Dong Phu Rubber JSC (STC:DPR) Beneish M-Score : -1.92 (As of Jun. 04, 2024)

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What is Dong Phu Rubber 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 -1.92 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Dong Phu Rubber JSC's Beneish M-Score or its related term are showing as below:

STC:DPR' s Beneish M-Score Range Over the Past 10 Years
Min: -5.13 Med: -2.55 Max: -1.44
Current: -1.92

During the past 13 years, the highest Beneish M-Score of Dong Phu Rubber JSC was -1.44. The lowest was -5.13. And the median was -2.55.

Dong Phu Rubber JSC Beneish M-Score Historical Data

The historical data trend for Dong Phu Rubber 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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Dong Phu Rubber JSC Beneish M-Score Chart

Dong Phu Rubber JSC Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.01

-1.44

-3.44

-1.96

-1.90

Dong Phu Rubber 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															-2.24	-2.12	-1.78	-1.90	-1.92

Competitive Comparison of Dong Phu Rubber JSC's Beneish M-Score

For the Auto Parts subindustry, Dong Phu Rubber 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.

Dong Phu Rubber JSC's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Dong Phu Rubber JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Dong Phu Rubber JSC's Beneish M-Score falls into.

Dong Phu Rubber 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 Dong Phu Rubber 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 * 1.6693

0.528 * 1.1312

0.404 * 0.918

0.892 * 0.8835

0.115 * 0.9346

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2882

4.679 * 0.007774

0.327 * 0.8979

-1.92

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₫118,549 Mil.
Revenue was 186534.619 + 429369.79 + 286092.32 + 146362.674 = ₫1,048,359 Mil.
Gross Profit was 81698.737 + 111097.329 + 63756.998 + 37178.51 = ₫293,732 Mil.
Total Current Assets was ₫1,999,738 Mil.
Total Assets was ₫4,291,872 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,601,637 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫131,342 Mil.
Selling, General, & Admin. Expense(SGA) was ₫67,948 Mil.
Total Current Liabilities was ₫201,539 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was 52171.859 + 87788.768 + 37123.999 + 33532.916 = ₫210,618 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -111513.818 + 171499.439 + 39.382 + 117227.973 = ₫177,253 Mil.

Total Receivables was ₫80,383 Mil.
Revenue was 179757.734 + 370469.486 + 340817.782 + 295592.42 = ₫1,186,637 Mil.
Gross Profit was 68566.135 + 92212.461 + 121711.1 + 93621.134 = ₫376,111 Mil.
Total Current Assets was ₫1,884,104 Mil.
Total Assets was ₫4,193,157 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,574,157 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫119,997 Mil.
Selling, General, & Admin. Expense(SGA) was ₫59,704 Mil.
Total Current Liabilities was ₫219,291 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 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)
	=	(118549.418 / 1048359.403)	/	(80383.282 / 1186637.422)
	=	0.113081	/	0.06774
	=	1.6693

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)
	=	(376110.83 / 1186637.422)	/	(293731.574 / 1048359.403)
	=	0.316955	/	0.280182
	=	1.1312

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 - (1999737.972 + 1601637.303) / 4291871.983)	/	(1 - (1884103.505 + 1574157.411) / 4193156.977)
	=	0.160885	/	0.175261
	=	0.918

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
	=	1048359.403	/	1186637.422
	=	0.8835

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))
	=	(119996.505 / (119996.505 + 1574157.411))	/	(131341.521 / (131341.521 + 1601637.303))
	=	0.07083	/	0.075789
	=	0.9346

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)
	=	(67948.104 / 1048359.403)	/	(59704.264 / 1186637.422)
	=	0.064814	/	0.050314
	=	1.2882

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 + 201538.951) / 4291871.983)	/	((0 + 219290.849) / 4193156.977)
	=	0.046958	/	0.052297
	=	0.8979

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
	=	(210617.542 - 0	-	177252.976)	/	4291871.983
	=	0.007774

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.

Dong Phu Rubber JSC has a M-score of -1.92 suggests that the company is unlikely to be a manipulator.

Dong Phu Rubber JSC Beneish M-Score Related Terms

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Dong Phu Rubber JSC (STC:DPR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Dong Phu Rubber JSC (STC:DPR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Thuan Phu Ward, Dong Phu District, Binh Phuoc, VNM

Website

http://www.doruco.com.vn

Dong Phu Rubber JSC is a Vietnam based company involved in the rubber industry. It is engaged in the operation of rubber plantations in Vietnam. The company offers its rubber products to the automobile industry for tires and other industries. The products offered by the organization involves SVR CV50, SCR20, SVR10, Latex and SVR 3L.

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