Dong Hai JSC of Ben Tre (STC:DHC) Beneish M-Score : -2.21 (As of Jun. 22, 2024)

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What is Dong Hai JSC of Ben Tre 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 -2.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Dong Hai JSC of Ben Tre's Beneish M-Score or its related term are showing as below:

STC:DHC' s Beneish M-Score Range Over the Past 10 Years
Min: -2.21 Med: -1.5 Max: -0.71
Current: -2.21

During the past 6 years, the highest Beneish M-Score of Dong Hai JSC of Ben Tre was -0.71. The lowest was -2.21. And the median was -1.50.

Dong Hai JSC of Ben Tre Beneish M-Score Historical Data

The historical data trend for Dong Hai JSC of Ben Tre'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.

Dong Hai JSC of Ben Tre Beneish M-Score Chart

Dong Hai JSC of Ben Tre Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.18

-1.23

-2.05

-2.00

Dong Hai JSC of Ben Tre 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															-1.96	-2.15	-1.89	-2.00	-2.21

Competitive Comparison of Dong Hai JSC of Ben Tre's Beneish M-Score

For the Paper & Paper Products subindustry, Dong Hai JSC of Ben Tre'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.

Dong Hai JSC of Ben Tre's Beneish M-Score Distribution in the Forest Products Industry

For the Forest Products industry and Basic Materials sector, Dong Hai JSC of Ben Tre's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Dong Hai JSC of Ben Tre's Beneish M-Score falls into.

Dong Hai JSC of Ben Tre 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 Dong Hai JSC of Ben Tre 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 * 1.206

0.528 * 1.0563

0.404 * 0.6134

0.892 * 0.8591

0.115 * 2.0623

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3517

4.679 * 0.052881

0.327 * 0.9333

-2.21

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₫636,588 Mil.
Revenue was 810790.584 + 815888.011 + 794409.191 + 800979.581 = ₫3,222,067 Mil.
Gross Profit was 104123.902 + 112448.481 + 106893.229 + 137378.668 = ₫460,844 Mil.
Total Current Assets was ₫1,832,489 Mil.
Total Assets was ₫2,961,101 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,107,514 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫2,279 Mil.
Selling, General, & Admin. Expense(SGA) was ₫72,308 Mil.
Total Current Liabilities was ₫1,053,594 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was 55602.743 + 75265.403 + 55899.297 + 92043.695 = ₫278,811 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 122225.173 + 0 + 0 + 0 = ₫122,225 Mil.

Total Receivables was ₫614,379 Mil.
Revenue was 847631.758 + 938881.566 + 970368.79 + 993480.723 = ₫3,750,363 Mil.
Gross Profit was 146808.446 + 121518.709 + 125495.102 + 172778.216 = ₫566,600 Mil.
Total Current Assets was ₫1,780,190 Mil.
Total Assets was ₫2,972,458 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,157,740 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫4,922 Mil.
Selling, General, & Admin. Expense(SGA) was ₫62,266 Mil.
Total Current Liabilities was ₫1,133,180 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)
	=	(636588.016 / 3222067.367)	/	(614379.177 / 3750362.837)
	=	0.197571	/	0.163819
	=	1.206

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)
	=	(566600.473 / 3750362.837)	/	(460844.28 / 3222067.367)
	=	0.151079	/	0.143028
	=	1.0563

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 - (1832488.6 + 1107514.379) / 2961100.737)	/	(1 - (1780189.983 + 1157740.254) / 2972457.899)
	=	0.007125	/	0.011616
	=	0.6134

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
	=	3222067.367	/	3750362.837
	=	0.8591

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))
	=	(4922.311 / (4922.311 + 1157740.254))	/	(2278.614 / (2278.614 + 1107514.379))
	=	0.004234	/	0.002053
	=	2.0623

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)
	=	(72308.24 / 3222067.367)	/	(62265.781 / 3750362.837)
	=	0.022442	/	0.016603
	=	1.3517

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 + 1053593.795) / 2961100.737)	/	((0 + 1133180.111) / 2972457.899)
	=	0.355812	/	0.381227
	=	0.9333

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
	=	(278811.138 - 0	-	122225.173)	/	2961100.737
	=	0.052881

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.

Dong Hai JSC of Ben Tre has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.

Dong Hai JSC of Ben Tre Beneish M-Score Related Terms

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