Petrovietnam Fertilizer And Chemicals (STC:DPM) Beneish M-Score : -1.12 (As of May. 20, 2024)

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What is Petrovietnam Fertilizer And Chemicals 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.

Warning Sign:

Beneish M-Score -1.12 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Petrovietnam Fertilizer And Chemicals's Beneish M-Score or its related term are showing as below:

STC:DPM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.55 Med: -2.29 Max: -0.27
Current: -1.12

During the past 13 years, the highest Beneish M-Score of Petrovietnam Fertilizer And Chemicals was -0.27. The lowest was -3.55. And the median was -2.29.

Petrovietnam Fertilizer And Chemicals Beneish M-Score Historical Data

The historical data trend for Petrovietnam Fertilizer And Chemicals'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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Petrovietnam Fertilizer And Chemicals Beneish M-Score Chart

Petrovietnam Fertilizer And Chemicals Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.55

-2.55

-2.13

-2.28

-0.27

Petrovietnam Fertilizer And Chemicals 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															-2.00	-1.49	-1.08	-0.27	-1.12

Competitive Comparison of Petrovietnam Fertilizer And Chemicals's Beneish M-Score

For the Chemicals subindustry, Petrovietnam Fertilizer And Chemicals'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.

Petrovietnam Fertilizer And Chemicals's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, Petrovietnam Fertilizer And Chemicals's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Petrovietnam Fertilizer And Chemicals's Beneish M-Score falls into.

Petrovietnam Fertilizer And Chemicals 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 Petrovietnam Fertilizer And Chemicals 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 * 1.8416

0.528 * 2.712

0.404 * 1.053

0.892 * 0.8474

0.115 * 1.0633

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0821

4.679 * -0.062228

0.327 * 0.719

-1.12

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₫609,450 Mil.
Revenue was 3307470.287 + 3381821.012 + 3215590.943 + 3707113.309 = ₫13,611,996 Mil.
Gross Profit was 601806.118 + 332278.963 + 407911.259 + 388666.049 = ₫1,730,662 Mil.
Total Current Assets was ₫10,334,620 Mil.
Total Assets was ₫13,981,231 Mil.
Property, Plant and Equipment(Net PPE) was ₫2,296,673 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫398,342 Mil.
Selling, General, & Admin. Expense(SGA) was ₫779,292 Mil.
Total Current Liabilities was ₫1,858,063 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was 264180.486 + 94486.045 + 64023.287 + 100848.024 = ₫523,538 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 346482.285 + 7701.032 + 647675.709 + 391698.23 = ₫1,393,557 Mil.

Total Receivables was ₫390,516 Mil.
Revenue was 3264660.254 + 3899693.421 + 3885093.947 + 5013280.011 = ₫16,062,728 Mil.
Gross Profit was 522890.616 + 1596184.72 + 1489270.027 + 1930127.391 = ₫5,538,473 Mil.
Total Current Assets was ₫11,707,172 Mil.
Total Assets was ₫15,771,505 Mil.
Property, Plant and Equipment(Net PPE) was ₫2,618,172 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫488,227 Mil.
Selling, General, & Admin. Expense(SGA) was ₫849,838 Mil.
Total Current Liabilities was ₫2,509,795 Mil.
Long-Term Debt & Capital Lease Obligation was ₫405,332 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)
	=	(609449.515 / 13611995.551)	/	(390516.075 / 16062727.633)
	=	0.044773	/	0.024312
	=	1.8416

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)
	=	(5538472.754 / 16062727.633)	/	(1730662.389 / 13611995.551)
	=	0.344803	/	0.127142
	=	2.712

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 - (10334620.256 + 2296672.862) / 13981231.198)	/	(1 - (11707171.827 + 2618171.799) / 15771505.132)
	=	0.096554	/	0.091695
	=	1.053

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
	=	13611995.551	/	16062727.633
	=	0.8474

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))
	=	(488227.033 / (488227.033 + 2618171.799))	/	(398341.579 / (398341.579 + 2296672.862))
	=	0.157168	/	0.147807
	=	1.0633

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)
	=	(779291.989 / 13611995.551)	/	(849838.053 / 16062727.633)
	=	0.05725	/	0.052907
	=	1.0821

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)
	=	((0 + 1858063.448) / 13981231.198)	/	((405331.669 + 2509794.556) / 15771505.132)
	=	0.132897	/	0.184835
	=	0.719

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
	=	(523537.842 - 0	-	1393557.256)	/	13981231.198
	=	-0.062228

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.

Petrovietnam Fertilizer And Chemicals has a M-score of -1.12 signals that the company is likely to be a manipulator.

Petrovietnam Fertilizer And Chemicals Beneish M-Score Related Terms

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Petrovietnam Fertilizer And Chemicals (STC:DPM) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Chemicals » Petrovietnam Fertilizer And Chemicals Corp (STC:DPM) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

43 Mac Dinh Chi Street, 7th floor, PVFCCo Tower, Da Kao ward, District 1, Ho Chi Minh City, VNM

Website

http://www.dpm.vn

Petrovietnam Fertilizer And Chemicals Corp produces and trades fertilizer and chemicals. The company's products portfolio includes Urea, NPK, MOP, SA, DAP fertilizers for the agriculture sector, liquid Ammonia and UFC85/ Formaldehyde. Its segments are Production and trading of fertilizer and chemicals, and Construction of civil works and rendering of other services. Its majority of revenue is derived from production and trading of chemicals and fertilizers. The company distributes fertilizer, chemicals, packages, and services to the North, Central Region, Southeast, Southwest and Ho Chi Minh City.