Cuong Wood - Working JSC Beneish M-Score Historical Data
The historical data trend for Cuong Wood - Working JSC'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.
Cuong Wood - Working JSC Beneish M-Score Chart
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Cuong Wood - Working JSC Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-1.24 |
-2.21 |
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Cuong Wood - Working JSC Quarterly Data
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Dec19 |
Dec20 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
-2.16 |
-2.34 |
-2.21 |
-2.65 |
Competitive Comparison of Cuong Wood - Working JSC's Beneish M-Score
For the Lumber & Wood Production subindustry, Cuong Wood - Working JSC'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.
Cuong Wood - Working JSC's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, Cuong Wood - Working JSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cuong Wood - Working JSC's Beneish M-Score falls into.
Cuong Wood - Working JSC 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 Cuong Wood - Working JSC for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.3444 | + | 0.528 * 0.9923 | + | 0.404 * 0.7676 | + | 0.892 * 0.8785 | + | 0.115 * 0.998 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9858 | + | 4.679 * -0.058451 | - | 0.327 * 1.0193 |
| = | -2.65 |
* 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.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₫785,343 Mil.
Revenue was 694977.578 + 1151421.546 + 962568.538 + 968189.032 = ₫3,777,157 Mil.
Gross Profit was 213976.131 + 338865.068 + 298259.639 + 279596.315 = ₫1,130,697 Mil.
Total Current Assets was ₫4,384,819 Mil.
Total Assets was ₫5,700,310 Mil.
Property, Plant and Equipment(Net PPE) was ₫392,548 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫103,033 Mil.
Selling, General, & Admin. Expense(SGA) was ₫295,121 Mil.
Total Current Liabilities was ₫1,429,700 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was 81419.524 + 162001.55 + 129868.645 + 108526.726 = ₫481,816 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -57462.074 + 272055.288 + 339537.415 + 260877.46 = ₫815,008 Mil.
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Total Receivables was ₫664,909 Mil.
Revenue was 679950.136 + 1384325.885 + 1176318.411 + 1058830.653 = ₫4,299,425 Mil.
Gross Profit was 190892.041 + 430226.422 + 348357.63 + 307594.74 = ₫1,277,071 Mil.
Total Current Assets was ₫3,738,742 Mil.
Total Assets was ₫5,265,131 Mil.
Property, Plant and Equipment(Net PPE) was ₫415,822 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫108,867 Mil.
Selling, General, & Admin. Expense(SGA) was ₫340,781 Mil.
Total Current Liabilities was ₫1,295,530 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
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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) |
| = | (785342.787 / 3777156.694) | / | (664908.685 / 4299425.085) |
| = | 0.207919 | / | 0.154651 |
| | = | 1.3444 |
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) |
| = | (1277070.833 / 4299425.085) | / | (1130697.153 / 3777156.694) |
| = | 0.297033 | / | 0.299351 |
| | = | 0.9923 |
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 - (4384818.585 + 392548.246) / 5700310.015) | / | (1 - (3738741.934 + 415821.928) / 5265131.206) |
| = | 0.161911 | / | 0.210929 |
| | = | 0.7676 |
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 |
| = | 3777156.694 | / | 4299425.085 |
| | = | 0.8785 |
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)) |
| = | (108866.93 / (108866.93 + 415821.928)) | / | (103033.227 / (103033.227 + 392548.246)) |
| = | 0.207489 | / | 0.207904 |
| | = | 0.998 |
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) |
| = | (295121.395 / 3777156.694) | / | (340781.288 / 4299425.085) |
| = | 0.078133 | / | 0.079262 |
| | = | 0.9858 |
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) |
| = | ((0 + 1429699.861) / 5700310.015) | / | ((0 + 1295529.571) / 5265131.206) |
| = | 0.250811 | / | 0.246058 |
| | = | 1.0193 |
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 |
| = | (481816.445 - 0 | - | 815008.089) | / | 5700310.015 |
| | = | -0.058451 |
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.
Cuong Wood - Working JSC has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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