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Dien Quang Group JSC (STC:DQC) Beneish M-Score : -1.27 (As of Jun. 20, 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.

* Premium members only.

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
Get a 7-Day Free Trial Premium Member Only Premium Member Only -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 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 -2.99 -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:

M=-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

* 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 ₫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

Traded in Other Exchanges
N/A
Address
125 Ham Nghi Street, District 1, Nguyen Thai Binh Ward, Ho Chi Minh City, VNM
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.

Dien Quang Group JSC Headlines

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