Song Hong Garment JSC (STC:MSH) Beneish M-Score : -1.38 (As of Dec. 14, 2024)

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What is Song Hong Garment 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.

Warning Sign:

Beneish M-Score -1.38 higher than -1.78, which implies that the company might have manipulated its financial results.

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

STC:MSH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.44 Med: -1.96 Max: -0.77
Current: -1.38

During the past 6 years, the highest Beneish M-Score of Song Hong Garment JSC was -0.77. The lowest was -3.44. And the median was -1.96.

Song Hong Garment JSC Beneish M-Score Historical Data

The historical data trend for Song Hong Garment 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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Song Hong Garment JSC Beneish M-Score Chart

Song Hong Garment JSC Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.78

-3.16

-1.19

Song Hong Garment JSC 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															-2.67	-1.19	-1.98	-0.77	-1.38

Competitive Comparison of Song Hong Garment JSC's Beneish M-Score

For the Apparel Manufacturing subindustry, Song Hong Garment 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.

Song Hong Garment JSC's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Song Hong Garment JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Song Hong Garment JSC's Beneish M-Score falls into.

Song Hong Garment 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 Song Hong Garment 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 * 1.226

0.528 * 0.9071

0.404 * 1.2057

0.892 * 1.1065

0.115 * 1.0637

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8589

4.679 * 0.158407

0.327 * 1.0341

-1.38

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₫958,222 Mil.
Revenue was 1748464.77 + 1333137.87 + 770424.278 + 1156686.792 = ₫5,008,714 Mil.
Gross Profit was 265513.491 + 182311.112 + 95281.63 + 160664.641 = ₫703,771 Mil.
Total Current Assets was ₫3,411,928 Mil.
Total Assets was ₫4,356,651 Mil.
Property, Plant and Equipment(Net PPE) was ₫828,517 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫128,679 Mil.
Selling, General, & Admin. Expense(SGA) was ₫309,745 Mil.
Total Current Liabilities was ₫1,769,396 Mil.
Long-Term Debt & Capital Lease Obligation was ₫442,116 Mil.
Net Income was 130125.596 + 91656.265 + 52298.305 + 78837.388 = ₫352,918 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 361033.514 + -608100.824 + -303076.636 + 212936.832 = ₫-337,207 Mil.

Total Receivables was ₫706,356 Mil.
Revenue was 1206041.507 + 1541800.161 + 637379.106 + 1141349.741 = ₫4,526,571 Mil.
Gross Profit was 129279.386 + 199130.62 + 74907.716 + 173615.992 = ₫576,934 Mil.
Total Current Assets was ₫2,865,133 Mil.
Total Assets was ₫3,763,020 Mil.
Property, Plant and Equipment(Net PPE) was ₫814,640 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫135,935 Mil.
Selling, General, & Admin. Expense(SGA) was ₫325,932 Mil.
Total Current Liabilities was ₫1,533,330 Mil.
Long-Term Debt & Capital Lease Obligation was ₫313,913 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)
	=	(958221.871 / 5008713.71)	/	(706356.001 / 4526570.515)
	=	0.191311	/	0.156047
	=	1.226

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)
	=	(576933.714 / 4526570.515)	/	(703770.874 / 5008713.71)
	=	0.127455	/	0.140509
	=	0.9071

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 - (3411928.174 + 828517.269) / 4356650.931)	/	(1 - (2865133.068 + 814640.268) / 3763020.346)
	=	0.026673	/	0.022122
	=	1.2057

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
	=	5008713.71	/	4526570.515
	=	1.1065

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))
	=	(135934.727 / (135934.727 + 814640.268))	/	(128679.38 / (128679.38 + 828517.269))
	=	0.143003	/	0.134434
	=	1.0637

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)
	=	(309744.702 / 5008713.71)	/	(325932.464 / 4526570.515)
	=	0.061841	/	0.072004
	=	0.8589

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)
	=	((442116.002 + 1769395.594) / 4356650.931)	/	((313913.037 + 1533329.802) / 3763020.346)
	=	0.507617	/	0.490894
	=	1.0341

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
	=	(352917.554 - 0	-	-337207.114)	/	4356650.931
	=	0.158407

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.

Song Hong Garment JSC has a M-score of -1.38 signals that the company is likely to be a manipulator.

Song Hong Garment JSC Beneish M-Score Related Terms

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Song Hong Garment JSC Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » Song Hong Garment JSC (STC:MSH) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

105 Nguyen Duc Thuan, Nam Dinh, VNM

Website

https://www.songhong.vn

Song Hong Garment JSC is a Vietnam based manufacturer and distributor of garment and textile products. The company has a market presence in Vietnam and the international market. Its product offerings include bedding and all lines of clothing for men, women and children.

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