with a weak correlation of r=+0.20 alongside a 2 bps widening in ICE BofA high-yield OAS. This pronounced sensitivity against deteriorating aggregate liquidity drives the macro tailwind score down to 18 / 100, leaving positioning highly exposed.

PN // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -59.78%▲ RESISTANCE BREAKOUT

2026-11-02O $2.36H $2.36L $2.18C $2.18VOL 43.3K

RES: $1.12SUP: $0.66SMA50: $2.50SMA200: $5.71

PN // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

ACCUMULATE CONVICTION: 62/100

BEAR 0

100 BULL

PN Smart Energy Limited (Class A) (PN) exhibits 10.0% gross margins and 14.0% return on invested capital within Technology (Retail: Computer Software & Peripheral Equipment), balanced against a 24.0x enterprise multiple and 4.8% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 10.0% gross profitability converts into -4.0% operating margin and 14.0% ROIC, outpacing sector cost of capital.

ROIC: 14.0% // GM: 10.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +27.0% paired with 7.13% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +27.0% // FCF YLD: 7.13%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 3.80 and Piotroski F-Score of 4/9 indicate low near-term refinancing stress.

ALTMAN Z: 3.80 // F-SCORE: 4/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 24.0x trailing P/E (— Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.0x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±5.2% implied move with a 0.85 put/call ratio around $2.18 max pain.

IMPL MOVE: ±5.2% // P/C: 0.85

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Retail: Computer Software & Peripheral Equipment require continuous execution to defend -4.3% net margins.

NET MARGIN: -4.3% // D/E: 0.45x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs — forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.10).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E —

FORWARD P/E —

EV / EBITDA —

FCF YIELD 7.13%

GROSS MARGIN 10.0%

OPERATING MARGIN -4.0%

NET MARGIN -4.3%

ROIC % —

REV GROWTH YOY +27.0%

DILUTED EPS TTM —

DEBT / EQUITY —

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 44.3

5Y EQUITY BETA —

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // PNPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $1.99

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for PN & activate live FRED threshold breach alerts.

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