Viet Nam Pharmaceutical - JSC (HSTC:DVN) Beneish M-Score : -1.97 (As of Apr. 05, 2025)

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What is Viet Nam Pharmaceutical - 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 -1.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Viet Nam Pharmaceutical - JSC's Beneish M-Score or its related term are showing as below:

HSTC:DVN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.61 Med: -2.27 Max: -1.97
Current: -1.97

During the past 5 years, the highest Beneish M-Score of Viet Nam Pharmaceutical - JSC was -1.97. The lowest was -2.61. And the median was -2.27.

Viet Nam Pharmaceutical - JSC Beneish M-Score Historical Data

The historical data trend for Viet Nam Pharmaceutical - 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.

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Viet Nam Pharmaceutical - JSC Beneish M-Score Chart

Viet Nam Pharmaceutical - JSC Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-2.58

-2.19

Viet Nam Pharmaceutical - JSC Quarterly Data
	Dec19	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial												-2.35	-2.19	-2.24	-2.00	-1.97

Competitive Comparison of Viet Nam Pharmaceutical - JSC's Beneish M-Score

For the Drug Manufacturers - Specialty & Generic subindustry, Viet Nam Pharmaceutical - 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.

Viet Nam Pharmaceutical - JSC's Beneish M-Score Distribution in the Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Viet Nam Pharmaceutical - JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Viet Nam Pharmaceutical - JSC's Beneish M-Score falls into.

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Viet Nam Pharmaceutical - 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 Viet Nam Pharmaceutical - JSC 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 * 0.9769

0.528 * 1.0396

0.404 * 0.9464

0.892 * 1.0466

0.115 * 0.8696

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8154

4.679 * 0.09933

0.327 * 0.9779

-1.97

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₫1,523,984 Mil.
Revenue was 1219685.421 + 1533842.371 + 1194839.481 + 1762357.588 = ₫5,710,725 Mil.
Gross Profit was 129100.361 + 156190.103 + 154273.133 + 161860 = ₫601,424 Mil.
Total Current Assets was ₫4,086,096 Mil.
Total Assets was ₫6,162,096 Mil.
Property, Plant and Equipment(Net PPE) was ₫180,602 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫30,060 Mil.
Selling, General, & Admin. Expense(SGA) was ₫307,566 Mil.
Total Current Liabilities was ₫2,730,024 Mil.
Long-Term Debt & Capital Lease Obligation was ₫30,594 Mil.
Net Income was 60031.346 + 249011.545 + 80658.201 + 54350.208 = ₫444,051 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 12125.13 + -87754.864 + -14182.609 + -78220.282 = ₫-168,033 Mil.

Total Receivables was ₫1,490,583 Mil.
Revenue was 1270839.986 + 1320638.52 + 1229133.403 + 1636077.326 = ₫5,456,689 Mil.
Gross Profit was 160427.474 + 139239.755 + 136932.702 + 160842.68 = ₫597,443 Mil.
Total Current Assets was ₫3,671,205 Mil.
Total Assets was ₫5,723,763 Mil.
Property, Plant and Equipment(Net PPE) was ₫192,186 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫27,227 Mil.
Selling, General, & Admin. Expense(SGA) was ₫360,417 Mil.
Total Current Liabilities was ₫2,589,037 Mil.
Long-Term Debt & Capital Lease Obligation was ₫33,048 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)
	=	(1523984.458 / 5710724.861)	/	(1490583.415 / 5456689.235)
	=	0.266864	/	0.273166
	=	0.9769

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)
	=	(597442.611 / 5456689.235)	/	(601423.597 / 5710724.861)
	=	0.109488	/	0.105315
	=	1.0396

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 - (4086096.214 + 180601.996) / 6162095.581)	/	(1 - (3671205.413 + 192186.112) / 5723763.308)
	=	0.30759	/	0.325026
	=	0.9464

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
	=	5710724.861	/	5456689.235
	=	1.0466

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))
	=	(27227.12 / (27227.12 + 192186.112))	/	(30060.263 / (30060.263 + 180601.996))
	=	0.124091	/	0.142694
	=	0.8696

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)
	=	(307565.729 / 5710724.861)	/	(360416.85 / 5456689.235)
	=	0.053858	/	0.06605
	=	0.8154

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)
	=	((30594.354 + 2730024.116) / 6162095.581)	/	((33047.94 + 2589037.066) / 5723763.308)
	=	0.448	/	0.458105
	=	0.9779

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
	=	(444051.3 - 0	-	-168032.625)	/	6162095.581
	=	0.09933

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.

Viet Nam Pharmaceutical - JSC has a M-score of -1.97 suggests that the company is unlikely to be a manipulator.

Viet Nam Pharmaceutical - JSC Beneish M-Score Related Terms

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Viet Nam Pharmaceutical - JSC Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Drug Manufacturers » Viet Nam Pharmaceutical Corp - JSC (HSTC:DVN) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

12 Ngo Tat To, Van Mieu Ward, Dong Da District, Hanoi, VNM

Website

http://www.vinapharm.com.vn

Viet Nam Pharmaceutical Corp - JSC is engaged in the manufacturing of drugs. The company provides testing services for drugs and medicinal ingredients.