Damsan JSC Beneish M-Score Historical Data
The historical data trend for Damsan 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.
Damsan JSC Beneish M-Score Chart
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Damsan JSC Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.80 |
-2.64 |
-2.02 |
-1.86 |
-2.18 |
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Damsan 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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-2.11 |
-1.89 |
-1.86 |
-2.18 |
-1.88 |
Competitive Comparison of Damsan JSC's Beneish M-Score
For the Textile Manufacturing subindustry, Damsan 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.
Damsan JSC's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Damsan JSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Damsan JSC's Beneish M-Score falls into.
Damsan 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 Damsan 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 * 1.0604 | + | 0.528 * 0.8103 | + | 0.404 * 1.0588 | + | 0.892 * 1.2246 | + | 0.115 * 1.2499 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7572 | + | 4.679 * 0.069008 | - | 0.327 * 0.9126 |
| = | -1.88 |
* 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 ₫612,009 Mil.
Revenue was 389818.986 + 370239.651 + 453458.494 + 675482.078 = ₫1,888,999 Mil.
Gross Profit was 32098.393 + 35763.88 + 60098.633 + 57560.959 = ₫185,522 Mil.
Total Current Assets was ₫1,945,564 Mil.
Total Assets was ₫2,534,075 Mil.
Property, Plant and Equipment(Net PPE) was ₫202,700 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫85,948 Mil.
Selling, General, & Admin. Expense(SGA) was ₫23,368 Mil.
Total Current Liabilities was ₫1,506,404 Mil.
Long-Term Debt & Capital Lease Obligation was ₫52,254 Mil.
Net Income was 7999.609 + 4986.432 + 16144.913 + 24400.714 = ₫53,532 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -117597.941 + -99342.837 + 75693.059 + 19906.716 = ₫-121,341 Mil.
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Total Receivables was ₫471,305 Mil.
Revenue was 294694.138 + 364723.871 + 478473.121 + 404656.952 = ₫1,542,548 Mil.
Gross Profit was 32600.218 + 16953.694 + 30002.356 + 43209.032 = ₫122,765 Mil.
Total Current Assets was ₫1,771,969 Mil.
Total Assets was ₫2,271,739 Mil.
Property, Plant and Equipment(Net PPE) was ₫173,121 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫102,618 Mil.
Selling, General, & Admin. Expense(SGA) was ₫25,201 Mil.
Total Current Liabilities was ₫1,443,981 Mil.
Long-Term Debt & Capital Lease Obligation was ₫87,134 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) |
| = | (612009.251 / 1888999.209) | / | (471305.178 / 1542548.082) |
| = | 0.323986 | / | 0.305537 |
| | = | 1.0604 |
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) |
| = | (122765.3 / 1542548.082) | / | (185521.865 / 1888999.209) |
| = | 0.079586 | / | 0.098212 |
| | = | 0.8103 |
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 - (1945564.38 + 202700.178) / 2534075.433) | / | (1 - (1771968.813 + 173121.133) / 2271739.249) |
| = | 0.152249 | / | 0.143788 |
| | = | 1.0588 |
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 |
| = | 1888999.209 | / | 1542548.082 |
| | = | 1.2246 |
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)) |
| = | (102617.799 / (102617.799 + 173121.133)) | / | (85947.883 / (85947.883 + 202700.178)) |
| = | 0.372156 | / | 0.29776 |
| | = | 1.2499 |
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) |
| = | (23368.201 / 1888999.209) | / | (25201.015 / 1542548.082) |
| = | 0.012371 | / | 0.016337 |
| | = | 0.7572 |
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) |
| = | ((52254.446 + 1506403.903) / 2534075.433) | / | ((87133.901 + 1443980.569) / 2271739.249) |
| = | 0.61508 | / | 0.673983 |
| | = | 0.9126 |
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 |
| = | (53531.668 - 0 | - | -121341.003) | / | 2534075.433 |
| | = | 0.069008 |
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.
Damsan JSC has a M-score of -1.88 suggests that the company is unlikely to be a manipulator.
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