Central Hydropower JSC (STC:CHP) Beneish M-Score : -2.76 (As of Jun. 14, 2025)

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What is Central Hydropower 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 -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:CHP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.45 Med: -2.2 Max: 9.69
Current: -2.76

During the past 13 years, the highest Beneish M-Score of Central Hydropower JSC was 9.69. The lowest was -3.45. And the median was -2.20.

Central Hydropower JSC Beneish M-Score Historical Data

The historical data trend for Central Hydropower 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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Central Hydropower JSC Beneish M-Score Chart

Central Hydropower JSC Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.19

-1.04

-2.14

-2.67

-3.06

Central Hydropower JSC Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-3.42	-2.94	-3.16	-3.06	-2.76

Competitive Comparison of Central Hydropower JSC's Beneish M-Score

For the Utilities - Regulated Electric subindustry, Central Hydropower 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.

Central Hydropower JSC's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Central Hydropower JSC's Beneish M-Score distribution charts can be found below:

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

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Central Hydropower 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 Central Hydropower 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 * 1.0555

0.528 * 0.8768

0.404 * 0.0934

0.892 * 1.1684

0.115 * 1.013

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9563

4.679 * -0.015583

0.327 * 0.9563

-2.76

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was ₫203,991 Mil.
Revenue was 234142.614 + 353856.703 + 173113.461 + 148226.358 = ₫909,339 Mil.
Gross Profit was 142791.252 + 224249.978 + 78052.427 + 63964.091 = ₫509,058 Mil.
Total Current Assets was ₫614,641 Mil.
Total Assets was ₫2,729,154 Mil.
Property, Plant and Equipment(Net PPE) was ₫2,112,632 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫162 Mil.
Selling, General, & Admin. Expense(SGA) was ₫36,090 Mil.
Total Current Liabilities was ₫402,234 Mil.
Long-Term Debt & Capital Lease Obligation was ₫366,466 Mil.
Net Income was 119890.628 + 187072.143 + 55328.075 + 40334.913 = ₫402,626 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 238790.208 + 0 + 123621.673 + 82741.633 = ₫445,154 Mil.

Total Receivables was ₫165,419 Mil.
Revenue was 139003.009 + 360408.36 + 132541.577 + 146357.038 = ₫778,310 Mil.
Gross Profit was 55103.238 + 224204.693 + 44141.492 + 58580.503 = ₫382,030 Mil.
Total Current Assets was ₫454,438 Mil.
Total Assets was ₫2,785,573 Mil.
Property, Plant and Equipment(Net PPE) was ₫2,310,594 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫181 Mil.
Selling, General, & Admin. Expense(SGA) was ₫32,302 Mil.
Total Current Liabilities was ₫277,014 Mil.
Long-Term Debt & Capital Lease Obligation was ₫543,468 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)
	=	(203991.471 / 909339.136)	/	(165418.541 / 778309.984)
	=	0.224329	/	0.212536
	=	1.0555

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)
	=	(382029.926 / 778309.984)	/	(509057.748 / 909339.136)
	=	0.490845	/	0.559811
	=	0.8768

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 - (614640.735 + 2112632.412) / 2729154.353)	/	(1 - (454437.835 + 2310594.059) / 2785572.502)
	=	0.000689	/	0.007374
	=	0.0934

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
	=	909339.136	/	778309.984
	=	1.1684

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))
	=	(181.147 / (181.147 + 2310594.059))	/	(161.794 / (161.794 + 2112632.412))
	=	7.8E-5	/	7.7E-5
	=	1.013

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)
	=	(36089.685 / 909339.136)	/	(32301.754 / 778309.984)
	=	0.039688	/	0.041502
	=	0.9563

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)
	=	((366466.337 + 402233.758) / 2729154.353)	/	((543468.095 + 277014.31) / 2785572.502)
	=	0.281662	/	0.294547
	=	0.9563

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
	=	(402625.759 - 0	-	445153.514)	/	2729154.353
	=	-0.015583

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.

Central Hydropower JSC has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.

Central Hydropower JSC Beneish M-Score Related Terms

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Central Hydropower JSC Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » Central Hydropower JSC (STC:CHP) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Danang Industrial Park, An Hai Bac Ward, Son Tra District, Da Nang, VNM

Website

http://www.chp.vn

Central Hydropower JSC is engaged in the generation of electricity, management consultancy activities, construction of civil engineering projects and construction of buildings, marine aquaculture, forestry activities, real estate. The company is also involved in the exploitation of stone, sand, gravel, and clay; and marine aquaculture and tree plantation activities.

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