Ton Dong A (HSTC:GDA) Beneish M-Score : -2.50 (As of Jan. 18, 2025)

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What is Ton Dong A 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 -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Ton Dong A's Beneish M-Score or its related term are showing as below:

HSTC:GDA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.5 Med: -2.5 Max: -2.5
Current: -2.5

During the past 2 years, the highest Beneish M-Score of Ton Dong A was -2.50. The lowest was -2.50. And the median was -2.50.

Ton Dong A Beneish M-Score Historical Data

The historical data trend for Ton Dong A'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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Ton Dong A Beneish M-Score Chart

Ton Dong A Annual Data

Trend

Dec22

Dec23

Beneish M-Score

Ton Dong A Quarterly Data
	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial				-	-	-	-	-2.50

Competitive Comparison of Ton Dong A's Beneish M-Score

For the Steel subindustry, Ton Dong A'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.

Ton Dong A's Beneish M-Score Distribution in the Steel Industry

For the Steel industry and Basic Materials sector, Ton Dong A's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Ton Dong A's Beneish M-Score falls into.

Ton Dong A 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 Ton Dong A 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 * 1.2614

0.528 * 0.37

0.404 * 0.6661

0.892 * 1.1647

0.115 * 0.8835

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2199

4.679 * 0.030201

0.327 * 1.1056

-2.50

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₫2,298,438 Mil.
Revenue was 5162614.805 + 5986050.849 + 4099109.998 + 4336592.846 = ₫19,584,368 Mil.
Gross Profit was 373766.809 + 544980.707 + 346676.388 + 24497.527 = ₫1,289,921 Mil.
Total Current Assets was ₫9,543,439 Mil.
Total Assets was ₫12,096,489 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,969,289 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫351,238 Mil.
Selling, General, & Admin. Expense(SGA) was ₫1,094,040 Mil.
Total Current Liabilities was ₫8,048,655 Mil.
Long-Term Debt & Capital Lease Obligation was ₫139,350 Mil.
Net Income was 53705.375 + 171420.913 + 95413.974 + 19655.697 = ₫340,196 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -144254.633 + 59123.067 + -380046.235 + 440051.724 = ₫-25,126 Mil.

Total Receivables was ₫1,564,426 Mil.
Revenue was 4087528.024 + 4786942.498 + 3939476.934 + 4001160.953 = ₫16,815,108 Mil.
Gross Profit was 210831.172 + 316110.222 + 293662.638 + -410776.219 = ₫409,828 Mil.
Total Current Assets was ₫6,674,172 Mil.
Total Assets was ₫9,581,928 Mil.
Property, Plant and Equipment(Net PPE) was ₫2,213,586 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫341,718 Mil.
Selling, General, & Admin. Expense(SGA) was ₫770,019 Mil.
Total Current Liabilities was ₫5,804,623 Mil.
Long-Term Debt & Capital Lease Obligation was ₫61,811 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)
	=	(2298438.298 / 19584368.498)	/	(1564426.488 / 16815108.409)
	=	0.117361	/	0.093037
	=	1.2614

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)
	=	(409827.813 / 16815108.409)	/	(1289921.431 / 19584368.498)
	=	0.024373	/	0.065865
	=	0.37

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 - (9543438.94 + 1969289.297) / 12096488.545)	/	(1 - (6674171.545 + 2213586.063) / 9581927.757)
	=	0.048259	/	0.072446
	=	0.6661

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
	=	19584368.498	/	16815108.409
	=	1.1647

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))
	=	(341718.035 / (341718.035 + 2213586.063))	/	(351238.453 / (351238.453 + 1969289.297))
	=	0.133729	/	0.151361
	=	0.8835

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)
	=	(1094039.96 / 19584368.498)	/	(770018.695 / 16815108.409)
	=	0.055863	/	0.045793
	=	1.2199

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)
	=	((139349.658 + 8048655.308) / 12096488.545)	/	((61810.641 + 5804623.495) / 9581927.757)
	=	0.676891	/	0.612239
	=	1.1056

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
	=	(340195.959 - 0	-	-25126.077)	/	12096488.545
	=	0.030201

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.

Ton Dong A has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.

Ton Dong A Beneish M-Score Related Terms

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Ton Dong A Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Steel » Ton Dong A Corp (HSTC:GDA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 5, Street 5, Song Than 1 Industrial Park, Di An Ward, Di An City, Binh Duong Province, Ho Chi Minh, VNM

Website

https://www.tondonga.com.vn

Ton Dong A Corp is a company specializing in the production of cold rolled steel, zinc corrugated iron, cold corrugated iron, color corrugated iron, galvanized box steel for industrial and civil construction, transportation infrastructure, and home appliances use. The company operates in the field of manufacturing galvanized steel sheet, the main products are cold rolled steel, black corrugated iron, galvanized steel zinc corrugated iron, aluminum zinc alloy coated steel, cold corrugated iron and painted cold corrugated iron Cold corrugated iron. color cold corrugated iron.

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