Gelex Electricity JSC Beneish M-Score Historical Data
The historical data trend for Gelex Electricity 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.
Gelex Electricity JSC Beneish M-Score Chart
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Gelex Electricity JSC Annual Data
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|
Trend |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
-2.52 |
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Gelex Electricity JSC Semi-Annual Data
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|
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
- |
- |
-2.52 |
Competitive Comparison of Gelex Electricity JSC's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Gelex Electricity 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.
Gelex Electricity JSC's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Gelex Electricity JSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gelex Electricity JSC's Beneish M-Score falls into.
Gelex Electricity 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 Gelex Electricity 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 * 1.2654 | + | 0.528 * 1.0399 | + | 0.404 * 1.5431 | + | 0.892 * 0.9966 | + | 0.115 * 0.6215 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9087 | + | 4.679 * -0.114577 | - | 0.327 * 0.8624 |
| = | -2.52 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₫1,849,139 Mil.
Revenue was ₫16,607,269 Mil.
Gross Profit was ₫2,025,931 Mil.
Total Current Assets was ₫6,563,192 Mil.
Total Assets was ₫13,722,932 Mil.
Property, Plant and Equipment(Net PPE) was ₫3,644,504 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫582,175 Mil.
Selling, General, & Admin. Expense(SGA) was ₫400,229 Mil.
Total Current Liabilities was ₫6,458,681 Mil.
Long-Term Debt & Capital Lease Obligation was ₫1,235,644 Mil.
Net Income was ₫745,377 Mil.
Gross Profit was ₫0 Mil.
Cash Flow from Operations was ₫2,317,711 Mil.
|
Total Receivables was ₫1,466,401 Mil.
Revenue was ₫16,664,673 Mil.
Gross Profit was ₫2,113,991 Mil.
Total Current Assets was ₫7,767,527 Mil.
Total Assets was ₫17,419,623 Mil.
Property, Plant and Equipment(Net PPE) was ₫6,760,362 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫632,939 Mil.
Selling, General, & Admin. Expense(SGA) was ₫441,948 Mil.
Total Current Liabilities was ₫6,165,115 Mil.
Long-Term Debt & Capital Lease Obligation was ₫5,159,830 Mil.
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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) |
| = | (1849139.433 / 16607268.527) | / | (1466400.699 / 16664672.538) |
| = | 0.111345 | / | 0.087995 |
| | = | 1.2654 |
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) |
| = | (2113990.821 / 16664672.538) | / | (2025931.305 / 16607268.527) |
| = | 0.126855 | / | 0.121991 |
| | = | 1.0399 |
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 - (6563191.996 + 3644504.121) / 13722932.431) | / | (1 - (7767527.024 + 6760361.653) / 17419623.16) |
| = | 0.256158 | / | 0.166004 |
| | = | 1.5431 |
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 |
| = | 16607268.527 | / | 16664672.538 |
| | = | 0.9966 |
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)) |
| = | (632939.302 / (632939.302 + 6760361.653)) | / | (582175.378 / (582175.378 + 3644504.121)) |
| = | 0.08561 | / | 0.137738 |
| | = | 0.6215 |
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) |
| = | (400228.939 / 16607268.527) | / | (441948.289 / 16664672.538) |
| = | 0.0241 | / | 0.02652 |
| | = | 0.9087 |
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) |
| = | ((1235643.872 + 6458680.884) / 13722932.431) | / | ((5159829.973 + 6165114.622) / 17419623.16) |
| = | 0.560691 | / | 0.650126 |
| | = | 0.8624 |
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 |
| = | (745377.315 - 0 | - | 2317711.017) | / | 13722932.431 |
| | = | -0.114577 |
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.
Gelex Electricity JSC has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
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