Vietnam Container Shipping JSC (STC:VSC) Beneish M-Score : -3.19 (As of Jun. 01, 2024)

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What is Vietnam Container Shipping JSC 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 -3.19 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Vietnam Container Shipping JSC's Beneish M-Score or its related term are showing as below:

STC:VSC' s Beneish M-Score Range Over the Past 10 Years
Min: -4.15 Med: -2.53 Max: -1.03
Current: -3.19

During the past 13 years, the highest Beneish M-Score of Vietnam Container Shipping JSC was -1.03. The lowest was -4.15. And the median was -2.53.

Vietnam Container Shipping JSC Beneish M-Score Historical Data

The historical data trend for Vietnam Container Shipping 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.

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Vietnam Container Shipping JSC Beneish M-Score Chart

Vietnam Container Shipping JSC Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.64

-3.07

-3.23

-1.21

-3.12

Vietnam Container Shipping JSC 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															-2.31	-3.09	-4.15	-3.12	-3.19

Competitive Comparison of Vietnam Container Shipping JSC's Beneish M-Score

For the Marine Shipping subindustry, Vietnam Container Shipping 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.

Vietnam Container Shipping JSC's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Vietnam Container Shipping JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Vietnam Container Shipping JSC's Beneish M-Score falls into.

Vietnam Container Shipping 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 Vietnam Container Shipping JSC 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 * 0.5875

0.528 * 1.0101

0.404 * 1.1848

0.892 * 1.1512

0.115 * 0.9037

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.903

4.679 * -0.106103

0.327 * 1.17

-3.19

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₫396,893 Mil.
Revenue was 586417.332 + 625862.197 + 557205.922 + 534603.135 = ₫2,304,089 Mil.
Gross Profit was 203795.367 + 190274.125 + 178742.638 + 148781.34 = ₫721,593 Mil.
Total Current Assets was ₫1,534,931 Mil.
Total Assets was ₫5,334,073 Mil.
Property, Plant and Equipment(Net PPE) was ₫602,517 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫173,995 Mil.
Selling, General, & Admin. Expense(SGA) was ₫139,144 Mil.
Total Current Liabilities was ₫437,710 Mil.
Long-Term Debt & Capital Lease Obligation was ₫1,464,362 Mil.
Net Income was 44803.409 + 42260.412 + 32531.838 + 19965.863 = ₫139,562 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 135181.55 + 409789.564 + -76011.727 + 236561.309 = ₫705,521 Mil.

Total Receivables was ₫586,765 Mil.
Revenue was 463274.157 + 519206.219 + 507324.597 + 511587.638 = ₫2,001,393 Mil.
Gross Profit was 136641.266 + 153278.827 + 165461.541 + 177722.62 = ₫633,104 Mil.
Total Current Assets was ₫1,409,038 Mil.
Total Assets was ₫4,420,567 Mil.
Property, Plant and Equipment(Net PPE) was ₫775,641 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫196,948 Mil.
Selling, General, & Admin. Expense(SGA) was ₫133,842 Mil.
Total Current Liabilities was ₫647,292 Mil.
Long-Term Debt & Capital Lease Obligation was ₫700,000 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)
	=	(396892.724 / 2304088.586)	/	(586765.235 / 2001392.611)
	=	0.172256	/	0.293178
	=	0.5875

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)
	=	(633104.254 / 2001392.611)	/	(721593.47 / 2304088.586)
	=	0.316332	/	0.31318
	=	1.0101

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 - (1534930.595 + 602517.197) / 5334073.124)	/	(1 - (1409037.526 + 775640.763) / 4420567.058)
	=	0.599284	/	0.505792
	=	1.1848

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
	=	2304088.586	/	2001392.611
	=	1.1512

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))
	=	(196947.919 / (196947.919 + 775640.763))	/	(173995.236 / (173995.236 + 602517.197))
	=	0.202499	/	0.224073
	=	0.9037

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)
	=	(139143.754 / 2304088.586)	/	(133842.237 / 2001392.611)
	=	0.06039	/	0.066875
	=	0.903

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)
	=	((1464362.406 + 437710.11) / 5334073.124)	/	((700000 + 647292.198) / 4420567.058)
	=	0.356589	/	0.304778
	=	1.17

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
	=	(139561.522 - 0	-	705520.696)	/	5334073.124
	=	-0.106103

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.

Vietnam Container Shipping JSC has a M-score of -3.19 suggests that the company is unlikely to be a manipulator.

Vietnam Container Shipping JSC Beneish M-Score Related Terms

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Vietnam Container Shipping JSC (STC:VSC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Vietnam Container Shipping JSC (STC:VSC) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

No. 11 Vo Thi Sau Street, Ngo Quyen District, Hai Phong, VNM

Website

http://www.viconship.com

Vietnam Container Shipping JSC is a freight forwarder and shipping agency company in Vietnam. The company offers integrated logistics solution to its clients. It has its own container terminal, warehouse, trucking lines for container and conventional cargo moving services. The service portfolio offered by the company includes container services, multimodal transport, agencies, C/Y operation and seaport operational service.

Vietnam Container Shipping JSC (STC:VSC) Headlines

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