DAP-VINACHEM JSC Beneish M-Score Historical Data
The historical data trend for DAP-VINACHEM 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.
DAP-VINACHEM JSC Beneish M-Score Chart
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DAP-VINACHEM JSC Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
5.42 |
-4.55 |
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DAP-VINACHEM JSC Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.82 |
-4.55 |
-3.89 |
-4.20 |
-3.88 |
Competitive Comparison of DAP-VINACHEM JSC's Beneish M-Score
For the Agricultural Inputs subindustry, DAP-VINACHEM 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.
DAP-VINACHEM JSC's Beneish M-Score Distribution in the Agriculture Industry
For the Agriculture industry and Basic Materials sector, DAP-VINACHEM JSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DAP-VINACHEM JSC's Beneish M-Score falls into.
DAP-VINACHEM 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 DAP-VINACHEM 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 * 0.8326 | + | 0.528 * 0.4775 | + | 0.404 * 0.4888 | + | 0.892 * 1.0294 | + | 0.115 * 0.8195 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0555 | + | 4.679 * -0.15453 | - | 0.327 * 1.103 |
| = | -3.88 |
* 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 ₫34,530 Mil.
Revenue was 754554.092 + 936209.212 + 777547.505 + 806912.191 = ₫3,275,223 Mil.
Gross Profit was 66896.61 + 110328.276 + 68027.696 + 118923.354 = ₫364,176 Mil.
Total Current Assets was ₫1,592,379 Mil.
Total Assets was ₫2,105,118 Mil.
Property, Plant and Equipment(Net PPE) was ₫492,770 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫158,446 Mil.
Selling, General, & Admin. Expense(SGA) was ₫127,783 Mil.
Total Current Liabilities was ₫383,689 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was 20319.38 + 64014.8 + 26365.755 + 61230.082 = ₫171,930 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 178778.829 + 105367.729 + 92092.628 + 120994.011 = ₫497,233 Mil.
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Total Receivables was ₫40,285 Mil.
Revenue was 822631.262 + 814402.159 + 737089.388 + 807578.81 = ₫3,181,702 Mil.
Gross Profit was 64784.766 + 34621.195 + 41503.773 + 28025.098 = ₫168,935 Mil.
Total Current Assets was ₫1,302,579 Mil.
Total Assets was ₫1,964,730 Mil.
Property, Plant and Equipment(Net PPE) was ₫624,026 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫155,414 Mil.
Selling, General, & Admin. Expense(SGA) was ₫117,609 Mil.
Total Current Liabilities was ₫324,676 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 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) |
| = | (34529.821 / 3275223) | / | (40285.214 / 3181701.619) |
| = | 0.010543 | / | 0.012662 |
| | = | 0.8326 |
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) |
| = | (168934.832 / 3181701.619) | / | (364175.936 / 3275223) |
| = | 0.053096 | / | 0.111191 |
| | = | 0.4775 |
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 - (1592379.212 + 492770.21) / 2105118.029) | / | (1 - (1302579.195 + 624025.602) / 1964729.788) |
| = | 0.009486 | / | 0.019405 |
| | = | 0.4888 |
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 |
| = | 3275223 | / | 3181701.619 |
| | = | 1.0294 |
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)) |
| = | (155414.223 / (155414.223 + 624025.602)) | / | (158445.621 / (158445.621 + 492770.21)) |
| = | 0.199392 | / | 0.243307 |
| | = | 0.8195 |
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) |
| = | (127783.28 / 3275223) | / | (117608.957 / 3181701.619) |
| = | 0.039015 | / | 0.036964 |
| | = | 1.0555 |
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 + 383689.387) / 2105118.029) | / | ((0 + 324676.284) / 1964729.788) |
| = | 0.182265 | / | 0.165252 |
| | = | 1.103 |
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 |
| = | (171930.017 - 0 | - | 497233.197) | / | 2105118.029 |
| | = | -0.15453 |
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.
DAP-VINACHEM JSC has a M-score of -3.88 suggests that the company is unlikely to be a manipulator.
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