Binh Minh Plastics JSC (STC:BMP) Beneish M-Score : -3.35 (As of May. 25, 2024)

View and export this data going back to 2006. Start your Free Trial

What is Binh Minh Plastics 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 -3.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:BMP' s Beneish M-Score Range Over the Past 10 Years
Min: -4.08 Med: -2.64 Max: -0.4
Current: -3.35

During the past 13 years, the highest Beneish M-Score of Binh Minh Plastics JSC was -0.40. The lowest was -4.08. And the median was -2.64.

Binh Minh Plastics JSC Beneish M-Score Historical Data

The historical data trend for Binh Minh Plastics 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.

Binh Minh Plastics JSC Beneish M-Score Chart

Binh Minh Plastics JSC Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-3.18

-3.77

-1.76

-2.71

-4.08

Binh Minh Plastics 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															-3.77	-3.99	-3.38	-4.08	-3.35

Competitive Comparison of Binh Minh Plastics JSC's Beneish M-Score

For the Building Products & Equipment subindustry, Binh Minh Plastics 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.

Binh Minh Plastics JSC's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Binh Minh Plastics JSC's Beneish M-Score distribution charts can be found below:

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

Binh Minh Plastics 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 Binh Minh Plastics 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 * 0.9353

0.528 * 0.7423

0.404 * 0.8176

0.892 * 0.8002

0.115 * 0.9035

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.5955

4.679 * -0.053579

0.327 * 1.1633

-3.35

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₫166,089 Mil.
Revenue was 1002851.022 + 1454467.652 + 926117.657 + 1336479.101 = ₫4,719,915 Mil.
Gross Profit was 425055.34 + 590754.35 + 398385.449 + 572669.453 = ₫1,986,865 Mil.
Total Current Assets was ₫2,870,495 Mil.
Total Assets was ₫3,502,099 Mil.
Property, Plant and Equipment(Net PPE) was ₫293,710 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫158,055 Mil.
Selling, General, & Admin. Expense(SGA) was ₫641,791 Mil.
Total Current Liabilities was ₫604,244 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was 189875.06 + 256862.518 + 208790.146 + 294608.401 = ₫950,136 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 224048.765 + 498719.47 + -69848.809 + 484853.965 = ₫1,137,773 Mil.

Total Receivables was ₫221,938 Mil.
Revenue was 1439919.96 + 1407879.813 + 1495807.267 + 1555073.869 = ₫5,898,681 Mil.
Gross Profit was 554610.718 + 474852.615 + 422826.165 + 390915.612 = ₫1,843,205 Mil.
Total Current Assets was ₫2,653,094 Mil.
Total Assets was ₫3,430,742 Mil.
Property, Plant and Equipment(Net PPE) was ₫372,801 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫172,302 Mil.
Selling, General, & Admin. Expense(SGA) was ₫502,697 Mil.
Total Current Liabilities was ₫508,828 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)
	=	(166088.967 / 4719915.432)	/	(221937.76 / 5898680.909)
	=	0.035189	/	0.037625
	=	0.9353

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)
	=	(1843205.11 / 5898680.909)	/	(1986864.592 / 4719915.432)
	=	0.312478	/	0.420953
	=	0.7423

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 - (2870494.719 + 293709.702) / 3502098.917)	/	(1 - (2653094.024 + 372800.798) / 3430742.146)
	=	0.096483	/	0.118006
	=	0.8176

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
	=	4719915.432	/	5898680.909
	=	0.8002

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))
	=	(172302.185 / (172302.185 + 372800.798))	/	(158055.305 / (158055.305 + 293709.702))
	=	0.316091	/	0.349862
	=	0.9035

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)
	=	(641790.966 / 4719915.432)	/	(502696.606 / 5898680.909)
	=	0.135975	/	0.085222
	=	1.5955

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 + 604244.227) / 3502098.917)	/	((0 + 508828.412) / 3430742.146)
	=	0.172538	/	0.148314
	=	1.1633

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
	=	(950136.125 - 0	-	1137773.391)	/	3502098.917
	=	-0.053579

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.

Binh Minh Plastics JSC has a M-score of -3.35 suggests that the company is unlikely to be a manipulator.

Binh Minh Plastics JSC Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Binh Minh Plastics JSC's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Binh Minh Plastics JSC (STC:BMP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Binh Minh Plastics JSC (STC:BMP) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

240 Hau Giang Street, Ward 9, District 6, Ho Chi Minh City, VNM

Website

http://www.binhminhplastic.com.vn

Binh Minh Plastics JSC is engaged in the manufacture and trade of civil and industrial products made of plastic and rubber. Its products include uPVC pipes and fittings, HPPE pipes, Rubber seal products, Aerosol & workwear caps, Glue products uPVC and others. It also manufactures and trades moulds for the plastic and casting industries. In addition, it is involved in the consultancy and execution of water drainage, yards, and warehouses; transportation of goods by road; and provision of laboratory equipment and advertising services. The business of the group is functioned through Vietnam.

Binh Minh Plastics JSC (STC:BMP) Headlines

No Headlines