Dien Quang Group JSC (STC:DQC) Beneish M-Score : -1.27 (As of Jun. 21, 2025)

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What is Dien Quang 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.

Warning Sign:

Beneish M-Score -1.27 higher than -1.78, which implies that the company might have manipulated its financial results.

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

STC:DQC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.5 Med: -2.29 Max: -1.27
Current: -1.27

During the past 13 years, the highest Beneish M-Score of Dien Quang Group JSC was -1.27. The lowest was -3.50. And the median was -2.29.

Dien Quang Group JSC Beneish M-Score Historical Data

The historical data trend for Dien Quang 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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Dien Quang Group JSC Beneish M-Score Chart

Dien Quang Group JSC Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.47

-2.57

-2.28

-2.29

-3.50

Dien Quang 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															-2.99	-3.16	-2.71	-3.50	-1.27

Competitive Comparison of Dien Quang Group JSC's Beneish M-Score

For the Electrical Equipment & Parts subindustry, Dien Quang 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.

Dien Quang Group JSC's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Dien Quang Group JSC's Beneish M-Score distribution charts can be found below:

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

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Dien Quang 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 Dien Quang 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 * 0.7419

0.528 * 1.23

0.404 * 0.9657

0.892 * 0.9528

0.115 * 18.0462

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7692

4.679 * -0.122767

0.327 * 1.1332

-1.27

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was ₫265,505 Mil.
Revenue was 170699.707 + 228695.656 + 214639.883 + 176556.285 = ₫790,592 Mil.
Gross Profit was 42190.923 + 55324.167 + 48970.744 + 43429.255 = ₫189,915 Mil.
Total Current Assets was ₫864,378 Mil.
Total Assets was ₫1,305,558 Mil.
Property, Plant and Equipment(Net PPE) was ₫213,691 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫1,999 Mil.
Selling, General, & Admin. Expense(SGA) was ₫195,193 Mil.
Total Current Liabilities was ₫516,881 Mil.
Long-Term Debt & Capital Lease Obligation was ₫3,846 Mil.
Net Income was 2907.713 + -96465.72 + -5126.553 + 866.098 = ₫-97,818 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -2744.692 + 42826.984 + -56256.874 + 78634.905 = ₫62,460 Mil.

Total Receivables was ₫375,576 Mil.
Revenue was 169132.617 + 206045.364 + 217834.042 + 236729.44 = ₫829,741 Mil.
Gross Profit was 43232.34 + 64615.632 + 67327.082 + 69983.757 = ₫245,159 Mil.
Total Current Assets was ₫957,543 Mil.
Total Assets was ₫1,457,743 Mil.
Property, Plant and Equipment(Net PPE) was ₫237,162 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫47,626 Mil.
Selling, General, & Admin. Expense(SGA) was ₫266,343 Mil.
Total Current Liabilities was ₫505,381 Mil.
Long-Term Debt & Capital Lease Obligation was ₫7,692 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)
	=	(265505.121 / 790591.531)	/	(375576.32 / 829741.463)
	=	0.335831	/	0.452643
	=	0.7419

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)
	=	(245158.811 / 829741.463)	/	(189915.089 / 790591.531)
	=	0.295464	/	0.240219
	=	1.23

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 - (864378.445 + 213691.474) / 1305557.503)	/	(1 - (957542.742 + 237161.864) / 1457743.276)
	=	0.174246	/	0.180442
	=	0.9657

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
	=	790591.531	/	829741.463
	=	0.9528

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))
	=	(47626.266 / (47626.266 + 237161.864))	/	(1998.849 / (1998.849 + 213691.474))
	=	0.167234	/	0.009267
	=	18.0462

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)
	=	(195193.143 / 790591.531)	/	(266342.958 / 829741.463)
	=	0.246895	/	0.320995
	=	0.7692

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)
	=	((3845.924 + 516881.439) / 1305557.503)	/	((7691.848 + 505380.96) / 1457743.276)
	=	0.398854	/	0.351964
	=	1.1332

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
	=	(-97818.462 - 0	-	62460.323)	/	1305557.503
	=	-0.122767

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.

Dien Quang Group JSC has a M-score of -1.27 signals that the company is likely to be a manipulator.

Dien Quang Group JSC Beneish M-Score Related Terms

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Dien Quang Group JSC Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Dien Quang Group JSC (STC:DQC) » Definitions » Beneish M-Score

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Address

125 Ham Nghi Street, District 1, Nguyen Thai Binh Ward, Ho Chi Minh City, VNM

Website

https://www.dqc.vn

Dien Quang Group JSC is a technology company in the lighting industry and electrical equipment. It is the corporation with the largest organizational scale that manufactures lighting devices and electrical equipment in Vietnam with a total of 5 factories, of which 4 factories are located in Vietnam and 1 is situated in Venezuela.

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