Duc Giang Chemicals Group JSC (STC:DGC) Beneish M-Score : -2.71 (As of Mar. 26, 2025)

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What is Duc Giang Chemicals Group 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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Duc Giang Chemicals Group JSC's Beneish M-Score or its related term are showing as below:

STC:DGC' s Beneish M-Score Range Over the Past 10 Years
Min: -85.67 Med: -2.53 Max: 1.22
Current: -2.71

During the past 13 years, the highest Beneish M-Score of Duc Giang Chemicals Group JSC was 1.22. The lowest was -85.67. And the median was -2.53.

Duc Giang Chemicals Group JSC Beneish M-Score Historical Data

The historical data trend for Duc Giang Chemicals Group 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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Duc Giang Chemicals Group JSC Beneish M-Score Chart

Duc Giang Chemicals Group JSC Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.48

-2.58

-2.60

-1.36

-2.71

Duc Giang Chemicals Group JSC Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-1.36	-1.20	-2.61	-3.04	-2.71

Competitive Comparison of Duc Giang Chemicals Group JSC's Beneish M-Score

For the Specialty Chemicals subindustry, Duc Giang Chemicals Group 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.

Duc Giang Chemicals Group JSC's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, Duc Giang Chemicals Group JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Duc Giang Chemicals Group JSC's Beneish M-Score falls into.

Duc Giang Chemicals Group 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 Duc Giang Chemicals Group 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 * 0.7158

0.528 * 0.9941

0.404 * 0.8984

0.892 * 1.012

0.115 * 0.9709

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1645

4.679 * -0.009417

0.327 * 0.5797

-2.71

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₫722,105 Mil.
Revenue was 2417946.436 + 2558085.049 + 2504507.827 + 2384762.558 = ₫9,865,302 Mil.
Gross Profit was 886599.528 + 881418.011 + 982771.736 + 766152.314 = ₫3,516,942 Mil.
Total Current Assets was ₫12,700,554 Mil.
Total Assets was ₫15,821,259 Mil.
Property, Plant and Equipment(Net PPE) was ₫2,403,224 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫368,495 Mil.
Selling, General, & Admin. Expense(SGA) was ₫666,892 Mil.
Total Current Liabilities was ₫2,053,343 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was 749485.119 + 705979.959 + 842412.799 + 672615.401 = ₫2,970,493 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 428303.099 + 1068468.465 + 3396642.808 + -1773940.169 = ₫3,119,474 Mil.

Total Receivables was ₫996,817 Mil.
Revenue was 2387713.852 + 2463536.072 + 2413583.649 + 2483107.691 = ₫9,747,941 Mil.
Gross Profit was 784489.341 + 839790.435 + 940134.014 + 890307.619 = ₫3,454,721 Mil.
Total Current Assets was ₫12,466,647 Mil.
Total Assets was ₫15,600,514 Mil.
Property, Plant and Equipment(Net PPE) was ₫2,346,414 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫347,774 Mil.
Selling, General, & Admin. Expense(SGA) was ₫565,865 Mil.
Total Current Liabilities was ₫3,492,907 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)
	=	(722104.842 / 9865301.87)	/	(996817.018 / 9747941.264)
	=	0.073196	/	0.102259
	=	0.7158

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)
	=	(3454721.409 / 9747941.264)	/	(3516941.589 / 9865301.87)
	=	0.354405	/	0.356496
	=	0.9941

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 - (12700554.128 + 2403223.762) / 15821258.624)	/	(1 - (12466646.826 + 2346414.303) / 15600514.165)
	=	0.045349	/	0.050476
	=	0.8984

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
	=	9865301.87	/	9747941.264
	=	1.012

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))
	=	(347774.057 / (347774.057 + 2346414.303))	/	(368494.669 / (368494.669 + 2403223.762))
	=	0.129083	/	0.132948
	=	0.9709

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)
	=	(666892.101 / 9865301.87)	/	(565864.836 / 9747941.264)
	=	0.0676	/	0.05805
	=	1.1645

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 + 2053342.951) / 15821258.624)	/	((0 + 3492906.503) / 15600514.165)
	=	0.129784	/	0.223897
	=	0.5797

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
	=	(2970493.278 - 0	-	3119474.203)	/	15821258.624
	=	-0.009417

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.

Duc Giang Chemicals Group JSC has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.

Duc Giang Chemicals Group JSC Beneish M-Score Related Terms

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Duc Giang Chemicals Group JSC Business Description

Industry

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Address

No. 18 Lane 44, Duc Giang Street, Phuong Thanh Ward, Long Bien District, Hanoi, VNM

Website

http://www.ducgiangchem.vn

Duc Giang Chemicals Group JSC is engaged in Producing basic chemicals: producing of raw materials and chemical products; Producing fertilizers and nitrogen compounds: producing fertilizer products; Trading in rubber, paints, plastic and fertilizer products; trading in raw materials and chemical products; Producing plastics and synthetic rubber in primary form; Freight transport by road; and Mining.

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