Vinhomes JSC Beneish M-Score Historical Data
The historical data trend for Vinhomes 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.
Vinhomes JSC Beneish M-Score Chart
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Vinhomes JSC Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.31 |
-1.65 |
-1.89 |
-2.92 |
-1.48 |
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Vinhomes JSC Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.91 |
-0.85 |
-1.01 |
-1.48 |
-2.24 |
Competitive Comparison of Vinhomes JSC's Beneish M-Score
For the Real Estate Services subindustry, Vinhomes 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.
Vinhomes JSC's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Vinhomes JSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vinhomes JSC's Beneish M-Score falls into.
Vinhomes 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 Vinhomes 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 * 1.0087 | + | 0.528 * 1.0807 | + | 0.404 * 0.9885 | + | 0.892 * 0.999 | + | 0.115 * 1.174 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1773 | + | 4.679 * 0.042978 | - | 0.327 * 0.9755 |
| = | -2.24 |
* 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 ₫43,537,573 Mil.
Revenue was 8211201 + 8920226 + 32724102 + 32833044 = ₫82,688,573 Mil.
Gross Profit was 1774386 + 999022 + 14956906 + 13215129 = ₫30,945,443 Mil.
Total Current Assets was ₫255,295,711 Mil.
Total Assets was ₫464,484,694 Mil.
Property, Plant and Equipment(Net PPE) was ₫77,827,597 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫1,544,082 Mil.
Selling, General, & Admin. Expense(SGA) was ₫3,382,434 Mil.
Total Current Liabilities was ₫214,974,936 Mil.
Long-Term Debt & Capital Lease Obligation was ₫39,496,110 Mil.
Net Income was 884697 + 1071625 + 10694762 + 9652450 = ₫22,303,534 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -4573682 + -9571280 + 13851204 + 2634863 = ₫2,341,105 Mil.
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Total Receivables was ₫43,202,742 Mil.
Revenue was 29298557 + 31193810 + 17804867 + 4470436 = ₫82,767,670 Mil.
Gross Profit was 6643058 + 15513928 + 9295875 + 2020556 = ₫33,473,417 Mil.
Total Current Assets was ₫205,327,661 Mil.
Total Assets was ₫377,621,667 Mil.
Property, Plant and Equipment(Net PPE) was ₫64,255,104 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫1,501,809 Mil.
Selling, General, & Admin. Expense(SGA) was ₫2,875,823 Mil.
Total Current Liabilities was ₫190,748,131 Mil.
Long-Term Debt & Capital Lease Obligation was ₫21,320,072 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) |
| = | (43537573 / 82688573) | / | (43202742 / 82767670) |
| = | 0.526525 | / | 0.521976 |
| | = | 1.0087 |
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) |
| = | (33473417 / 82767670) | / | (30945443 / 82688573) |
| = | 0.404426 | / | 0.374241 |
| | = | 1.0807 |
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 - (255295711 + 77827597) / 464484694) | / | (1 - (205327661 + 64255104) / 377621667) |
| = | 0.282811 | / | 0.286104 |
| | = | 0.9885 |
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 |
| = | 82688573 | / | 82767670 |
| | = | 0.999 |
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)) |
| = | (1501809 / (1501809 + 64255104)) | / | (1544082 / (1544082 + 77827597)) |
| = | 0.022839 | / | 0.019454 |
| | = | 1.174 |
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) |
| = | (3382434 / 82688573) | / | (2875823 / 82767670) |
| = | 0.040906 | / | 0.034746 |
| | = | 1.1773 |
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) |
| = | ((39496110 + 214974936) / 464484694) | / | ((21320072 + 190748131) / 377621667) |
| = | 0.547857 | / | 0.561589 |
| | = | 0.9755 |
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 |
| = | (22303534 - 0 | - | 2341105) | / | 464484694 |
| | = | 0.042978 |
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.
Vinhomes JSC has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
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