Hoa Sen Group (STC:HSG) Beneish M-Score : -2.32 (As of Apr. 07, 2025)

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What is Hoa Sen Group 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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:HSG' s Beneish M-Score Range Over the Past 10 Years
Min: -4.19 Med: -2.07 Max: 0.8
Current: -2.32

During the past 13 years, the highest Beneish M-Score of Hoa Sen Group was 0.80. The lowest was -4.19. And the median was -2.07.

Hoa Sen Group Beneish M-Score Historical Data

The historical data trend for Hoa Sen Group'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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Hoa Sen Group Beneish M-Score Chart

Hoa Sen Group Annual Data

Trend

Sep15

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Sep24

Beneish M-Score

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-2.21

-1.58

-3.05

-2.10

-2.04

Hoa Sen Group Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.07	-2.03	-2.88	-2.04	-2.32

Competitive Comparison of Hoa Sen Group's Beneish M-Score

For the Steel subindustry, Hoa Sen Group'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.

Hoa Sen Group's Beneish M-Score Distribution in the Steel Industry

For the Steel industry and Basic Materials sector, Hoa Sen Group's Beneish M-Score distribution charts can be found below:

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

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Hoa Sen Group 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 Hoa Sen Group 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 * 0.6288

0.528 * 1.0433

0.404 * 1.0087

0.892 * 1.232

0.115 * 1.0251

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2269

4.679 * 0.067378

0.327 * 1.0397

-2.32

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₫1,622,556 Mil.
Revenue was 10221663.391 + 10108704.467 + 10840380.571 + 9248190.076 = ₫40,418,939 Mil.
Gross Profit was 1205317.686 + 848622.843 + 1336914.566 + 1116961.696 = ₫4,507,817 Mil.
Total Current Assets was ₫14,472,022 Mil.
Total Assets was ₫19,800,193 Mil.
Property, Plant and Equipment(Net PPE) was ₫4,553,478 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫951,951 Mil.
Selling, General, & Admin. Expense(SGA) was ₫2,440,250 Mil.
Total Current Liabilities was ₫8,663,652 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was 165527.075 + -185890.768 + 273403.232 + 318865.144 = ₫571,905 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -20212.326 + 1331066.598 + 666392.26 + -2739436.726 = ₫-762,190 Mil.

Total Receivables was ₫2,094,290 Mil.
Revenue was 9073224.142 + 8106637.361 + 8645778.24 + 6980866.633 = ₫32,806,506 Mil.
Gross Profit was 949693.552 + 1071896.023 + 892095.398 + 903724.465 = ₫3,817,409 Mil.
Total Current Assets was ₫12,957,016 Mil.
Total Assets was ₫18,798,432 Mil.
Property, Plant and Equipment(Net PPE) was ₫5,112,234 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫1,101,346 Mil.
Selling, General, & Admin. Expense(SGA) was ₫1,614,375 Mil.
Total Current Liabilities was ₫7,911,608 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)
	=	(1622556.387 / 40418938.505)	/	(2094290.097 / 32806506.376)
	=	0.040143	/	0.063838
	=	0.6288

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)
	=	(3817409.438 / 32806506.376)	/	(4507816.791 / 40418938.505)
	=	0.116361	/	0.111527
	=	1.0433

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 - (14472021.632 + 4553477.778) / 19800192.676)	/	(1 - (12957015.814 + 5112234.374) / 18798431.745)
	=	0.039126	/	0.038789
	=	1.0087

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
	=	40418938.505	/	32806506.376
	=	1.232

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))
	=	(1101346.052 / (1101346.052 + 5112234.374))	/	(951951.419 / (951951.419 + 4553477.778))
	=	0.177248	/	0.172911
	=	1.0251

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)
	=	(2440249.593 / 40418938.505)	/	(1614374.819 / 32806506.376)
	=	0.060374	/	0.049209
	=	1.2269

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 + 8663651.871) / 19800192.676)	/	((0 + 7911607.932) / 18798431.745)
	=	0.437554	/	0.420865
	=	1.0397

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
	=	(571904.683 - 0	-	-762190.194)	/	19800192.676
	=	0.067378

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.

Hoa Sen Group has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.

Hoa Sen Group Beneish M-Score Related Terms

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Hoa Sen Group Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Steel » Hoa Sen Group (STC:HSG) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

183 Nguyen Van Troi Street, Ward 10, Phu Nhuan District, Ho Chi Minh City, VNM

Website

http://www.hoasengroup.vn

Hoa Sen Group is a steel roofing sheet manufacturing company. It manufactures and distributes building material products in Vietnam. The company's product portfolio includes cold rolled coil, aluminum-zinc alloy coated steel sheets, galvanized steel sheets, pre-painted galvanized steel sheets, pre-painted aluminum-zinc alloy coated steel sheets, pre-painted GL and pre-painted GI with PVDF, and wood pattern steel sheets. In addition, it also produces steel purlins, galvanized purlins, manufactures black steel pipes, galvanized steel pipes and other alloys, steel mesh, galvanized steel wire, steel wire, PVC ceiling and manufacturing and trading of plastic building materials.

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