PetroVietnam Oil Beneish M-Score Historical Data
The historical data trend for PetroVietnam Oil'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.
PetroVietnam Oil Beneish M-Score Chart
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PetroVietnam Oil Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.24 |
-2.45 |
-2.32 |
-1.53 |
-2.30 |
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PetroVietnam Oil Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-1.53 |
-2.15 |
-1.86 |
-1.23 |
-2.30 |
Competitive Comparison of PetroVietnam Oil's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, PetroVietnam Oil'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.
PetroVietnam Oil's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, PetroVietnam Oil's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PetroVietnam Oil's Beneish M-Score falls into.
PetroVietnam Oil 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 PetroVietnam Oil 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 * 0.7374 | + | 0.528 * 1.126 | + | 0.404 * 0.8678 | + | 0.892 * 1.213 | + | 0.115 * 1.3304 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8809 | + | 4.679 * 0.033408 | - | 0.327 * 0.9917 |
| = | -2.30 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₫8,250,992 Mil.
Revenue was 29075496.374 + 31077201.611 + 34755172.927 + 29624337.469 = ₫124,532,208 Mil.
Gross Profit was 1061402.339 + 832288.812 + 1080055.143 + 1177456.19 = ₫4,151,202 Mil.
Total Current Assets was ₫32,273,974 Mil.
Total Assets was ₫38,468,443 Mil.
Property, Plant and Equipment(Net PPE) was ₫3,015,762 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫307,272 Mil.
Selling, General, & Admin. Expense(SGA) was ₫3,405,035 Mil.
Total Current Liabilities was ₫26,628,747 Mil.
Long-Term Debt & Capital Lease Obligation was ₫118,753 Mil.
Net Income was 62377.561 + 27798.253 + 78797.46 + 233377.448 = ₫402,351 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 1655021.059 + -577822.105 + -1256844.107 + -703169.089 = ₫-882,814 Mil.
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Total Receivables was ₫9,223,890 Mil.
Revenue was 35787890.529 + 24012374.323 + 22324847.332 + 20537786.985 = ₫102,662,899 Mil.
Gross Profit was 644290.6 + 1147549.661 + 1082821.854 + 978828.43 = ₫3,853,491 Mil.
Total Current Assets was ₫32,976,532 Mil.
Total Assets was ₫38,839,173 Mil.
Property, Plant and Equipment(Net PPE) was ₫2,164,532 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫303,623 Mil.
Selling, General, & Admin. Expense(SGA) was ₫3,186,767 Mil.
Total Current Liabilities was ₫27,144,353 Mil.
Long-Term Debt & Capital Lease Obligation was ₫87,811 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) |
| = | (8250992.175 / 124532208.381) | / | (9223889.798 / 102662899.169) |
| = | 0.066256 | / | 0.089846 |
| | = | 0.7374 |
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) |
| = | (3853490.545 / 102662899.169) | / | (4151202.484 / 124532208.381) |
| = | 0.037535 | / | 0.033334 |
| | = | 1.126 |
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 - (32273974.3 + 3015761.894) / 38468443.45) | / | (1 - (32976531.658 + 2164531.55) / 38839172.568) |
| = | 0.082632 | / | 0.095216 |
| | = | 0.8678 |
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 |
| = | 124532208.381 | / | 102662899.169 |
| | = | 1.213 |
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)) |
| = | (303622.704 / (303622.704 + 2164531.55)) | / | (307272.318 / (307272.318 + 3015761.894)) |
| = | 0.123016 | / | 0.092467 |
| | = | 1.3304 |
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) |
| = | (3405034.692 / 124532208.381) | / | (3186767.288 / 102662899.169) |
| = | 0.027343 | / | 0.031041 |
| | = | 0.8809 |
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) |
| = | ((118753.251 + 26628746.646) / 38468443.45) | / | ((87810.54 + 27144353.194) / 38839172.568) |
| = | 0.69531 | / | 0.701152 |
| | = | 0.9917 |
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 |
| = | (402350.722 - 0 | - | -882814.242) | / | 38468443.45 |
| | = | 0.033408 |
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.
PetroVietnam Oil has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.
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