Viet Nam Forestry Joint Stock Co (HSTC:VIF) Beneish M-Score : -2.21 (As of Apr. 02, 2025)

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What is Viet Nam Forestry Joint Stock Co 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 -2.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Viet Nam Forestry Joint Stock Co's Beneish M-Score or its related term are showing as below:

HSTC:VIF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.59 Med: -2.21 Max: -1.87
Current: -2.21

During the past 5 years, the highest Beneish M-Score of Viet Nam Forestry Joint Stock Co was -1.87. The lowest was -2.59. And the median was -2.21.

Viet Nam Forestry Joint Stock Co Beneish M-Score Historical Data

The historical data trend for Viet Nam Forestry Joint Stock Co'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.

Viet Nam Forestry Joint Stock Co Beneish M-Score Chart

Viet Nam Forestry Joint Stock Co Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-2.18

-1.99

-2.32

Viet Nam Forestry Joint Stock Co Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.20	-2.32	-2.59	-2.53	-2.21

Competitive Comparison of Viet Nam Forestry Joint Stock Co's Beneish M-Score

For the Lumber & Wood Production subindustry, Viet Nam Forestry Joint Stock Co'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.

Viet Nam Forestry Joint Stock Co's Beneish M-Score Distribution in the Forest Products Industry

For the Forest Products industry and Basic Materials sector, Viet Nam Forestry Joint Stock Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Viet Nam Forestry Joint Stock Co's Beneish M-Score falls into.

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Viet Nam Forestry Joint Stock Co 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 Viet Nam Forestry Joint Stock Co 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 * 0.9114

0.528 * 1.021

0.404 * 1.1174

0.892 * 0.8295

0.115 * 0.9886

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3885

4.679 * 0.09497

0.327 * 0.7895

-2.21

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₫232,593 Mil.
Revenue was 386488.019 + 416348.036 + 352271.401 + 375514.002 = ₫1,530,621 Mil.
Gross Profit was 61396.892 + 71853.795 + 65029.532 + 49558.56 = ₫247,839 Mil.
Total Current Assets was ₫3,551,082 Mil.
Total Assets was ₫5,398,851 Mil.
Property, Plant and Equipment(Net PPE) was ₫223,834 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫42,522 Mil.
Selling, General, & Admin. Expense(SGA) was ₫158,440 Mil.
Total Current Liabilities was ₫360,539 Mil.
Long-Term Debt & Capital Lease Obligation was ₫2,223 Mil.
Net Income was 105452.96 + 102565.593 + 116841.434 + 78611.619 = ₫403,472 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -46062.199 + 48094.776 + 5807.607 + -117096.094 = ₫-109,256 Mil.

Total Receivables was ₫307,627 Mil.
Revenue was 567322.955 + 323136.197 + 420025.253 + 534646.31 = ₫1,845,131 Mil.
Gross Profit was 128819.205 + 56276.526 + 54924.087 + 65021.724 = ₫305,042 Mil.
Total Current Assets was ₫3,744,954 Mil.
Total Assets was ₫5,456,296 Mil.
Property, Plant and Equipment(Net PPE) was ₫242,513 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫45,448 Mil.
Selling, General, & Admin. Expense(SGA) was ₫137,558 Mil.
Total Current Liabilities was ₫460,495 Mil.
Long-Term Debt & Capital Lease Obligation was ₫3,875 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)
	=	(232593.139 / 1530621.458)	/	(307627.419 / 1845130.715)
	=	0.15196	/	0.166724
	=	0.9114

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)
	=	(305041.542 / 1845130.715)	/	(247838.779 / 1530621.458)
	=	0.165322	/	0.16192
	=	1.021

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 - (3551081.811 + 223834.258) / 5398851.417)	/	(1 - (3744953.945 + 242513.48) / 5456296.01)
	=	0.300793	/	0.269199
	=	1.1174

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
	=	1530621.458	/	1845130.715
	=	0.8295

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))
	=	(45447.796 / (45447.796 + 242513.48))	/	(42521.656 / (42521.656 + 223834.258))
	=	0.157826	/	0.159642
	=	0.9886

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)
	=	(158439.956 / 1530621.458)	/	(137558.395 / 1845130.715)
	=	0.103513	/	0.074552
	=	1.3885

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)
	=	((2223.237 + 360538.797) / 5398851.417)	/	((3875.237 + 460494.695) / 5456296.01)
	=	0.067192	/	0.085107
	=	0.7895

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
	=	(403471.606 - 0	-	-109255.91)	/	5398851.417
	=	0.09497

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.

Viet Nam Forestry Joint Stock Co has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.

Viet Nam Forestry Joint Stock Co Beneish M-Score Related Terms

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Viet Nam Forestry Joint Stock Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Forest Products » Viet Nam Forestry Corp Joint Stock Co (HSTC:VIF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No 127 Lo Duc Street, Floor 13 + 14 Vinafor building, Dong Mac Ward, Hai Ba Trung District, Ha Noi, VNM

Website

http://www.vinafor.com.vn

Viet Nam Forestry Corp Joint Stock Co is an operator of forest that grows and processes wood. The company's types of artificial boards include particle board, MDF fibreboard, and plywood slabs. It also produces furniture form wood.

Viet Nam Forestry Joint Stock Co Headlines

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