Kinh Bac City Development Holding (STC:KBC) Beneish M-Score : -3.11 (As of May. 16, 2024)

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What is Kinh Bac City Development Holding 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 -3.11 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Kinh Bac City Development Holding's Beneish M-Score or its related term are showing as below:

STC:KBC' s Beneish M-Score Range Over the Past 10 Years
Min: -6.29 Med: -1.76 Max: 10.51
Current: -3.11

During the past 13 years, the highest Beneish M-Score of Kinh Bac City Development Holding was 10.51. The lowest was -6.29. And the median was -1.76.

Kinh Bac City Development Holding Beneish M-Score Historical Data

The historical data trend for Kinh Bac City Development Holding'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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Kinh Bac City Development Holding Beneish M-Score Chart

Kinh Bac City Development Holding Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.64

-1.27

-1.17

1.74

0.65

Kinh Bac City Development Holding 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															-1.98	-2.35	-2.45	0.65	-3.11

Competitive Comparison of Kinh Bac City Development Holding's Beneish M-Score

For the Real Estate Services subindustry, Kinh Bac City Development Holding'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.

Kinh Bac City Development Holding's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Kinh Bac City Development Holding's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Kinh Bac City Development Holding's Beneish M-Score falls into.

Kinh Bac City Development Holding 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 Kinh Bac City Development Holding 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 * 0.7018

0.528 * 0.9822

0.404 * 1.0246

0.892 * 1.3232

0.115 * 0.6824

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0113

4.679 * -0.151688

0.327 * 0.6854

-3.11

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₫4,758,987 Mil.
Revenue was 152333.632 + 820559.715 + 247180.07 + 2051205.245 = ₫3,271,279 Mil.
Gross Profit was 73906.21 + 385945.104 + 110871.714 + 1492536.285 = ₫2,063,259 Mil.
Total Current Assets was ₫30,806,515 Mil.
Total Assets was ₫39,337,400 Mil.
Property, Plant and Equipment(Net PPE) was ₫935,498 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫143,873 Mil.
Selling, General, & Admin. Expense(SGA) was ₫549,708 Mil.
Total Current Liabilities was ₫6,606,427 Mil.
Long-Term Debt & Capital Lease Obligation was ₫3,534,245 Mil.
Net Income was -85698 + 105212.636 + 13818.391 + 711149.106 = ₫744,482 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 5143617.493 + 600459.877 + -106712.967 + 1074144.131 = ₫6,711,509 Mil.

Total Receivables was ₫5,124,807 Mil.
Revenue was 2213586.188 + -338263.19 + 203234.208 + 393668.358 = ₫2,472,226 Mil.
Gross Profit was 1544843.2 + -294559.539 + 97251.533 + 183967.62 = ₫1,531,503 Mil.
Total Current Assets was ₫27,625,749 Mil.
Total Assets was ₫35,093,054 Mil.
Property, Plant and Equipment(Net PPE) was ₫854,049 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫85,453 Mil.
Selling, General, & Admin. Expense(SGA) was ₫410,809 Mil.
Total Current Liabilities was ₫10,218,061 Mil.
Long-Term Debt & Capital Lease Obligation was ₫2,979,992 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)
	=	(4758987.382 / 3271278.662)	/	(5124807.185 / 2472225.564)
	=	1.454779	/	2.072953
	=	0.7018

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)
	=	(1531502.814 / 2472225.564)	/	(2063259.313 / 3271278.662)
	=	0.619483	/	0.63072
	=	0.9822

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 - (30806515.153 + 935497.877) / 39337399.823)	/	(1 - (27625748.934 + 854049.326) / 35093053.894)
	=	0.193083	/	0.188449
	=	1.0246

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
	=	3271278.662	/	2472225.564
	=	1.3232

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))
	=	(85452.716 / (85452.716 + 854049.326))	/	(143872.72 / (143872.72 + 935497.877))
	=	0.090955	/	0.133293
	=	0.6824

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)
	=	(549707.677 / 3271278.662)	/	(410809.063 / 2472225.564)
	=	0.168041	/	0.16617
	=	1.0113

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)
	=	((3534244.956 + 6606427.472) / 39337399.823)	/	((2979992.012 + 10218060.541) / 35093053.894)
	=	0.257787	/	0.376087
	=	0.6854

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
	=	(744482.133 - 0	-	6711508.534)	/	39337399.823
	=	-0.151688

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.

Kinh Bac City Development Holding has a M-score of -3.11 suggests that the company is unlikely to be a manipulator.

Kinh Bac City Development Holding Beneish M-Score Related Terms

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Kinh Bac City Development Holding (STC:KBC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Kinh Bac City Development Holding Corp (STC:KBC) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Lot B7, Que Vo Industrial Park, Phuong Lieu Commune, Que Vo District, Bac Ninh Province, Hanoi, VNM

Website

https://www.kinhbaccity.vn

Kinh Bac City Development Holding Corp is a real estate company. It is engaged in the investment, construction, development, and management of infrastructure projects such as industrial parks, offices, trade centers, hotels, and finance and other projects. The company generates revenue in the form of land lease, leasing and sales of premises, warehousing, clean water supply, electricity, wastewater treatment, non-service, and transferring real estate. The company operates only in Vietnam.

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