Damsan JSC (STC:ADS) Beneish M-Score : -2.24 (As of Dec. 14, 2024)

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What is Damsan 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.

Good Sign:

Beneish M-Score -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:ADS' s Beneish M-Score Range Over the Past 10 Years
Min: -2.8 Med: -1.99 Max: 0.04
Current: -2.24

During the past 9 years, the highest Beneish M-Score of Damsan JSC was 0.04. The lowest was -2.80. And the median was -1.99.

Damsan JSC Beneish M-Score Historical Data

The historical data trend for Damsan 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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Damsan JSC Beneish M-Score Chart

Damsan JSC Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.80

-2.64

-2.02

-1.86

-2.18

Damsan JSC 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															-1.86	-2.18	-1.88	-2.05	-2.24

Competitive Comparison of Damsan JSC's Beneish M-Score

For the Textile Manufacturing subindustry, Damsan 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.

Damsan JSC's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Damsan JSC's Beneish M-Score distribution charts can be found below:

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

Damsan 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 Damsan 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 * 1.122

0.528 * 1.2067

0.404 * 1.1855

0.892 * 0.8484

0.115 * 1.5571

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1662

4.679 * 0.008156

0.327 * 0.9779

-2.24

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₫567,891 Mil.
Revenue was 365744.169 + 391462.499 + 389818.986 + 370239.651 = ₫1,517,265 Mil.
Gross Profit was 24564.775 + 25142.324 + 32098.393 + 35763.88 = ₫117,569 Mil.
Total Current Assets was ₫1,975,478 Mil.
Total Assets was ₫2,564,820 Mil.
Property, Plant and Equipment(Net PPE) was ₫203,343 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫51,314 Mil.
Selling, General, & Admin. Expense(SGA) was ₫23,703 Mil.
Total Current Liabilities was ₫1,603,812 Mil.
Long-Term Debt & Capital Lease Obligation was ₫20,287 Mil.
Net Income was 7542.575 + 6367.201 + 7999.609 + 4986.432 = ₫26,896 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 182349.273 + 40567.479 + -117597.941 + -99342.837 = ₫5,976 Mil.

Total Receivables was ₫596,574 Mil.
Revenue was 453458.494 + 675482.078 + 294694.138 + 364723.871 = ₫1,788,359 Mil.
Gross Profit was 60098.633 + 57560.959 + 32600.218 + 16953.694 = ₫167,214 Mil.
Total Current Assets was ₫2,128,817 Mil.
Total Assets was ₫2,640,505 Mil.
Property, Plant and Equipment(Net PPE) was ₫176,494 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫80,698 Mil.
Selling, General, & Admin. Expense(SGA) was ₫23,957 Mil.
Total Current Liabilities was ₫1,638,686 Mil.
Long-Term Debt & Capital Lease Obligation was ₫71,121 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)
	=	(567891.478 / 1517265.305)	/	(596573.761 / 1788358.581)
	=	0.374286	/	0.333587
	=	1.122

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)
	=	(167213.504 / 1788358.581)	/	(117569.372 / 1517265.305)
	=	0.093501	/	0.077488
	=	1.2067

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 - (1975477.645 + 203343.445) / 2564819.764)	/	(1 - (2128817.239 + 176493.978) / 2640505.061)
	=	0.150497	/	0.126943
	=	1.1855

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
	=	1517265.305	/	1788358.581
	=	0.8484

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))
	=	(80697.962 / (80697.962 + 176493.978))	/	(51314.095 / (51314.095 + 203343.445))
	=	0.313766	/	0.201502
	=	1.5571

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)
	=	(23702.556 / 1517265.305)	/	(23956.872 / 1788358.581)
	=	0.015622	/	0.013396
	=	1.1662

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)
	=	((20286.886 + 1603812.005) / 2564819.764)	/	((71120.671 + 1638685.762) / 2640505.061)
	=	0.633221	/	0.64753
	=	0.9779

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
	=	(26895.817 - 0	-	5975.974)	/	2564819.764
	=	0.008156

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.

Damsan JSC has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.

Damsan JSC Beneish M-Score Related Terms

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Damsan JSC Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » Damsan JSC (STC:ADS) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Lot A4, Bui Vien Street, Nguyen Duc Canh Industrial Zone, Thai Binh, VNM

Website

http://www.damsanjsc.vn

Damsan JSC is engaged in the textile manufacturing business. It produces Yarn, woven fabric, mattresses and blankets, finished textile products. The company is a wholesaler and retailer of fabrics, garments and footwear, leather and leatherette goods.

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