BaoViet Holdings 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 BaoViet Holdings for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.2627 | + | 0.528 * 1 | + | 0.404 * 1.0011 | + | 0.892 * 1.059 | + | 0.115 * 0.9833 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4527 | + | 4.679 * -0.032235 | - | 0.327 * 0.0133 |
| = | -1.92 |
* 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.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₫9,090,945 Mil.
Revenue was 17483929.542 + 13396690.933 + 13637793.146 + 13075512.675 = ₫57,593,926 Mil.
Gross Profit was 17483929.542 + 13396690.933 + 13637793.146 + 13075512.675 = ₫57,593,926 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫221,101,603 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,414,232 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫203,391 Mil.
Selling, General, & Admin. Expense(SGA) was ₫1,094,026 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫1,386 Mil.
Net Income was 420710.595 + 430580.742 + 405410.042 + 528218.576 = ₫1,784,920 Mil.
Non Operating Income was 58580.94 + 62893.368 + 82147.912 + 231623.576 = ₫435,246 Mil.
Cash Flow from Operations was 3082000.282 + 2776302.825 + 1026539.784 + 1592005.782 = ₫8,476,849 Mil.
|
Total Receivables was ₫6,798,522 Mil.
Revenue was 16580815.625 + 12653134.369 + 12901119.723 + 12249495.315 = ₫54,384,565 Mil.
Gross Profit was 16580815.625 + 12653134.369 + 12901119.723 + 12249495.315 = ₫54,384,565 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫201,663,976 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,501,352 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫211,804 Mil.
Selling, General, & Admin. Expense(SGA) was ₫2,281,905 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫91,024 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) |
| = | (9090945.207 / 57593926.296) | / | (6798522.059 / 54384565.032) |
| = | 0.157846 | / | 0.125008 |
| | = | 1.2627 |
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) |
| = | (54384565.032 / 54384565.032) | / | (57593926.296 / 57593926.296) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (0 + 1414231.783) / 221101602.594) | / | (1 - (0 + 1501352.104) / 201663976.385) |
| = | 0.993604 | / | 0.992555 |
| | = | 1.0011 |
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 |
| = | 57593926.296 | / | 54384565.032 |
| | = | 1.059 |
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)) |
| = | (211803.973 / (211803.973 + 1501352.104)) | / | (203390.74 / (203390.74 + 1414231.783)) |
| = | 0.123634 | / | 0.125734 |
| | = | 0.9833 |
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) |
| = | (1094026.079 / 57593926.296) | / | (2281905.372 / 54384565.032) |
| = | 0.018996 | / | 0.041959 |
| | = | 0.4527 |
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) |
| = | ((1386.08 + 0) / 221101602.594) | / | ((91023.531 + 0) / 201663976.385) |
| = | 6.0E-6 | / | 0.000451 |
| | = | 0.0133 |
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 |
| = | (1784919.955 - 435245.796 | - | 8476848.673) | / | 221101602.594 |
| | = | -0.032235 |
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.
BaoViet Holdings has a M-score of -1.92 suggests that the company is unlikely to be a manipulator.
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