Thanh Thanh Cong � Bien Hoa JSC (STC:SBT) Beneish M-Score : -2.48 (As of May. 21, 2024)

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What is Thanh Thanh Cong � Bien Hoa 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.

The historical rank and industry rank for Thanh Thanh Cong � Bien Hoa JSC's Beneish M-Score or its related term are showing as below:

STC:SBT' s Beneish M-Score Range Over the Past 10 Years
Min: -2.9 Med: -2.03 Max: 0.81
Current: -2.48

During the past 13 years, the highest Beneish M-Score of Thanh Thanh Cong � Bien Hoa JSC was 0.81. The lowest was -2.90. And the median was -2.03.

Thanh Thanh Cong � Bien Hoa JSC Beneish M-Score Historical Data

The historical data trend for Thanh Thanh Cong � Bien Hoa 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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Thanh Thanh Cong � Bien Hoa JSC Beneish M-Score Chart

Thanh Thanh Cong � Bien Hoa JSC Annual Data

Trend

Dec13

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

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-2.74

-2.50

-2.13

-1.74

-2.32

Thanh Thanh Cong � Bien Hoa 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															-1.66	-2.32	-2.27	-1.99	-2.48

Competitive Comparison of Thanh Thanh Cong � Bien Hoa JSC's Beneish M-Score

For the Confectioners subindustry, Thanh Thanh Cong � Bien Hoa 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.

Thanh Thanh Cong � Bien Hoa JSC's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Thanh Thanh Cong � Bien Hoa JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Thanh Thanh Cong � Bien Hoa JSC's Beneish M-Score falls into.

Thanh Thanh Cong � Bien Hoa 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 Thanh Thanh Cong � Bien Hoa 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 * 1.3161

0.528 * 0.8672

0.404 * 0.8385

0.892 * 1.1235

0.115 * 1.0183

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3742

4.679 * -0.04429

0.327 * 0.9821

-2.48

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₫4,806,590 Mil.
Revenue was 6159195.934 + 7020044.536 + 6366498.506 + 6796828.054 = ₫26,342,567 Mil.
Gross Profit was 785416.779 + 744830.827 + 696870.03 + 865680.364 = ₫3,092,798 Mil.
Total Current Assets was ₫24,306,122 Mil.
Total Assets was ₫34,198,412 Mil.
Property, Plant and Equipment(Net PPE) was ₫3,580,737 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫571,523 Mil.
Selling, General, & Admin. Expense(SGA) was ₫634,018 Mil.
Total Current Liabilities was ₫19,671,136 Mil.
Long-Term Debt & Capital Lease Obligation was ₫1,799,858 Mil.
Net Income was 204351.792 + 142502.184 + 194787.958 + 66672.792 = ₫608,315 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -469894.267 + 213155.451 + -173328.833 + 2553023.66 = ₫2,122,956 Mil.

Total Receivables was ₫3,250,879 Mil.
Revenue was 5710188.231 + 6927141.041 + 5308956.101 + 5501507.975 = ₫23,447,793 Mil.
Gross Profit was 659327.997 + 530016.876 + 665835.553 + 532074.564 = ₫2,387,255 Mil.
Total Current Assets was ₫19,478,013 Mil.
Total Assets was ₫29,716,064 Mil.
Property, Plant and Equipment(Net PPE) was ₫3,697,536 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫602,755 Mil.
Selling, General, & Admin. Expense(SGA) was ₫410,671 Mil.
Total Current Liabilities was ₫16,651,196 Mil.
Long-Term Debt & Capital Lease Obligation was ₫2,345,474 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)
	=	(4806590.029 / 26342567.03)	/	(3250879.455 / 23447793.348)
	=	0.182465	/	0.138643
	=	1.3161

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)
	=	(2387254.99 / 23447793.348)	/	(3092798 / 26342567.03)
	=	0.101811	/	0.117407
	=	0.8672

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 - (24306121.751 + 3580737.341) / 34198411.623)	/	(1 - (19478013.453 + 3697536.246) / 29716063.572)
	=	0.184557	/	0.2201
	=	0.8385

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
	=	26342567.03	/	23447793.348
	=	1.1235

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))
	=	(602755.278 / (602755.278 + 3697536.246))	/	(571523.385 / (571523.385 + 3580737.341))
	=	0.140166	/	0.137641
	=	1.0183

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)
	=	(634017.933 / 26342567.03)	/	(410670.583 / 23447793.348)
	=	0.024068	/	0.017514
	=	1.3742

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)
	=	((1799858.098 + 19671136.185) / 34198411.623)	/	((2345473.969 + 16651195.934) / 29716063.572)
	=	0.627836	/	0.639273
	=	0.9821

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
	=	(608314.726 - 0	-	2122956.011)	/	34198411.623
	=	-0.04429

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.

Thanh Thanh Cong � Bien Hoa JSC has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.

Thanh Thanh Cong � Bien Hoa JSC Beneish M-Score Related Terms

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Thanh Thanh Cong � Bien Hoa JSC (STC:SBT) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Thanh Thanh Cong � Bien Hoa JSC (STC:SBT) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Tan Hung commune, Tay Ninh Province, Tan Chau, VNM

Website

http://www.ttcsugar.com.vn

Thanh Thanh Cong - Bien Hoa JSC is a Vietnamese company engaged in the production and trading sugar and by-products. The company is also involved in producing and trading fertilizers and agricultural materials, construction of industrial park infrastructure, building supermarkets, restaurants, and hotels. It produces commercial electricity and electricity for self-use from bagasse and/or coal.