FECON (STC:FCN) Beneish M-Score : -2.29 (As of Jun. 18, 2025)

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What is FECON 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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:FCN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.04 Med: -2.16 Max: -1.19
Current: -2.29

During the past 13 years, the highest Beneish M-Score of FECON was -1.19. The lowest was -3.04. And the median was -2.16.

FECON Beneish M-Score Historical Data

The historical data trend for FECON'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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FECON Beneish M-Score Chart

FECON Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.39

-2.83

-2.13

-2.95

-2.14

FECON 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															-2.87	-2.59	-2.45	-2.14	-2.29

Competitive Comparison of FECON's Beneish M-Score

For the Engineering & Construction subindustry, FECON'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.

FECON's Beneish M-Score Distribution in the Construction Industry

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

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

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FECON 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 FECON 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 * 0.8136

0.528 * 1.1977

0.404 * 0.8616

0.892 * 1.2435

0.115 * 1.1948

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.83

4.679 * 0.016675

0.327 * 1.0968

-2.29

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was ₫2,423,524 Mil.
Revenue was 820683.657 + 1202744.357 + 744389.861 + 815940.775 = ₫3,583,759 Mil.
Gross Profit was 131200.585 + 145774.162 + 111907.662 + 87767.443 = ₫476,650 Mil.
Total Current Assets was ₫6,411,398 Mil.
Total Assets was ₫9,904,515 Mil.
Property, Plant and Equipment(Net PPE) was ₫2,790,032 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫168,739 Mil.
Selling, General, & Admin. Expense(SGA) was ₫200,825 Mil.
Total Current Liabilities was ₫4,948,909 Mil.
Long-Term Debt & Capital Lease Obligation was ₫1,570,824 Mil.
Net Income was -6567.397 + -2018.786 + 7147.181 + -10865.121 = ₫-12,304 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -162940.106 + 304742.621 + -156762.355 + -162503.214 = ₫-177,463 Mil.

Total Receivables was ₫2,395,402 Mil.
Revenue was 611622.363 + 1049232.788 + 547635.179 + 673564.055 = ₫2,882,054 Mil.
Gross Profit was 96808.494 + 157130.128 + 80117.136 + 125058.965 = ₫459,115 Mil.
Total Current Assets was ₫6,061,509 Mil.
Total Assets was ₫8,472,135 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,712,650 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫125,230 Mil.
Selling, General, & Admin. Expense(SGA) was ₫194,572 Mil.
Total Current Liabilities was ₫4,186,334 Mil.
Long-Term Debt & Capital Lease Obligation was ₫898,540 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)
	=	(2423524.123 / 3583758.65)	/	(2395402.052 / 2882054.385)
	=	0.676252	/	0.831144
	=	0.8136

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)
	=	(459114.723 / 2882054.385)	/	(476649.852 / 3583758.65)
	=	0.159301	/	0.133003
	=	1.1977

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 - (6411398.412 + 2790032.08) / 9904514.841)	/	(1 - (6061508.966 + 1712649.597) / 8472135.184)
	=	0.070986	/	0.082385
	=	0.8616

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
	=	3583758.65	/	2882054.385
	=	1.2435

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))
	=	(125229.953 / (125229.953 + 1712649.597))	/	(168738.537 / (168738.537 + 2790032.08))
	=	0.068138	/	0.05703
	=	1.1948

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)
	=	(200825.334 / 3583758.65)	/	(194572.352 / 2882054.385)
	=	0.056038	/	0.067512
	=	0.83

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)
	=	((1570823.675 + 4948909.103) / 9904514.841)	/	((898540.362 + 4186334.145) / 8472135.184)
	=	0.658259	/	0.600188
	=	1.0968

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
	=	(-12304.123 - 0	-	-177463.054)	/	9904514.841
	=	0.016675

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.

FECON has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.

FECON Beneish M-Score Related Terms

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FECON Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » FECON Corp (STC:FCN) » Definitions » Beneish M-Score

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Address

Lot HH2-1 Me Tri Ha Urban Area, Pham Hung Street, 15th Floor, Building CEO, Me Tri Ward , Nam Tu Liem District, Hanoi, VNM

Website

https://www.fecon.com.vn

FECON Corp operates in the field of construction foundation in Vietnam. It functions as a professional contractor, providing comprehensive solutions for foundation work in the construction field. The company is involved in the business areas of construction, road construction, construction of waterway ports, monitoring, research and development, geotechnical consultancy, geological survey and foundation experiments, monitoring, background treatment, waterproofing underground works, construction of tunnel with shield, and production and construction of tunnel lining.