Vingroup JSC Beneish M-Score Historical Data
The historical data trend for Vingroup 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.
Vingroup JSC Beneish M-Score Chart
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Vingroup JSC Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.47 |
-2.22 |
-2.32 |
-1.24 |
-2.28 |
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Vingroup JSC Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.93 |
-2.08 |
-2.21 |
-2.28 |
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Competitive Comparison of Vingroup JSC's Beneish M-Score
For the Real Estate Services subindustry, Vingroup 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.
Vingroup JSC's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Vingroup JSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vingroup JSC's Beneish M-Score falls into.
Vingroup 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 Vingroup 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 * 0.8507 | + | 0.528 * 1.3115 | + | 0.404 * 0.9354 | + | 0.892 * 1.1757 | + | 0.115 * 1.1442 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0697 | + | 4.679 * 0.065628 | - | 0.327 * 0.9789 |
| = | -2.00 |
* 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 ₫57,484,673 Mil.
Revenue was 21738502 + 27221060 + 47947906 + 47143305 = ₫144,050,773 Mil.
Gross Profit was -1955140 + -3316533 + 11739545 + 10495758 = ₫16,963,630 Mil.
Total Current Assets was ₫350,049,998 Mil.
Total Assets was ₫693,948,793 Mil.
Property, Plant and Equipment(Net PPE) was ₫238,840,253 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫19,275,321 Mil.
Selling, General, & Admin. Expense(SGA) was ₫18,154,929 Mil.
Total Current Liabilities was ₫394,383,059 Mil.
Long-Term Debt & Capital Lease Obligation was ₫106,799,696 Mil.
Net Income was 7934469 + -64413 + -669037 + 1865507 = ₫9,066,526 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -26456703 + -10530862 + -5003801 + 5515301 = ₫-36,476,065 Mil.
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Total Receivables was ₫57,480,107 Mil.
Revenue was 38963375 + 41437969 + 28742356 + 13384347 = ₫122,528,047 Mil.
Gross Profit was 4434904 + 13449608 + 5758303 + -4719151 = ₫18,923,664 Mil.
Total Current Assets was ₫291,950,102 Mil.
Total Assets was ₫596,877,182 Mil.
Property, Plant and Equipment(Net PPE) was ₫208,325,371 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫19,464,402 Mil.
Selling, General, & Admin. Expense(SGA) was ₫14,436,624 Mil.
Total Current Liabilities was ₫316,175,727 Mil.
Long-Term Debt & Capital Lease Obligation was ₫124,173,180 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) |
| = | (57484673 / 144050773) | / | (57480107 / 122528047) |
| = | 0.399058 | / | 0.469118 |
| | = | 0.8507 |
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) |
| = | (18923664 / 122528047) | / | (16963630 / 144050773) |
| = | 0.154444 | / | 0.117761 |
| | = | 1.3115 |
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 - (350049998 + 238840253) / 693948793) | / | (1 - (291950102 + 208325371) / 596877182) |
| = | 0.151392 | / | 0.161845 |
| | = | 0.9354 |
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 |
| = | 144050773 | / | 122528047 |
| | = | 1.1757 |
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)) |
| = | (19464402 / (19464402 + 208325371)) | / | (19275321 / (19275321 + 238840253)) |
| = | 0.085449 | / | 0.074677 |
| | = | 1.1442 |
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) |
| = | (18154929 / 144050773) | / | (14436624 / 122528047) |
| = | 0.126031 | / | 0.117823 |
| | = | 1.0697 |
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) |
| = | ((106799696 + 394383059) / 693948793) | / | ((124173180 + 316175727) / 596877182) |
| = | 0.722219 | / | 0.737755 |
| | = | 0.9789 |
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 |
| = | (9066526 - 0 | - | -36476065) | / | 693948793 |
| | = | 0.065628 |
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.
Vingroup JSC has a M-score of -2.00 suggests that the company is unlikely to be a manipulator.
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