Sao Ta Foods JSC (STC:FMC) Beneish M-Score : -1.64 (As of Jun. 14, 2024)

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What is Sao Ta Foods 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.

Warning Sign:

Beneish M-Score -1.64 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Sao Ta Foods JSC's Beneish M-Score or its related term are showing as below:

STC:FMC' s Beneish M-Score Range Over the Past 10 Years
Min: -2.74 Med: -1.87 Max: -0.82
Current: -1.64

During the past 6 years, the highest Beneish M-Score of Sao Ta Foods JSC was -0.82. The lowest was -2.74. And the median was -1.87.

Sao Ta Foods JSC Beneish M-Score Historical Data

The historical data trend for Sao Ta Foods 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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Sao Ta Foods JSC Beneish M-Score Chart

Sao Ta Foods JSC Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-0.82

-2.49

-2.32

-1.33

Sao Ta Foods 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															-2.33	-1.49	-1.59	-1.33	-1.64

Competitive Comparison of Sao Ta Foods JSC's Beneish M-Score

For the Packaged Foods subindustry, Sao Ta Foods 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.

Sao Ta Foods JSC's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Sao Ta Foods JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sao Ta Foods JSC's Beneish M-Score falls into.

Sao Ta Foods 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 Sao Ta Foods 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 * 1.8682

0.528 * 1.1934

0.404 * 0.8773

0.892 * 1.0292

0.115 * 0.6853

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7131

4.679 * 0.018747

0.327 * 1.4151

-1.64

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₫501,751 Mil.
Revenue was 1460715.079 + 1252775.224 + 1793409.82 + 1032765.421 = ₫5,539,666 Mil.
Gross Profit was 96353.846 + 139866.939 + 184015.634 + 87563.244 = ₫507,800 Mil.
Total Current Assets was ₫2,321,950 Mil.
Total Assets was ₫3,503,170 Mil.
Property, Plant and Equipment(Net PPE) was ₫900,206 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫162,696 Mil.
Selling, General, & Admin. Expense(SGA) was ₫170,740 Mil.
Total Current Liabilities was ₫1,201,425 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was 49697.874 + 82413.64 + 81580.025 + 71138.11 = ₫284,830 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 19555.362 + 789212.069 + -186992.331 + -402618.767 = ₫219,156 Mil.

Total Receivables was ₫260,956 Mil.
Revenue was 1008442.535 + 1210440.627 + 1752489.909 + 1411093.679 = ₫5,382,467 Mil.
Gross Profit was 80495.775 + 152244.861 + 190860.912 + 165198.935 = ₫588,800 Mil.
Total Current Assets was ₫1,660,105 Mil.
Total Assets was ₫2,815,092 Mil.
Property, Plant and Equipment(Net PPE) was ₫897,591 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫105,196 Mil.
Selling, General, & Admin. Expense(SGA) was ₫232,636 Mil.
Total Current Liabilities was ₫682,239 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)
	=	(501750.926 / 5539665.544)	/	(260955.969 / 5382466.75)
	=	0.090574	/	0.048483
	=	1.8682

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)
	=	(588800.483 / 5382466.75)	/	(507799.663 / 5539665.544)
	=	0.109392	/	0.091666
	=	1.1934

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 - (2321950.196 + 900205.995) / 3503169.558)	/	(1 - (1660104.756 + 897591.337) / 2815091.918)
	=	0.080217	/	0.091434
	=	0.8773

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
	=	5539665.544	/	5382466.75
	=	1.0292

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))
	=	(105195.822 / (105195.822 + 897591.337))	/	(162695.858 / (162695.858 + 900205.995))
	=	0.104903	/	0.153068
	=	0.6853

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)
	=	(170739.885 / 5539665.544)	/	(232635.921 / 5382466.75)
	=	0.030821	/	0.043221
	=	0.7131

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 + 1201425.238) / 3503169.558)	/	((0 + 682238.767) / 2815091.918)
	=	0.342954	/	0.24235
	=	1.4151

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
	=	(284829.649 - 0	-	219156.333)	/	3503169.558
	=	0.018747

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.

Sao Ta Foods JSC has a M-score of -1.64 signals that the company is likely to be a manipulator.

Sao Ta Foods JSC Beneish M-Score Related Terms

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Sao Ta Foods JSC (STC:FMC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Sao Ta Foods JSC (STC:FMC) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Km 2132 National Highway 1A, Ward 2, Soc Trang town, Soc Trang, VNM

Website

https://www.fimexvn.com

Sao Ta Foods JSC is engaged in processing and exporting frozen shrimps. It offers raw, cooked, and breaded shrimps; nobashi vannamei and black tiger shrimp products; and frozen vegetables to restaurant and distribution chains.