DHG Pharmaceutical JSC (STC:DHG) Beneish M-Score : -2.68 (As of Dec. 14, 2024)

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What is DHG Pharmaceutical 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 -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:DHG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.01 Med: -2.39 Max: -1.3
Current: -2.68

During the past 13 years, the highest Beneish M-Score of DHG Pharmaceutical JSC was -1.30. The lowest was -3.01. And the median was -2.39.

DHG Pharmaceutical JSC Beneish M-Score Historical Data

The historical data trend for DHG Pharmaceutical 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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DHG Pharmaceutical JSC Beneish M-Score Chart

DHG Pharmaceutical JSC Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.84

-2.85

-2.14

-2.45

-1.30

DHG Pharmaceutical 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															-1.62	-1.30	-2.15	-2.47	-2.68

Competitive Comparison of DHG Pharmaceutical JSC's Beneish M-Score

For the Drug Manufacturers - Specialty & Generic subindustry, DHG Pharmaceutical 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.

DHG Pharmaceutical JSC's Beneish M-Score Distribution in the Drug Manufacturers Industry

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

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

DHG Pharmaceutical 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 DHG Pharmaceutical 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 * 0.9196

0.528 * 1.1219

0.404 * 1.0243

0.892 * 1.0312

0.115 * 0.8445

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9428

4.679 * -0.027418

0.327 * 1.2787

-2.68

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₫541,373 Mil.
Revenue was 1061838.685 + 1105832.177 + 1258518.524 + 1534725.363 = ₫4,960,915 Mil.
Gross Profit was 461251.784 + 497621.013 + 512497.202 + 653095.669 = ₫2,124,466 Mil.
Total Current Assets was ₫4,833,774 Mil.
Total Assets was ₫6,253,273 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,126,862 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫107,905 Mil.
Selling, General, & Admin. Expense(SGA) was ₫574,898 Mil.
Total Current Liabilities was ₫1,774,141 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was 156014.719 + 192484.446 + 222228.744 + 260288.226 = ₫831,016 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 238946.738 + 237438.436 + 365565.63 + 160520.264 = ₫1,002,471 Mil.

Total Receivables was ₫570,889 Mil.
Revenue was 1099461.735 + 1152649.915 + 1228558.027 + 1330288.482 = ₫4,810,958 Mil.
Gross Profit was 514651.633 + 561652.368 + 614145.373 + 620884.27 = ₫2,311,334 Mil.
Total Current Assets was ₫4,647,712 Mil.
Total Assets was ₫5,989,489 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,068,117 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫85,104 Mil.
Selling, General, & Admin. Expense(SGA) was ₫591,328 Mil.
Total Current Liabilities was ₫1,328,931 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)
	=	(541373.383 / 4960914.749)	/	(570889.043 / 4810958.159)
	=	0.109128	/	0.118664
	=	0.9196

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)
	=	(2311333.644 / 4810958.159)	/	(2124465.668 / 4960914.749)
	=	0.480431	/	0.428241
	=	1.1219

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 - (4833773.511 + 1126861.533) / 6253272.867)	/	(1 - (4647711.803 + 1068117.114) / 5989488.997)
	=	0.046798	/	0.04569
	=	1.0243

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
	=	4960914.749	/	4810958.159
	=	1.0312

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))
	=	(85104.466 / (85104.466 + 1068117.114))	/	(107904.547 / (107904.547 + 1126861.533))
	=	0.073797	/	0.087389
	=	0.8445

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)
	=	(574898.365 / 4960914.749)	/	(591328.461 / 4810958.159)
	=	0.115886	/	0.122913
	=	0.9428

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 + 1774141.353) / 6253272.867)	/	((0 + 1328931) / 5989488.997)
	=	0.283714	/	0.221877
	=	1.2787

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
	=	(831016.135 - 0	-	1002471.068)	/	6253272.867
	=	-0.027418

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.

DHG Pharmaceutical JSC has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.

DHG Pharmaceutical JSC Beneish M-Score Related Terms

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DHG Pharmaceutical JSC Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Drug Manufacturers » DHG Pharmaceutical JSC (STC:DHG) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

288 Bis Nguyen Van Cu, An Hoa Ward, Ninh Kieu District, Can Tho, VNM

Website

https://www.dhgpharma.com.vn

DHG Pharmaceutical JSC produces and trades in pharmaceutical products. It provides various pharmaceutical products in the areas of antibiotic, antifungal, and antiparasitic; analgesic and antipyretic; ear-nose-throat, cough, and asthma; ophthalmic and nervous system; muscular and osteoarticular; digestive; hepatic; cardiovascular and diabetic; vitamins and minerals; and dermal and beauty care.