Vinacomin - Power Holding (HSTC:DTK) Beneish M-Score : -2.86 (As of Dec. 16, 2024)

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What is Vinacomin - Power 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 -2.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Vinacomin - Power Holding's Beneish M-Score or its related term are showing as below:

HSTC:DTK' s Beneish M-Score Range Over the Past 10 Years
Min: -2.86 Med: -2.41 Max: -1.97
Current: -2.86

During the past 3 years, the highest Beneish M-Score of Vinacomin - Power Holding was -1.97. The lowest was -2.86. And the median was -2.41.

Vinacomin - Power Holding Beneish M-Score Historical Data

The historical data trend for Vinacomin - Power 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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Vinacomin - Power Holding Beneish M-Score Chart

Vinacomin - Power Holding Annual Data

Trend

Dec21

Dec22

Dec23

Beneish M-Score

-2.41

Vinacomin - Power Holding Quarterly Data
	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial						-	-	-1.97	-2.41	-2.86

Competitive Comparison of Vinacomin - Power Holding's Beneish M-Score

For the Utilities - Renewable subindustry, Vinacomin - Power 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.

Vinacomin - Power Holding's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Vinacomin - Power Holding's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Vinacomin - Power Holding's Beneish M-Score falls into.

Vinacomin - Power 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 Vinacomin - Power 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 * 0.8403

0.528 * 1.1534

0.404 * 1.0474

0.892 * 1.1721

0.115 * 1.1243

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.988

4.679 * -0.112829

0.327 * 0.9391

-2.86

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₫4,105,254 Mil.
Revenue was 3191864.79 + 3473653.918 + 2485889.848 + 2985093.434 = ₫12,136,502 Mil.
Gross Profit was 393872.177 + 291151.474 + 106880.409 + 383921.42 = ₫1,175,825 Mil.
Total Current Assets was ₫5,666,297 Mil.
Total Assets was ₫16,443,848 Mil.
Property, Plant and Equipment(Net PPE) was ₫9,384,901 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫1,493,223 Mil.
Selling, General, & Admin. Expense(SGA) was ₫287,103 Mil.
Total Current Liabilities was ₫6,385,551 Mil.
Long-Term Debt & Capital Lease Obligation was ₫1,259,703 Mil.
Net Income was 226887.888 + 119079.183 + -44376.004 + 173789.014 = ₫475,380 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 442328.581 + 545803.6 + 101758.57 + 1240836.739 = ₫2,330,727 Mil.

Total Receivables was ₫4,168,294 Mil.
Revenue was 2905136.288 + 2412633.94 + 2182973.549 + 2853683.816 = ₫10,354,428 Mil.
Gross Profit was 472423.31 + -99324.127 + 371175.54 + 412777.018 = ₫1,157,052 Mil.
Total Current Assets was ₫5,261,847 Mil.
Total Assets was ₫17,464,010 Mil.
Property, Plant and Equipment(Net PPE) was ₫10,790,036 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫1,969,222 Mil.
Selling, General, & Admin. Expense(SGA) was ₫247,912 Mil.
Total Current Liabilities was ₫6,208,619 Mil.
Long-Term Debt & Capital Lease Obligation was ₫2,437,511 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)
	=	(4105253.674 / 12136501.99)	/	(4168293.642 / 10354427.593)
	=	0.338257	/	0.402561
	=	0.8403

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)
	=	(1157051.741 / 10354427.593)	/	(1175825.48 / 12136501.99)
	=	0.111745	/	0.096883
	=	1.1534

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 - (5666296.7 + 9384900.998) / 16443847.652)	/	(1 - (5261846.59 + 10790035.719) / 17464009.619)
	=	0.084691	/	0.080859
	=	1.0474

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
	=	12136501.99	/	10354427.593
	=	1.1721

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))
	=	(1969222.086 / (1969222.086 + 10790035.719))	/	(1493223.202 / (1493223.202 + 9384900.998))
	=	0.154337	/	0.137268
	=	1.1243

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)
	=	(287102.567 / 12136501.99)	/	(247911.665 / 10354427.593)
	=	0.023656	/	0.023943
	=	0.988

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)
	=	((1259702.834 + 6385550.893) / 16443847.652)	/	((2437510.957 + 6208619.211) / 17464009.619)
	=	0.464931	/	0.495083
	=	0.9391

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
	=	(475380.081 - 0	-	2330727.49)	/	16443847.652
	=	-0.112829

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.

Vinacomin - Power Holding has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.

Vinacomin - Power Holding Beneish M-Score Related Terms

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Vinacomin - Power Holding Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Independent Power Producers » Vinacomin - Power Holding Corp (HSTC:DTK) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No 78 Duy Tan street, Dich Vong Hiep ward, 2 floor, Sannam building, Cau Giay district, Ha Noi, VNM

Website

http://www.vinacominpower.vn

Vinacomin - Power Holding Corp is engaged in production, transmission, and selling of electricity. The company invests, constructs, exploits and operates thermal power plants, hydropower plants, electricity using new energy, renewable energy and power grids, power supply systems.

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