Sunshine Homes Development JSC (HSTC:SSH) Beneish M-Score : -1.22 (As of Jun. 19, 2025)

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What is Sunshine Homes Development 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 -1.22 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HSTC:SSH' s Beneish M-Score Range Over the Past 10 Years
Min: -2.1 Med: -1.42 Max: -0.18
Current: -1.22

During the past 4 years, the highest Beneish M-Score of Sunshine Homes Development JSC was -0.18. The lowest was -2.10. And the median was -1.42.

Sunshine Homes Development JSC Beneish M-Score Historical Data

The historical data trend for Sunshine Homes Development 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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Sunshine Homes Development JSC Beneish M-Score Chart

Sunshine Homes Development JSC Annual Data

Trend

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

-0.30

-1.75

Sunshine Homes Development JSC Quarterly Data
	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial									-1.61	-2.10	-0.18	-1.75	-1.22

Competitive Comparison of Sunshine Homes Development JSC's Beneish M-Score

For the Real Estate - Development subindustry, Sunshine Homes Development 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.

Sunshine Homes Development JSC's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Sunshine Homes Development JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sunshine Homes Development JSC's Beneish M-Score falls into.

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Sunshine Homes Development 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 Sunshine Homes Development 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 * 1.219

0.528 * 1.4241

0.404 * 0.8941

0.892 * 1.1066

0.115 * 1.3076

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.4053

4.679 * 0.140359

0.327 * 1.0305

-1.22

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was ₫4,309,170 Mil.
Revenue was 186917.681 + 2020446.999 + 64884.746 + 623983.04 = ₫2,896,232 Mil.
Gross Profit was 83699.843 + 800609.461 + 41545.794 + 381455.449 = ₫1,307,311 Mil.
Total Current Assets was ₫7,433,700 Mil.
Total Assets was ₫14,437,313 Mil.
Property, Plant and Equipment(Net PPE) was ₫368,922 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫40,777 Mil.
Selling, General, & Admin. Expense(SGA) was ₫120,907 Mil.
Total Current Liabilities was ₫4,366,592 Mil.
Long-Term Debt & Capital Lease Obligation was ₫2,840,429 Mil.
Net Income was 7308.733 + 474431.399 + 10629.034 + 217351.085 = ₫709,720 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -24667.285 + -114480.157 + -297570.138 + -879962.555 = ₫-1,316,680 Mil.

Total Receivables was ₫3,194,522 Mil.
Revenue was 224466.094 + 312794.385 + 1075005.979 + 1005006.409 = ₫2,617,273 Mil.
Gross Profit was 156931.28 + 168720.934 + 719863.48 + 636913.203 = ₫1,682,429 Mil.
Total Current Assets was ₫6,160,029 Mil.
Total Assets was ₫13,086,640 Mil.
Property, Plant and Equipment(Net PPE) was ₫200,053 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫29,932 Mil.
Selling, General, & Admin. Expense(SGA) was ₫269,607 Mil.
Total Current Liabilities was ₫3,113,613 Mil.
Long-Term Debt & Capital Lease Obligation was ₫3,225,543 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)
	=	(4309170.117 / 2896232.466)	/	(3194522.068 / 2617272.867)
	=	1.487854	/	1.220554
	=	1.219

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)
	=	(1682428.897 / 2617272.867)	/	(1307310.547 / 2896232.466)
	=	0.642818	/	0.451383
	=	1.4241

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 - (7433700.228 + 368921.626) / 14437312.789)	/	(1 - (6160028.81 + 200053.022) / 13086639.713)
	=	0.459552	/	0.514002
	=	0.8941

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
	=	2896232.466	/	2617272.867
	=	1.1066

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))
	=	(29931.666 / (29931.666 + 200053.022))	/	(40776.75 / (40776.75 + 368921.626))
	=	0.130146	/	0.099529
	=	1.3076

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)
	=	(120907.294 / 2896232.466)	/	(269607.414 / 2617272.867)
	=	0.041746	/	0.103011
	=	0.4053

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)
	=	((2840429.244 + 4366592.254) / 14437312.789)	/	((3225542.954 + 3113612.727) / 13086639.713)
	=	0.499194	/	0.484399
	=	1.0305

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
	=	(709720.251 - 0	-	-1316680.135)	/	14437312.789
	=	0.140359

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.

Sunshine Homes Development JSC has a M-score of -1.22 signals that the company is likely to be a manipulator.

Sunshine Homes Development JSC Beneish M-Score Related Terms

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Sunshine Homes Development JSC Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Sunshine Homes Development JSC (HSTC:SSH) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

9th Floor, Sunshine Center building, 16 Pham Hung, My Dinh 2 Ward, Nam Tu Liem District, Hanoi, VNM

Website

https://www.ssh.vn

Sunshine Homes Development JSC is engaged in luxury real estate development. Its product lines include Sunshine Limited, Sunshine Sky Villas, Sunshine Apartments, and Sunshine Premier among others. The company operates mainly in the field of business, real estate consulting and leasing, housing construction, social infrastructure, and construction system installation.

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