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Dat Phuong Group JSC (STC:DPG) Beneish M-Score : -1.82 (As of Jun. 17, 2025)


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What is Dat Phuong 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 -1.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:DPG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.7   Med: -2.08   Max: -1.49
Current: -1.82

During the past 7 years, the highest Beneish M-Score of Dat Phuong Group JSC was -1.49. The lowest was -2.70. And the median was -2.08.


Dat Phuong Group JSC Beneish M-Score Historical Data

The historical data trend for Dat Phuong 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.

* Premium members only.

Dat Phuong Group JSC Beneish M-Score Chart

Dat Phuong Group JSC Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial - -2.70 -2.06 -2.37 -1.49

Dat Phuong Group 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.39 -1.97 -1.63 -1.49 -1.82

Competitive Comparison of Dat Phuong Group JSC's Beneish M-Score

For the Engineering & Construction subindustry, Dat Phuong 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.


Dat Phuong Group JSC's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Dat Phuong Group JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Dat Phuong Group JSC's Beneish M-Score falls into.


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Dat Phuong 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 Dat Phuong Group JSC for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.2677+0.528 * 1.0282+0.404 * 1.4414+0.892 * 1.0557+0.115 * 0.9603
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.835+4.679 * 0.025376-0.327 * 0.9216
=-1.82

* 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.

This Year (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was ₫633,468 Mil.
Revenue was 527827.039 + 1446436.938 + 744685.013 + 960252.947 = ₫3,679,202 Mil.
Gross Profit was 152707.438 + 203980.532 + 86814.238 + 129635.267 = ₫573,137 Mil.
Total Current Assets was ₫3,417,903 Mil.
Total Assets was ₫6,301,125 Mil.
Property, Plant and Equipment(Net PPE) was ₫2,651,019 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫143,844 Mil.
Selling, General, & Admin. Expense(SGA) was ₫25,313 Mil.
Total Current Liabilities was ₫2,280,562 Mil.
Long-Term Debt & Capital Lease Obligation was ₫1,321,149 Mil.
Net Income was 65273.983 + 96627.533 + 19776.922 + 53792.575 = ₫235,471 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -134843.943 + 106192.899 + 168333.976 + -64109.895 = ₫75,573 Mil.
Total Receivables was ₫473,360 Mil.
Revenue was 425754.775 + 1423495.696 + 867398.604 + 768579.864 = ₫3,485,229 Mil.
Gross Profit was 123688.334 + 217787.372 + 95677.576 + 121094.316 = ₫558,248 Mil.
Total Current Assets was ₫3,544,118 Mil.
Total Assets was ₫6,456,001 Mil.
Property, Plant and Equipment(Net PPE) was ₫2,746,827 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫142,816 Mil.
Selling, General, & Admin. Expense(SGA) was ₫28,717 Mil.
Total Current Liabilities was ₫2,567,263 Mil.
Long-Term Debt & Capital Lease Obligation was ₫1,437,042 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)
=(633468.383 / 3679201.937) / (473359.981 / 3485228.939)
=0.172175 / 0.135819
=1.2677

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)
=(558247.598 / 3485228.939) / (573137.475 / 3679201.937)
=0.160175 / 0.155778
=1.0282

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 - (3417902.86 + 2651019.495) / 6301125.369) / (1 - (3544118.424 + 2746826.948) / 6456000.806)
=0.036851 / 0.025566
=1.4414

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
=3679201.937 / 3485228.939
=1.0557

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))
=(142816.039 / (142816.039 + 2746826.948)) / (143844.038 / (143844.038 + 2651019.495))
=0.049423 / 0.051467
=0.9603

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)
=(25312.681 / 3679201.937) / (28716.889 / 3485228.939)
=0.00688 / 0.00824
=0.835

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)
=((1321148.775 + 2280562.089) / 6301125.369) / ((1437042.349 + 2567263.363) / 6456000.806)
=0.571598 / 0.620246
=0.9216

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
=(235471.013 - 0 - 75573.037) / 6301125.369
=0.025376

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.

Dat Phuong Group JSC has a M-score of -1.82 suggests that the company is unlikely to be a manipulator.


Dat Phuong Group JSC Beneish M-Score Related Terms

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Dat Phuong Group JSC Business Description

Traded in Other Exchanges
N/A
Address
Handico Building, Floor 15th, Pham Hung, Me Tri ward, Nam Tu Liem District, Hanoi, VNM
Dat Phuong Group JSC is engaged in construction activities. Its main business activities include building traffic works, hydropower plants and irrigation, investment in the construction of hydropower projects, investment in the construction of infrastructure, and others.

Dat Phuong Group JSC Headlines

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