FPT Digital Retail JSC (STC:FRT) Beneish M-Score : -2.57 (As of Apr. 09, 2025)

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What is FPT Digital Retail 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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:FRT' s Beneish M-Score Range Over the Past 10 Years
Min: -2.72 Med: -2.65 Max: -2.57
Current: -2.57

During the past 7 years, the highest Beneish M-Score of FPT Digital Retail JSC was -2.57. The lowest was -2.72. And the median was -2.65.

FPT Digital Retail JSC Beneish M-Score Historical Data

The historical data trend for FPT Digital Retail 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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FPT Digital Retail JSC Beneish M-Score Chart

FPT Digital Retail JSC Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.72

-2.57

FPT Digital Retail JSC Quarterly Data
	Dec18	Dec19	Dec20	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial											-2.72	-2.67	-2.76	-3.11	-2.57

Competitive Comparison of FPT Digital Retail JSC's Beneish M-Score

For the Specialty Retail subindustry, FPT Digital Retail 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.

FPT Digital Retail JSC's Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, FPT Digital Retail JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where FPT Digital Retail JSC's Beneish M-Score falls into.

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FPT Digital Retail 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 FPT Digital Retail 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 * 0.9088

0.528 * 0.8575

0.404 * 0.8803

0.892 * 1.2592

0.115 * 0.8267

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.043

4.679 * -0.019552

0.327 * 0.997

-2.57

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₫373,130 Mil.
Revenue was 11447648.15 + 10375679.032 + 9239510.143 + 9041655.207 = ₫40,104,493 Mil.
Gross Profit was 2074461.09 + 1890269.978 + 1810989.904 + 1807339.972 = ₫7,583,061 Mil.
Total Current Assets was ₫14,026,159 Mil.
Total Assets was ₫15,832,550 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,164,906 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫318,443 Mil.
Selling, General, & Admin. Expense(SGA) was ₫6,893,045 Mil.
Total Current Liabilities was ₫13,712,184 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was 111098.302 + 140910.941 + 26743.111 + 38763.912 = ₫317,516 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -1110098.092 + -204573.899 + 574788.627 + 1366960.12 = ₫627,077 Mil.

Total Receivables was ₫326,062 Mil.
Revenue was 8690015.023 + 8235952.052 + 7170329.934 + 7752868.463 = ₫31,849,165 Mil.
Gross Profit was 1522622.577 + 1371306.722 + 1083657.935 + 1186380.537 = ₫5,163,968 Mil.
Total Current Assets was ₫11,415,308 Mil.
Total Assets was ₫13,098,450 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,080,267 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫233,072 Mil.
Selling, General, & Admin. Expense(SGA) was ₫5,248,472 Mil.
Total Current Liabilities was ₫11,378,723 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 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)
	=	(373129.524 / 40104492.532)	/	(326061.517 / 31849165.472)
	=	0.009304	/	0.010238
	=	0.9088

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)
	=	(5163967.771 / 31849165.472)	/	(7583060.944 / 40104492.532)
	=	0.162138	/	0.189083
	=	0.8575

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 - (14026158.73 + 1164906.462) / 15832550.399)	/	(1 - (11415308.018 + 1080267.045) / 13098449.903)
	=	0.040517	/	0.046026
	=	0.8803

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
	=	40104492.532	/	31849165.472
	=	1.2592

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))
	=	(233071.989 / (233071.989 + 1080267.045))	/	(318442.95 / (318442.95 + 1164906.462))
	=	0.177465	/	0.214678
	=	0.8267

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)
	=	(6893044.84 / 40104492.532)	/	(5248471.918 / 31849165.472)
	=	0.171877	/	0.164792
	=	1.043

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)
	=	((0 + 13712183.503) / 15832550.399)	/	((0 + 11378723.423) / 13098449.903)
	=	0.866075	/	0.868708
	=	0.997

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
	=	(317516.266 - 0	-	627076.756)	/	15832550.399
	=	-0.019552

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.

FPT Digital Retail JSC has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.

FPT Digital Retail JSC Beneish M-Score Related Terms

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FPT Digital Retail JSC Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » FPT Digital Retail JSC (STC:FRT) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

261-263 Khanh Hoi Street, Ward 5, District 4, Ho Chi Minh City, VNM

Website

http://frt.vn

FPT Digital Retail JSC is a trading company of technology devices such as mobile phones, Apple products, personal computers, tablets, accessories and other services. Further, it own two retail chains named by FPT shop and F.Studio with nearly 482 stores across 63 provinces.