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.
Vinacomin - Power Holding Beneish M-Score Chart
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Vinacomin - Power Holding Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.41 |
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Vinacomin - Power Holding Quarterly Data
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Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-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:
| M | = | -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 |
* 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 (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.
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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.
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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) |
| = | (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.
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