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Helio Energy JSC (HSTC:HIO) Beneish M-Score : -2.03 (As of Jun. 21, 2025)


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What is Helio Energy 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 -2.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HSTC:HIO' s Beneish M-Score Range Over the Past 10 Years
Min: -2.03   Med: -1.95   Max: -1.87
Current: -2.03

During the past 3 years, the highest Beneish M-Score of Helio Energy JSC was -1.87. The lowest was -2.03. And the median was -1.95.


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.

* Premium members only.

Helio Energy JSC Beneish M-Score Chart

Helio Energy JSC Annual Data
Trend Dec22 Dec23 Dec24
Beneish M-Score
- - -1.87

Helio Energy JSC Quarterly Data
Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only - - - -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.


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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.
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.




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.


Helio Energy JSC Beneish M-Score Related Terms

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Helio Energy JSC Business Description

Traded in Other Exchanges
N/A
Address
37 Ba Trieu, Hang Bai ward, 4th Floor, Hoan Kiem district, Hanoi, VNM
Helio Energy JSC is a company whose main business is renewable energy. It is involved in many projects such as Rooftop solar power projects in Binh Thuan province , Rooftop solar power projects in Dong Nai province and Rooftop solar power projects in Dong Nai province.

Helio Energy JSC Headlines