Vinacomin Machinery Joint Stock Company (HSTC:CTT) Beneish M-Score : -2.74 (As of May. 15, 2024)

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What is Vinacomin Machinery Joint Stock Company Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Vinacomin Machinery Joint Stock Company's Beneish M-Score or its related term are showing as below:

HSTC:CTT' s Beneish M-Score Range Over the Past 10 Years
Min: -2.81 Med: -2.17 Max: -1.54
Current: -2.74

During the past 4 years, the highest Beneish M-Score of Vinacomin Machinery Joint Stock Company was -1.54. The lowest was -2.81. And the median was -2.17.

Vinacomin Machinery Joint Stock Company Beneish M-Score Historical Data

The historical data trend for Vinacomin Machinery Joint Stock Company's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Vinacomin Machinery Joint Stock Company Beneish M-Score Chart

Vinacomin Machinery Joint Stock Company Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Beneish M-Score

-2.17

Vinacomin Machinery Joint Stock Company Quarterly Data
	Dec18	Mar19	Jun19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial													-2.58	-2.13	-1.85	-2.81	-2.74

Competitive Comparison of Vinacomin Machinery Joint Stock Company's Beneish M-Score

For the Specialty Industrial Machinery subindustry, Vinacomin Machinery Joint Stock Company's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Vinacomin Machinery Joint Stock Company's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Vinacomin Machinery Joint Stock Company's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Vinacomin Machinery Joint Stock Company's Beneish M-Score falls into.

Vinacomin Machinery Joint Stock Company Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Vinacomin Machinery Joint Stock Company for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1265

0.528 * 1.021

0.404 * 1.0657

0.892 * 0.9643

0.115 * 1.4559

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9098

4.679 * -0.097587

0.327 * 0.9922

-2.74

This Year (Sep23) TTM:

Last Year (Jun22) TTM:

Total Receivables was ₫300,814 Mil.
Revenue was 584828.393 + 562555.343 + 513206.691 + 560928.845 = ₫2,221,519 Mil.
Gross Profit was 26703.225 + 24243.391 + 26113.759 + 25330.89 = ₫102,391 Mil.
Total Current Assets was ₫437,847 Mil.
Total Assets was ₫583,674 Mil.
Property, Plant and Equipment(Net PPE) was ₫130,642 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫22,495 Mil.
Selling, General, & Admin. Expense(SGA) was ₫59,034 Mil.
Total Current Liabilities was ₫498,114 Mil.
Long-Term Debt & Capital Lease Obligation was ₫19,706 Mil.
Net Income was 3117.662 + 3135.444 + 2602.039 + 2507.414 = ₫11,363 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 14480.022 + 74365.879 + 5084.793 + -25608.978 = ₫68,322 Mil.

Total Receivables was ₫276,906 Mil.
Revenue was 670810.409 + 448285.889 + 612264.644 + 572293.768 = ₫2,303,655 Mil.
Gross Profit was 30453.382 + 22494.283 + 29097.896 + 26362.6 = ₫108,408 Mil.
Total Current Assets was ₫427,290 Mil.
Total Assets was ₫582,932 Mil.
Property, Plant and Equipment(Net PPE) was ₫141,410 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫38,470 Mil.
Selling, General, & Admin. Expense(SGA) was ₫67,287 Mil.
Total Current Liabilities was ₫501,656 Mil.
Long-Term Debt & Capital Lease Obligation was ₫19,570 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(300814.087 / 2221519.272)	/	(276905.688 / 2303654.71)
	=	0.135409	/	0.120203
	=	1.1265

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(108408.161 / 2303654.71)	/	(102391.265 / 2221519.272)
	=	0.047059	/	0.046091
	=	1.021

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (437846.612 + 130641.855) / 583673.685)	/	(1 - (427289.565 + 141410.143) / 582931.557)
	=	0.026017	/	0.024414
	=	1.0657

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	2221519.272	/	2303654.71
	=	0.9643

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(38469.619 / (38469.619 + 141410.143))	/	(22495.413 / (22495.413 + 130641.855))
	=	0.213863	/	0.146897
	=	1.4559

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(59033.741 / 2221519.272)	/	(67286.687 / 2303654.71)
	=	0.026574	/	0.029209
	=	0.9098

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((19705.9 + 498114.304) / 583673.685)	/	((19569.661 + 501655.663) / 582931.557)
	=	0.887174	/	0.894145
	=	0.9922

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(11362.559 - 0	-	68321.716)	/	583673.685
	=	-0.097587

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Vinacomin Machinery Joint Stock Company has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.

Vinacomin Machinery Joint Stock Company Beneish M-Score Related Terms

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Vinacomin Machinery Joint Stock Company (HSTC:CTT) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Vinacomin Machinery Joint Stock Company (HSTC:CTT) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 486, Tran Phu Street, Quang Ninh Province, Cam Thuy Ward, Cam Pha City, VNM

Website

http://www.chetaomay.com.vn

Vinacomin Machinery Joint Stock Company is a Vietnam based machinery manufacturing company. It provides power protector, cutting machine, drilling machine, hydraulic.