F.I.T Group JSC (STC:FIT) Beneish M-Score : -2.24 (As of May. 17, 2024)

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What is F.I.T 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 -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for F.I.T Group JSC's Beneish M-Score or its related term are showing as below:

STC:FIT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.26 Med: -2.15 Max: 31.49
Current: -2.24

During the past 13 years, the highest Beneish M-Score of F.I.T Group JSC was 31.49. The lowest was -3.26. And the median was -2.15.

F.I.T Group JSC Beneish M-Score Historical Data

The historical data trend for F.I.T 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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F.I.T Group JSC Beneish M-Score Chart

F.I.T Group JSC Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.48

-2.43

0.93

-0.64

-2.51

F.I.T Group JSC Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															0.65	0.61	1.11	-2.51	-2.24

Competitive Comparison of F.I.T Group JSC's Beneish M-Score

For the Asset Management subindustry, F.I.T 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.

F.I.T Group JSC's Beneish M-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, F.I.T Group JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where F.I.T Group JSC's Beneish M-Score falls into.

F.I.T 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 F.I.T 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 * 1.1762

0.528 * 1.067

0.404 * 0.698

0.892 * 0.9589

0.115 * 1.1739

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7804

4.679 * 0.04468

0.327 * 1.2021

-2.24

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₫3,687,363 Mil.
Revenue was 408847.012 + 564931.178 + 458106.783 + 386167.059 = ₫1,818,052 Mil.
Gross Profit was 93778.405 + 123149.124 + 88587.915 + 77627.1 = ₫383,143 Mil.
Total Current Assets was ₫5,306,873 Mil.
Total Assets was ₫7,389,224 Mil.
Property, Plant and Equipment(Net PPE) was ₫976,301 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫135,765 Mil.
Selling, General, & Admin. Expense(SGA) was ₫248,283 Mil.
Total Current Liabilities was ₫1,217,386 Mil.
Long-Term Debt & Capital Lease Obligation was ₫265,771 Mil.
Net Income was 54232.108 + 41117.162 + -162989.063 + 18153.985 = ₫-49,486 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -127533.543 + -210620.358 + 59349.229 + -100829.157 = ₫-379,634 Mil.

Total Receivables was ₫3,269,368 Mil.
Revenue was 335489.19 + 478658.15 + 430588.706 + 651237.438 = ₫1,895,973 Mil.
Gross Profit was 58543.05 + 135392.899 + 116516.238 + 115898.658 = ₫426,351 Mil.
Total Current Assets was ₫4,784,808 Mil.
Total Assets was ₫7,298,564 Mil.
Property, Plant and Equipment(Net PPE) was ₫948,579 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫158,691 Mil.
Selling, General, & Admin. Expense(SGA) was ₫331,778 Mil.
Total Current Liabilities was ₫1,028,807 Mil.
Long-Term Debt & Capital Lease Obligation was ₫189,831 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)
	=	(3687362.928 / 1818052.032)	/	(3269368.225 / 1895973.484)
	=	2.028194	/	1.724374
	=	1.1762

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)
	=	(426350.845 / 1895973.484)	/	(383142.544 / 1818052.032)
	=	0.224872	/	0.210743
	=	1.067

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 - (5306873.12 + 976301.048) / 7389224.123)	/	(1 - (4784808.357 + 948578.776) / 7298564.144)
	=	0.149684	/	0.21445
	=	0.698

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
	=	1818052.032	/	1895973.484
	=	0.9589

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))
	=	(158690.608 / (158690.608 + 948578.776))	/	(135764.744 / (135764.744 + 976301.048))
	=	0.143317	/	0.122083
	=	1.1739

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)
	=	(248282.565 / 1818052.032)	/	(331778.328 / 1895973.484)
	=	0.136565	/	0.174991
	=	0.7804

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)
	=	((265771.498 + 1217386.366) / 7389224.123)	/	((189831.412 + 1028806.985) / 7298564.144)
	=	0.200719	/	0.16697
	=	1.2021

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
	=	(-49485.808 - 0	-	-379633.829)	/	7389224.123
	=	0.04468

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.

F.I.T Group JSC has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.

F.I.T Group JSC Beneish M-Score Related Terms

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F.I.T Group JSC (STC:FIT) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » F.I.T Group JSC (STC:FIT) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

No. 35 Le Van Luong, 5th Floor, Times Tower, HACC1 Complex, Thanh Xuan District, Hanoi, VNM

Website

https://www.fitgroup.com.vn

F.I.T Group JSC is a Vietnam based company operating in the investment advisory field and financial services. It offers advisory services such as capital mobilization and consultant service for the project, person and business; and M&A advisory service. In addition, the group is also engaged in providing real estate services, which includes appraising service, real estate repo service, management real estate service, mobilizing capital for real estate service, financial advisory service for real estate project including, rent, sell and purchase activities, and direct investment into real estate project. Through its subsidiaries, the group is also involved in the businesses of pharmaceutical, agriculture, FMCG and others.