Gemadept (STC:GMD) Beneish M-Score : -2.17 (As of Dec. 11, 2024)

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What is Gemadept 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 -2.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:GMD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.32 Med: -2.36 Max: -1.1
Current: -2.17

During the past 13 years, the highest Beneish M-Score of Gemadept was -1.10. The lowest was -3.32. And the median was -2.36.

Gemadept Beneish M-Score Historical Data

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

Gemadept Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.81

-2.71

-2.32

-3.09

-1.10

Gemadept Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.27	-1.10	-1.10	-2.06	-2.17

Competitive Comparison of Gemadept's Beneish M-Score

For the Marine Shipping subindustry, Gemadept'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.

Gemadept's Beneish M-Score Distribution in the Transportation Industry

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

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

Gemadept 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 Gemadept 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 * 0.687

0.528 * 1.0788

0.404 * 1.13

0.892 * 1.1616

0.115 * 0.9563

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0559

4.679 * 0.076662

0.327 * 0.9643

-2.17

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₫785,665 Mil.
Revenue was 1264114.624 + 1181097.334 + 1005539.541 + 1033762.868 = ₫4,484,514 Mil.
Gross Profit was 581333.965 + 542069.274 + 440885.329 + 427270.232 = ₫1,991,559 Mil.
Total Current Assets was ₫3,491,688 Mil.
Total Assets was ₫14,366,410 Mil.
Property, Plant and Equipment(Net PPE) was ₫5,448,878 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫408,975 Mil.
Selling, General, & Admin. Expense(SGA) was ₫679,910 Mil.
Total Current Liabilities was ₫1,942,346 Mil.
Long-Term Debt & Capital Lease Obligation was ₫1,518,606 Mil.
Net Income was 335047.467 + 303161.314 + 559415.06 + 143861.176 = ₫1,341,485 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 354196.9 + 134439.786 + 460312.782 + -708827.524 = ₫240,122 Mil.

Total Receivables was ₫984,433 Mil.
Revenue was 997918.407 + 912150.279 + 901971.039 + 1048518.575 = ₫3,860,558 Mil.
Gross Profit was 464747.046 + 430723.014 + 426581.604 + 527537.581 = ₫1,849,589 Mil.
Total Current Assets was ₫3,152,592 Mil.
Total Assets was ₫13,245,076 Mil.
Property, Plant and Equipment(Net PPE) was ₫5,665,724 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫405,328 Mil.
Selling, General, & Admin. Expense(SGA) was ₫554,327 Mil.
Total Current Liabilities was ₫1,805,122 Mil.
Long-Term Debt & Capital Lease Obligation was ₫1,503,858 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)
	=	(785665.312 / 4484514.367)	/	(984432.68 / 3860558.3)
	=	0.175195	/	0.254997
	=	0.687

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)
	=	(1849589.245 / 3860558.3)	/	(1991558.8 / 4484514.367)
	=	0.479099	/	0.444097
	=	1.0788

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 - (3491688.358 + 5448878.49) / 14366409.922)	/	(1 - (3152592.15 + 5665723.693) / 13245076.441)
	=	0.377676	/	0.334219
	=	1.13

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
	=	4484514.367	/	3860558.3
	=	1.1616

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))
	=	(405327.872 / (405327.872 + 5665723.693))	/	(408974.613 / (408974.613 + 5448878.49))
	=	0.066764	/	0.069816
	=	0.9563

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)
	=	(679909.598 / 4484514.367)	/	(554327.178 / 3860558.3)
	=	0.151613	/	0.143587
	=	1.0559

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)
	=	((1518606.117 + 1942345.995) / 14366409.922)	/	((1503858.127 + 1805121.92) / 13245076.441)
	=	0.240906	/	0.249827
	=	0.9643

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
	=	(1341485.017 - 0	-	240121.944)	/	14366409.922
	=	0.076662

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.

Gemadept has a M-score of -2.17 suggests that the company is unlikely to be a manipulator.

Gemadept Beneish M-Score Related Terms

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Gemadept Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Gemadept Corp (STC:GMD) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

21st Floor, Gemadept Tower, 6 Le Thanh Ton, Ben Nghe Ward, District 1, Ho Chi Minh, VNM

Website

http://www.gemadept.com.vn

Gemadept Corp is in port operation, logistics, rubber plantation and real estate. It has Port operation, Logistics services, Planting rubber trees and Trading real estate segments. Port operation segment operates a system which stretches from north to south, in big cities and major industrial zones. Logistics services segment consists of distribution center services, container liner services, project cargo transport, multi-modal transport, ship and crew management, freight forwarding services and air cargo terminal. Rubber trees segment covers planting, exploiting and processing of rubber trees in Cambodia. Real estate segment builds and operates commercial centers, hotels, office buildings in big cities. The company derives the majority of its revenue from Logistics segment.

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