Construction No.1 JSC Beneish M-Score Historical Data
The historical data trend for Construction No.1 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.
Construction No.1 JSC Beneish M-Score Chart
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Construction No.1 JSC Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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- |
- |
- |
-1.77 |
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Construction No.1 JSC Quarterly Data
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Dec19 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.56 |
-3.39 |
-3.23 |
-2.77 |
-2.33 |
Competitive Comparison of Construction No.1 JSC's Beneish M-Score
For the Engineering & Construction subindustry, Construction No.1 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.
Construction No.1 JSC's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Construction No.1 JSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Construction No.1 JSC's Beneish M-Score falls into.
Construction No.1 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 Construction No.1 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 * 0.6377 | + | 0.528 * 1.8842 | + | 0.404 * 1.0484 | + | 0.892 * 1.4964 | + | 0.115 * 1.1659 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.194 | + | 4.679 * -0.096263 | - | 0.327 * 0.9486 |
| = | -2.33 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ₫1,817,321 Mil.
Revenue was 2260007.775 + 2249438.1 + 1395216.988 + 2559619.055 = ₫8,464,282 Mil.
Gross Profit was 83488.114 + 157123.42 + 79524.938 + 32886.206 = ₫353,023 Mil.
Total Current Assets was ₫10,735,883 Mil.
Total Assets was ₫16,880,906 Mil.
Property, Plant and Equipment(Net PPE) was ₫2,946,819 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫50,464 Mil.
Selling, General, & Admin. Expense(SGA) was ₫106,838 Mil.
Total Current Liabilities was ₫8,736,000 Mil.
Long-Term Debt & Capital Lease Obligation was ₫2,268,037 Mil.
Net Income was 28975.308 + 26235.044 + 8958.689 + 181965.647 = ₫246,135 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -232750.293 + -1100582.396 + -682603.222 + 3887080.569 = ₫1,871,145 Mil.
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Total Receivables was ₫1,904,351 Mil.
Revenue was 1269769.986 + 1236068.526 + 545808.585 + 2604837.247 = ₫5,656,484 Mil.
Gross Profit was 132664.811 + 108824.912 + 54194.806 + 148837.772 = ₫444,522 Mil.
Total Current Assets was ₫9,236,041 Mil.
Total Assets was ₫14,513,272 Mil.
Property, Plant and Equipment(Net PPE) was ₫2,654,591 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫53,155 Mil.
Selling, General, & Admin. Expense(SGA) was ₫59,796 Mil.
Total Current Liabilities was ₫5,372,931 Mil.
Long-Term Debt & Capital Lease Obligation was ₫4,600,581 Mil.
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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) |
| = | (1817321.477 / 8464281.918) | / | (1904350.751 / 5656484.344) |
| = | 0.214705 | / | 0.336667 |
| | = | 0.6377 |
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) |
| = | (444522.301 / 5656484.344) | / | (353022.678 / 8464281.918) |
| = | 0.078586 | / | 0.041707 |
| | = | 1.8842 |
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 - (10735882.506 + 2946819.012) / 16880905.561) | / | (1 - (9236040.944 + 2654591.075) / 14513272.426) |
| = | 0.189457 | / | 0.180706 |
| | = | 1.0484 |
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 |
| = | 8464281.918 | / | 5656484.344 |
| | = | 1.4964 |
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)) |
| = | (53155.308 / (53155.308 + 2654591.075)) | / | (50464.127 / (50464.127 + 2946819.012)) |
| = | 0.019631 | / | 0.016837 |
| | = | 1.1659 |
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) |
| = | (106838.085 / 8464281.918) | / | (59796.367 / 5656484.344) |
| = | 0.012622 | / | 0.010571 |
| | = | 1.194 |
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) |
| = | ((2268036.65 + 8735999.593) / 16880905.561) | / | ((4600580.877 + 5372930.754) / 14513272.426) |
| = | 0.651863 | / | 0.687199 |
| | = | 0.9486 |
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 |
| = | (246134.688 - 0 | - | 1871144.658) | / | 16880905.561 |
| | = | -0.096263 |
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.
Construction No.1 JSC has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.
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