Binh Dinh Pharmaceutical And Medical Equipment JSC (STC:DBD) Beneish M-Score : -2.42 (As of Dec. 14, 2024)

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What is Binh Dinh Pharmaceutical And Medical Equipment 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 -2.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Binh Dinh Pharmaceutical And Medical Equipment JSC's Beneish M-Score or its related term are showing as below:

STC:DBD' s Beneish M-Score Range Over the Past 10 Years
Min: -7.26 Med: -2.43 Max: 246.21
Current: -2.42

During the past 6 years, the highest Beneish M-Score of Binh Dinh Pharmaceutical And Medical Equipment JSC was 246.21. The lowest was -7.26. And the median was -2.43.

Binh Dinh Pharmaceutical And Medical Equipment JSC Beneish M-Score Historical Data

The historical data trend for Binh Dinh Pharmaceutical And Medical Equipment 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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Binh Dinh Pharmaceutical And Medical Equipment JSC Beneish M-Score Chart

Binh Dinh Pharmaceutical And Medical Equipment JSC Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.19

-0.29

-2.64

Binh Dinh Pharmaceutical And Medical Equipment 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															-3.86	-2.64	-2.70	-2.71	-2.42

Competitive Comparison of Binh Dinh Pharmaceutical And Medical Equipment JSC's Beneish M-Score

For the Drug Manufacturers - Specialty & Generic subindustry, Binh Dinh Pharmaceutical And Medical Equipment 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 Dinh Pharmaceutical And Medical Equipment JSC's Beneish M-Score Distribution in the Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Binh Dinh Pharmaceutical And Medical Equipment JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Binh Dinh Pharmaceutical And Medical Equipment JSC's Beneish M-Score falls into.

Binh Dinh Pharmaceutical And Medical Equipment 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 Dinh Pharmaceutical And Medical Equipment 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 * 0.9479

0.528 * 1.0173

0.404 * 0.8764

0.892 * 1.013

0.115 * 0.8398

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1169

4.679 * 0.030819

0.327 * 0.896

-2.42

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₫411,191 Mil.
Revenue was 432818.329 + 433050.488 + 383778.666 + 444495.272 = ₫1,694,143 Mil.
Gross Profit was 214444.167 + 213164.382 + 188481.051 + 202268.507 = ₫818,358 Mil.
Total Current Assets was ₫1,386,801 Mil.
Total Assets was ₫2,134,788 Mil.
Property, Plant and Equipment(Net PPE) was ₫497,682 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫21,239 Mil.
Selling, General, & Admin. Expense(SGA) was ₫255,832 Mil.
Total Current Liabilities was ₫373,179 Mil.
Long-Term Debt & Capital Lease Obligation was ₫32,000 Mil.
Net Income was 75020.8 + 72391.731 + 67147.354 + 58925.917 = ₫273,486 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 0 + 54855.331 + 17505.82 + 135331.615 = ₫207,693 Mil.

Total Receivables was ₫428,193 Mil.
Revenue was 411377.89 + 414093.62 + 381802.797 + 465082.668 = ₫1,672,357 Mil.
Gross Profit was 199712.389 + 205626.801 + 190912.361 + 225591.131 = ₫821,843 Mil.
Total Current Assets was ₫1,194,665 Mil.
Total Assets was ₫1,881,756 Mil.
Property, Plant and Equipment(Net PPE) was ₫435,337 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫15,496 Mil.
Selling, General, & Admin. Expense(SGA) was ₫226,106 Mil.
Total Current Liabilities was ₫350,604 Mil.
Long-Term Debt & Capital Lease Obligation was ₫48,000 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)
	=	(411190.926 / 1694142.755)	/	(428192.954 / 1672356.975)
	=	0.242713	/	0.256042
	=	0.9479

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)
	=	(821842.682 / 1672356.975)	/	(818358.107 / 1694142.755)
	=	0.491428	/	0.483051
	=	1.0173

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 - (1386800.802 + 497681.998) / 2134787.79)	/	(1 - (1194665.464 + 435337.466) / 1881756.388)
	=	0.117251	/	0.133786
	=	0.8764

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
	=	1694142.755	/	1672356.975
	=	1.013

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))
	=	(15496.351 / (15496.351 + 435337.466))	/	(21238.921 / (21238.921 + 497681.998))
	=	0.034373	/	0.040929
	=	0.8398

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)
	=	(255832.129 / 1694142.755)	/	(226106.311 / 1672356.975)
	=	0.15101	/	0.135202
	=	1.1169

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)
	=	((32000 + 373179.093) / 2134787.79)	/	((48000 + 350604.334) / 1881756.388)
	=	0.189798	/	0.211826
	=	0.896

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
	=	(273485.802 - 0	-	207692.766)	/	2134787.79
	=	0.030819

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 Dinh Pharmaceutical And Medical Equipment JSC has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.

Binh Dinh Pharmaceutical And Medical Equipment JSC Beneish M-Score Related Terms

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Binh Dinh Pharmaceutical And Medical Equipment JSC Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Drug Manufacturers » Binh Dinh Pharmaceutical And Medical Equipment JSC (STC:DBD) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

498 Nguyen Thai Hoc Street, Quang Trung Ward, Binh Dinh Province, Quy Nhon, VNM

Website

https://www.bidiphar.com

Binh Dinh Pharmaceutical And Medical Equipment JSC is a pharmaceutical company. The company is engaged in production and trade of pharmaceutical products, medicinal herbs, pharmaceutical and medical equipment.