Agribank Securities JSC (STC:AGR) Beneish M-Score : -1.48 (As of Jun. 24, 2024)

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What is Agribank Securities 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 -1.48 higher than -1.78, which implies that the company might have manipulated its financial results.

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

STC:AGR' s Beneish M-Score Range Over the Past 10 Years
Min: -138.96 Med: -2.38 Max: 121.9
Current: -1.48

During the past 13 years, the highest Beneish M-Score of Agribank Securities JSC was 121.90. The lowest was -138.96. And the median was -2.38.

Agribank Securities JSC Beneish M-Score Historical Data

The historical data trend for Agribank Securities 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.

* Premium members only.

Agribank Securities JSC Beneish M-Score Chart

Agribank Securities JSC Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.37

-2.51

-0.19

-3.17

-2.39

Agribank Securities JSC Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.52	-3.19	-3.09	-2.39	-1.48

Competitive Comparison of Agribank Securities JSC's Beneish M-Score

For the Capital Markets subindustry, Agribank Securities 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.

Agribank Securities JSC's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Agribank Securities JSC's Beneish M-Score distribution charts can be found below:

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

Agribank Securities 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 Agribank Securities 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 * 1.2053

0.528 * 0.9562

0.404 * 2.0858

0.892 * 1.1097

0.115 * 0.6202

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7513

4.679 * 0.192753

0.327 * 2.8393

-1.48

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₫1,783,781 Mil.
Revenue was 43671.671 + 44953.468 + 57667.254 + 47852.654 = ₫194,145 Mil.
Gross Profit was 33727.336 + -14651.593 + 47833.698 + 41169.938 = ₫108,079 Mil.
Total Current Assets was ₫3,328,255 Mil.
Total Assets was ₫3,550,764 Mil.
Property, Plant and Equipment(Net PPE) was ₫54,756 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫6,005 Mil.
Selling, General, & Admin. Expense(SGA) was ₫55,526 Mil.
Total Current Liabilities was ₫1,012,195 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was 35494.948 + 33949.564 + 26797.415 + 41584.838 = ₫137,827 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -1030836.867 + 497370.383 + 86622.207 + -99750.194 = ₫-546,594 Mil.

Total Receivables was ₫1,333,631 Mil.
Revenue was 46577.206 + 50889.295 + 40957.268 + 36532.336 = ₫174,956 Mil.
Gross Profit was 41303.907 + 10879.404 + 23049.353 + 17901.268 = ₫93,134 Mil.
Total Current Assets was ₫2,664,516 Mil.
Total Assets was ₫2,831,296 Mil.
Property, Plant and Equipment(Net PPE) was ₫102,652 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫6,703 Mil.
Selling, General, & Admin. Expense(SGA) was ₫66,604 Mil.
Total Current Liabilities was ₫284,260 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 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)
	=	(1783780.993 / 194145.047)	/	(1333631.366 / 174956.105)
	=	9.187878	/	7.622663
	=	1.2053

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)
	=	(93133.932 / 174956.105)	/	(108079.379 / 194145.047)
	=	0.532327	/	0.556694
	=	0.9562

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 - (3328255.407 + 54756.388) / 3550763.522)	/	(1 - (2664516.004 + 102652.291) / 2831296.07)
	=	0.047244	/	0.02265
	=	2.0858

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
	=	194145.047	/	174956.105
	=	1.1097

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))
	=	(6703.005 / (6703.005 + 102652.291))	/	(6005.307 / (6005.307 + 54756.388))
	=	0.061296	/	0.098834
	=	0.6202

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)
	=	(55525.688 / 194145.047)	/	(66604.027 / 174956.105)
	=	0.286001	/	0.38069
	=	0.7513

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 + 1012195.113) / 3550763.522)	/	((0 + 284260.397) / 2831296.07)
	=	0.285064	/	0.100399
	=	2.8393

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
	=	(137826.765 - 0	-	-546594.471)	/	3550763.522
	=	0.192753

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.

Agribank Securities JSC has a M-score of -1.48 signals that the company is likely to be a manipulator.

Agribank Securities JSC Beneish M-Score Related Terms

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Agribank Securities JSC (STC:AGR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Capital Markets » Agribank Securities JSC (STC:AGR) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

5th Floor, ARTEX Building, 172 Ngoc Khanh, Ba Dinh District, Hanoi, VNM

Website

http://www.agriseco.com.vn

Agribank Securities JSC operates as a securities services company in Vietnam. It business line include securities and stock brokerage, securities investment and corporate finance consultancy, and securities placement and registration services.