Hoang Quan Consulting � Trading � Service Real Estate (STC:HQC) Beneish M-Score : -1.70 (As of May. 20, 2024)

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What is Hoang Quan Consulting � Trading � Service Real Estate 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.

The historical rank and industry rank for Hoang Quan Consulting � Trading � Service Real Estate's Beneish M-Score or its related term are showing as below:

STC:HQC' s Beneish M-Score Range Over the Past 10 Years
Min: -4.42 Med: -1.97 Max: 12.78
Current: -1.7

During the past 12 years, the highest Beneish M-Score of Hoang Quan Consulting � Trading � Service Real Estate was 12.78. The lowest was -4.42. And the median was -1.97.

Hoang Quan Consulting � Trading � Service Real Estate Beneish M-Score Historical Data

The historical data trend for Hoang Quan Consulting � Trading � Service Real Estate'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.

Hoang Quan Consulting � Trading � Service Real Estate Beneish M-Score Chart

Hoang Quan Consulting � Trading � Service Real Estate Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.15

-2.20

-2.86

-4.42

-1.97

Hoang Quan Consulting � Trading � Service Real Estate Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.73	-2.38	-2.18	-1.97	-1.70

Competitive Comparison of Hoang Quan Consulting � Trading � Service Real Estate's Beneish M-Score

For the Real Estate Services subindustry, Hoang Quan Consulting � Trading � Service Real Estate'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.

Hoang Quan Consulting � Trading � Service Real Estate's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Hoang Quan Consulting � Trading � Service Real Estate's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Hoang Quan Consulting � Trading � Service Real Estate's Beneish M-Score falls into.

Hoang Quan Consulting � Trading � Service Real Estate 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 Hoang Quan Consulting � Trading � Service Real Estate 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 * 1.1777

0.528 * 1.4536

0.404 * 0.769

0.892 * 1.0524

0.115 * 0.6821

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.4365

4.679 * 0.091163

0.327 * 1.1907

-1.70

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₫2,878,739 Mil.
Revenue was 13390.706 + 63670.261 + 83739.405 + 103189.998 = ₫263,990 Mil.
Gross Profit was 4150.069 + 15323.691 + 8967.911 + 18670.518 = ₫47,112 Mil.
Total Current Assets was ₫6,281,690 Mil.
Total Assets was ₫10,368,174 Mil.
Property, Plant and Equipment(Net PPE) was ₫3,048 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫666 Mil.
Selling, General, & Admin. Expense(SGA) was ₫11,069 Mil.
Total Current Liabilities was ₫3,194,383 Mil.
Long-Term Debt & Capital Lease Obligation was ₫1,716,937 Mil.
Net Income was 5244.66 + 1679.249 + 1201.477 + 1244.256 = ₫9,370 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -890285.449 + -34648.956 + 37487.996 + -48374.212 = ₫-935,821 Mil.

Total Receivables was ₫2,322,868 Mil.
Revenue was 39211.591 + 35199.728 + 30705.773 + 145740.172 = ₫250,857 Mil.
Gross Profit was 7448.898 + 21095.088 + 9963.135 + 26568.085 = ₫65,075 Mil.
Total Current Assets was ₫3,529,667 Mil.
Total Assets was ₫7,242,943 Mil.
Property, Plant and Equipment(Net PPE) was ₫3,585 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫500 Mil.
Selling, General, & Admin. Expense(SGA) was ₫24,097 Mil.
Total Current Liabilities was ₫2,667,760 Mil.
Long-Term Debt & Capital Lease Obligation was ₫213,729 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)
	=	(2878738.509 / 263990.37)	/	(2322867.59 / 250857.264)
	=	10.90471	/	9.259718
	=	1.1777

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)
	=	(65075.206 / 250857.264)	/	(47112.189 / 263990.37)
	=	0.259411	/	0.178462
	=	1.4536

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 - (6281690.036 + 3048.278) / 10368173.602)	/	(1 - (3529667.028 + 3584.679) / 7242942.713)
	=	0.393843	/	0.51218
	=	0.769

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
	=	263990.37	/	250857.264
	=	1.0524

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))
	=	(499.647 / (499.647 + 3584.679))	/	(666.196 / (666.196 + 3048.278))
	=	0.122333	/	0.179351
	=	0.6821

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)
	=	(11069.256 / 263990.37)	/	(24097.113 / 250857.264)
	=	0.041931	/	0.096059
	=	0.4365

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)
	=	((1716937.035 + 3194383.163) / 10368173.602)	/	((213728.72 + 2667760.14) / 7242942.713)
	=	0.473692	/	0.397834
	=	1.1907

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
	=	(9369.642 - 0	-	-935820.621)	/	10368173.602
	=	0.091163

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.

Hoang Quan Consulting � Trading � Service Real Estate has a M-score of -1.70 signals that the company is likely to be a manipulator.

Hoang Quan Consulting � Trading � Service Real Estate Beneish M-Score Related Terms

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Hoang Quan Consulting � Trading � Service Real Estate (STC:HQC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Hoang Quan Consulting � Trading � Service Real Estate Corp (STC:HQC) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

No. 286-288 Huynh Van Banh Street, Ward 11, Phu Nhuan District, Ho Chi Minh City, VNM

Website

https://www.hoangquan.com.vn

Hoang Quan Consulting - Trading - Service Real Estate Corp is a Vietnam-based real estate company. It offers real estate services and undertakes projects such as industrial park projects, residential projects, social housing projects, investment projects, offices for lease, and others. The other business sectors in which the organization is involved are Education, Finance, Design, Appraisal, Legal counseling, and Construction.

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