Sai Gon - Quy Nhon Mining Beneish M-Score Historical Data
The historical data trend for Sai Gon - Quy Nhon Mining'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.
Sai Gon - Quy Nhon Mining Beneish M-Score Chart
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Sai Gon - Quy Nhon Mining Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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15.80 |
-5.44 |
-4.76 |
-7.15 |
-2.76 |
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Sai Gon - Quy Nhon Mining Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-3.29 |
-3.22 |
-2.76 |
-2.72 |
-2.81 |
Competitive Comparison of Sai Gon - Quy Nhon Mining's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, Sai Gon - Quy Nhon Mining'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.
Sai Gon - Quy Nhon Mining's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Sai Gon - Quy Nhon Mining's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sai Gon - Quy Nhon Mining's Beneish M-Score falls into.
Sai Gon - Quy Nhon Mining 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 Sai Gon - Quy Nhon Mining 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 | + | 0.528 * 0.6628 | + | 0.404 * 0.9991 | + | 0.892 * 1.2697 | + | 0.115 * 0.7966 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6843 | + | 4.679 * -0.086603 | - | 0.327 * 1.0522 |
| = | -2.81 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was ₫0 Mil.
Revenue was 443.564 + 443.564 + 512.254 + 346.504 = ₫1,746 Mil.
Gross Profit was 168.886 + 168.886 + 258.393 + 92.643 = ₫689 Mil.
Total Current Assets was ₫3,128 Mil.
Total Assets was ₫685,254 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,806 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫619 Mil.
Selling, General, & Admin. Expense(SGA) was ₫821 Mil.
Total Current Liabilities was ₫6,954 Mil.
Long-Term Debt & Capital Lease Obligation was ₫18,700 Mil.
Net Income was -19313.715 + -57.281 + -38153.704 + -77.764 = ₫-57,602 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -195.661 + 587.725 + 959.571 + 391.151 = ₫1,743 Mil.
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Total Receivables was ₫0 Mil.
Revenue was 346.364 + 346.364 + 346.364 + 335.909 = ₫1,375 Mil.
Gross Profit was 92.503 + 92.503 + 92.503 + 82.048 = ₫360 Mil.
Total Current Assets was ₫2,274 Mil.
Total Assets was ₫742,823 Mil.
Property, Plant and Equipment(Net PPE) was ₫2,425 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫619 Mil.
Selling, General, & Admin. Expense(SGA) was ₫945 Mil.
Total Current Liabilities was ₫26,430 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 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) |
| = | (0 / 1745.886) | / | (0 / 1375.001) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (359.557 / 1375.001) | / | (688.808 / 1745.886) |
| = | 0.261496 | / | 0.394532 |
| | = | 0.6628 |
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 - (3127.793 + 1805.921) / 685254.107) | / | (1 - (2274.48 + 2425.094) / 742823.118) |
| = | 0.9928 | / | 0.993673 |
| | = | 0.9991 |
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 |
| = | 1745.886 | / | 1375.001 |
| | = | 1.2697 |
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)) |
| = | (619.172 / (619.172 + 2425.094)) | / | (619.173 / (619.173 + 1805.921)) |
| = | 0.20339 | / | 0.255319 |
| | = | 0.7966 |
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) |
| = | (820.985 / 1745.886) | / | (944.83 / 1375.001) |
| = | 0.47024 | / | 0.687149 |
| | = | 0.6843 |
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) |
| = | ((18700 + 6953.602) / 685254.107) | / | ((0 + 26430.149) / 742823.118) |
| = | 0.037437 | / | 0.035581 |
| | = | 1.0522 |
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 |
| = | (-57602.464 - 0 | - | 1742.786) | / | 685254.107 |
| | = | -0.086603 |
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.
Sai Gon - Quy Nhon Mining has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
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