Helio Energy JSC Beneish M-Score Historical Data
The historical data trend for Helio Energy 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.
Helio Energy JSC Beneish M-Score Chart
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Helio Energy JSC Annual Data
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Trend |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-1.87 |
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Helio Energy JSC Quarterly Data
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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- |
- |
- |
-1.87 |
-2.03 |
Competitive Comparison of Helio Energy JSC's Beneish M-Score
For the Utilities - Renewable subindustry, Helio Energy 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.
Helio Energy JSC's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Helio Energy JSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Helio Energy JSC's Beneish M-Score falls into.
Helio Energy 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 Helio Energy 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 * 1.686 | + | 0.528 * 1.0851 | + | 0.404 * 1.0657 | + | 0.892 * 0.9209 | + | 0.115 * 0.9261 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3137 | + | 4.679 * -0.035206 | - | 0.327 * 0.8639 |
| = | -2.03 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was ₫26,723 Mil.
Revenue was 28944.264 + 24620.113 + 29172.411 + 32713.416 = ₫115,450 Mil.
Gross Profit was 11006.287 + 8111.185 + 12132.587 + 16153.281 = ₫47,403 Mil.
Total Current Assets was ₫90,668 Mil.
Total Assets was ₫493,192 Mil.
Property, Plant and Equipment(Net PPE) was ₫328,487 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫44,308 Mil.
Selling, General, & Admin. Expense(SGA) was ₫5,818 Mil.
Total Current Liabilities was ₫76,759 Mil.
Long-Term Debt & Capital Lease Obligation was ₫158,554 Mil.
Net Income was 3760.563 + 2486.805 + 2471.207 + 8587.488 = ₫17,306 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 5768.506 + 311.786 + 7656.652 + 20932.382 = ₫34,669 Mil.
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Total Receivables was ₫17,211 Mil.
Revenue was 32793.368 + 28472.68 + 31111.458 + 32982.53 = ₫125,360 Mil.
Gross Profit was 15665.151 + 10791.269 + 13748.331 + 15649.975 = ₫55,855 Mil.
Total Current Assets was ₫95,616 Mil.
Total Assets was ₫539,894 Mil.
Property, Plant and Equipment(Net PPE) was ₫368,223 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫45,542 Mil.
Selling, General, & Admin. Expense(SGA) was ₫4,809 Mil.
Total Current Liabilities was ₫76,138 Mil.
Long-Term Debt & Capital Lease Obligation was ₫222,026 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) |
| = | (26722.779 / 115450.204) | / | (17210.547 / 125360.036) |
| = | 0.231466 | / | 0.137289 |
| | = | 1.686 |
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) |
| = | (55854.726 / 125360.036) | / | (47403.34 / 115450.204) |
| = | 0.445554 | / | 0.410596 |
| | = | 1.0851 |
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 - (90667.932 + 328487.072) / 493192.351) | / | (1 - (95615.898 + 368223.049) / 539894.084) |
| = | 0.150119 | / | 0.14087 |
| | = | 1.0657 |
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 |
| = | 115450.204 | / | 125360.036 |
| | = | 0.9209 |
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)) |
| = | (45542.475 / (45542.475 + 368223.049)) | / | (44308.016 / (44308.016 + 328487.072)) |
| = | 0.110068 | / | 0.118854 |
| | = | 0.9261 |
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) |
| = | (5817.709 / 115450.204) | / | (4808.808 / 125360.036) |
| = | 0.050392 | / | 0.03836 |
| | = | 1.3137 |
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) |
| = | ((158554.405 + 76759.283) / 493192.351) | / | ((222025.565 + 76138.045) / 539894.084) |
| = | 0.477124 | / | 0.552263 |
| | = | 0.8639 |
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 |
| = | (17306.063 - 0 | - | 34669.326) | / | 493192.351 |
| | = | -0.035206 |
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.
Helio Energy JSC has a M-score of -2.03 suggests that the company is unlikely to be a manipulator.
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