GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » Ba Ria - Vung Tau Water Supply JSC (HSTC:BWS) » Definitions » Beneish M-Score

Ba Ria - Vung Tau Water Supply JSC (HSTC:BWS) Beneish M-Score : -3.83 (As of Jun. 17, 2025)


View and export this data going back to 2017. Start your Free Trial

What is Ba Ria - Vung Tau Water Supply 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 -3.83 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Ba Ria - Vung Tau Water Supply JSC's Beneish M-Score or its related term are showing as below:

HSTC:BWS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.83   Med: -3.24   Max: -2.65
Current: -3.83

During the past 4 years, the highest Beneish M-Score of Ba Ria - Vung Tau Water Supply JSC was -2.65. The lowest was -3.83. And the median was -3.24.


Ba Ria - Vung Tau Water Supply JSC Beneish M-Score Historical Data

The historical data trend for Ba Ria - Vung Tau Water Supply 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.

* Premium members only.

Ba Ria - Vung Tau Water Supply JSC Beneish M-Score Chart

Ba Ria - Vung Tau Water Supply JSC Annual Data
Trend Dec21 Dec22 Dec23 Dec24
Beneish M-Score
- - -2.65 -3.83

Ba Ria - Vung Tau Water Supply JSC Quarterly Data
Mar21 Jun21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.65 - -2.98 -3.88 -3.83

Competitive Comparison of Ba Ria - Vung Tau Water Supply JSC's Beneish M-Score

For the Utilities - Regulated Water subindustry, Ba Ria - Vung Tau Water Supply 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.


Ba Ria - Vung Tau Water Supply JSC's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Ba Ria - Vung Tau Water Supply JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Ba Ria - Vung Tau Water Supply JSC's Beneish M-Score falls into.


;
;

Ba Ria - Vung Tau Water Supply 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 Ba Ria - Vung Tau Water Supply JSC for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.2039+0.528 * 0.8921+0.404 * 1.1475+0.892 * 1.0943+0.115 * 1.1287
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3331+4.679 * -0.039343-0.327 * 2.4712
=-3.83

* 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.

This Year (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was ₫11,472 Mil.
Revenue was 178002.39 + 186036.554 + 195547.304 + 187266.82 = ₫746,853 Mil.
Gross Profit was 100286.552 + 112632.582 + 115851.201 + 110091.952 = ₫438,862 Mil.
Total Current Assets was ₫367,364 Mil.
Total Assets was ₫1,261,028 Mil.
Property, Plant and Equipment(Net PPE) was ₫790,992 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫98,292 Mil.
Selling, General, & Admin. Expense(SGA) was ₫56,772 Mil.
Total Current Liabilities was ₫190,085 Mil.
Long-Term Debt & Capital Lease Obligation was ₫3,932 Mil.
Net Income was 46330.747 + 75927.185 + 78068.228 + 67465.009 = ₫267,791 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 251588.215 + -14828.892 + -21015.654 + 101659.668 = ₫317,403 Mil.
Total Receivables was ₫51,415 Mil.
Revenue was 161601.93 + 173261.949 + 182100.192 + 165536.885 = ₫682,501 Mil.
Gross Profit was 79672.195 + 91951.736 + 97869.859 + 88289.605 = ₫357,783 Mil.
Total Current Assets was ₫237,649 Mil.
Total Assets was ₫1,114,042 Mil.
Property, Plant and Equipment(Net PPE) was ₫797,350 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫113,657 Mil.
Selling, General, & Admin. Expense(SGA) was ₫38,918 Mil.
Total Current Liabilities was ₫65,114 Mil.
Long-Term Debt & Capital Lease Obligation was ₫4,246 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)
=(11472.42 / 746853.068) / (51414.755 / 682500.956)
=0.015361 / 0.075333
=0.2039

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)
=(357783.395 / 682500.956) / (438862.287 / 746853.068)
=0.524224 / 0.587615
=0.8921

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 - (367364.468 + 790992.2) / 1261027.608) / (1 - (237648.617 + 797349.554) / 1114042.052)
=0.081418 / 0.070952
=1.1475

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
=746853.068 / 682500.956
=1.0943

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))
=(113656.577 / (113656.577 + 797349.554)) / (98292.131 / (98292.131 + 790992.2))
=0.124759 / 0.110529
=1.1287

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)
=(56771.666 / 746853.068) / (38917.709 / 682500.956)
=0.076015 / 0.057022
=1.3331

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)
=((3931.641 + 190085.49) / 1261027.608) / ((4246.172 + 65113.58) / 1114042.052)
=0.153856 / 0.06226
=2.4712

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
=(267791.169 - 0 - 317403.337) / 1261027.608
=-0.039343

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.

Ba Ria - Vung Tau Water Supply JSC has a M-score of -3.83 suggests that the company is unlikely to be a manipulator.


Ba Ria - Vung Tau Water Supply JSC Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Ba Ria - Vung Tau Water Supply JSC's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Ba Ria - Vung Tau Water Supply JSC Business Description

Traded in Other Exchanges
N/A
Address
No. 14 - Street 30/4, Ward 9, Vung Tau, Vung Tau, VNM
Ba Ria - Vung Tau Water Supply JSC is engaged in the production and supply of clean water. It provides Installation and repair services for new household water meters. The company is also engaged in the purchase and sale of specialized water supply and drainage products, and Design water supply and drainage construction.

Ba Ria - Vung Tau Water Supply JSC Headlines

No Headlines