SCG Construction Group JSC (HSTC:SCG) Beneish M-Score : -1.05 (As of Apr. 01, 2025)

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What is SCG Construction Group 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.

Warning Sign:

Beneish M-Score -1.05 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HSTC:SCG' s Beneish M-Score Range Over the Past 10 Years
Min: -16.38 Med: -1.05 Max: 0.85
Current: -1.05

During the past 5 years, the highest Beneish M-Score of SCG Construction Group JSC was 0.85. The lowest was -16.38. And the median was -1.05.

SCG Construction Group JSC Beneish M-Score Historical Data

The historical data trend for SCG Construction Group 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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SCG Construction Group JSC Beneish M-Score Chart

SCG Construction Group JSC Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

0.85

-16.38

-1.05

SCG Construction Group JSC Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-16.38	35.28	100.57	-0.17	-1.05

Competitive Comparison of SCG Construction Group JSC's Beneish M-Score

For the Engineering & Construction subindustry, SCG Construction Group 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.

SCG Construction Group JSC's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, SCG Construction Group JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where SCG Construction Group JSC's Beneish M-Score falls into.

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SCG Construction Group 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 SCG Construction Group 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 * 0.4405

0.528 * 0.6569

0.404 * 0.3314

0.892 * 3.0457

0.115 * 0.9229

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.3431

4.679 * 0.10032

0.327 * 1.0183

-1.05

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₫3,265,332 Mil.
Revenue was 1308983.421 + 677353.421 + 552871.119 + 165856.559 = ₫2,705,065 Mil.
Gross Profit was 62846.312 + 60616.993 + 113560.817 + 10716.637 = ₫247,741 Mil.
Total Current Assets was ₫7,815,190 Mil.
Total Assets was ₫8,479,719 Mil.
Property, Plant and Equipment(Net PPE) was ₫11,179 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫2,159 Mil.
Selling, General, & Admin. Expense(SGA) was ₫24,725 Mil.
Total Current Liabilities was ₫7,160,353 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was 28483.674 + 37085.204 + 114956.798 + 8178.221 = ₫188,704 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -488502.654 + 161745.183 + -14264.782 + -320959.798 = ₫-661,982 Mil.

Total Receivables was ₫2,433,755 Mil.
Revenue was 301513.815 + 276960.344 + 178905.729 + 130766.751 = ₫888,147 Mil.
Gross Profit was 16084.915 + 13881.448 + 13079.109 + 10382.928 = ₫53,428 Mil.
Total Current Assets was ₫5,204,688 Mil.
Total Assets was ₫6,799,012 Mil.
Property, Plant and Equipment(Net PPE) was ₫13,370 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫2,348 Mil.
Selling, General, & Admin. Expense(SGA) was ₫23,663 Mil.
Total Current Liabilities was ₫4,156,052 Mil.
Long-Term Debt & Capital Lease Obligation was ₫1,481,741 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)
	=	(3265331.865 / 2705064.52)	/	(2433754.94 / 888146.639)
	=	1.207118	/	2.740263
	=	0.4405

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)
	=	(53428.4 / 888146.639)	/	(247740.759 / 2705064.52)
	=	0.060157	/	0.091584
	=	0.6569

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 - (7815189.869 + 11179.154) / 8479719.48)	/	(1 - (5204688.282 + 13370.451) / 6799012.338)
	=	0.077049	/	0.232527
	=	0.3314

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
	=	2705064.52	/	888146.639
	=	3.0457

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))
	=	(2347.749 / (2347.749 + 13370.451))	/	(2158.509 / (2158.509 + 11179.154))
	=	0.149365	/	0.161836
	=	0.9229

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)
	=	(24725.072 / 2705064.52)	/	(23663.242 / 888146.639)
	=	0.00914	/	0.026643
	=	0.3431

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)
	=	((0 + 7160352.583) / 8479719.48)	/	((1481741.004 + 4156052.473) / 6799012.338)
	=	0.844409	/	0.829208
	=	1.0183

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
	=	(188703.897 - 0	-	-661982.051)	/	8479719.48
	=	0.10032

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.

SCG Construction Group JSC has a M-score of -1.05 signals that the company is likely to be a manipulator.

SCG Construction Group JSC Beneish M-Score Related Terms

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SCG Construction Group JSC Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » SCG Construction Group JSC (HSTC:SCG) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No.16 Pham Hung Street, 8th Floor, Sunshine Center Building, My Dinh 2 Ward, Nam Tu Liem District, Hanoi, VNM

Website

https://scgr.vn

SCG Construction Group JSC, formerly SCG Construction JSC is a construction corporation in Vietnam. Its Diverse construction fields include high-rise buildings, urban areas, industry, infrastructure, seaports, airports, public works.