Mobile World Investment (STC:MWG) Beneish M-Score : -2.45 (As of Apr. 11, 2025)

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What is Mobile World Investment 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:MWG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.33 Med: -1.85 Max: -0.69
Current: -2.45

During the past 13 years, the highest Beneish M-Score of Mobile World Investment was -0.69. The lowest was -3.33. And the median was -1.85.

Mobile World Investment Beneish M-Score Historical Data

The historical data trend for Mobile World Investment'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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Mobile World Investment Beneish M-Score Chart

Mobile World Investment Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.33

-1.56

-2.75

-1.63

-2.45

Mobile World Investment 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															-1.63	-0.85	-1.32	-1.66	-2.45

Competitive Comparison of Mobile World Investment's Beneish M-Score

For the Specialty Retail subindustry, Mobile World Investment'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.

Mobile World Investment's Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Mobile World Investment's Beneish M-Score distribution charts can be found below:

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

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Mobile World Investment 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 Mobile World Investment 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 * 1.5157

0.528 * 0.9302

0.404 * 0.5213

0.892 * 1.1358

0.115 * 0.7594

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9425

4.679 * -0.068081

0.327 * 0.9826

-2.45

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₫8,704,587 Mil.
Revenue was 34573920.777 + 34146668.688 + 34134071.534 + 31486491.85 = ₫134,341,153 Mil.
Gross Profit was 6586968.902 + 6891911.062 + 7307714.002 + 6712616.111 = ₫27,499,210 Mil.
Total Current Assets was ₫65,836,423 Mil.
Total Assets was ₫70,437,776 Mil.
Property, Plant and Equipment(Net PPE) was ₫3,547,688 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫2,913,419 Mil.
Selling, General, & Admin. Expense(SGA) was ₫20,410,225 Mil.
Total Current Liabilities was ₫42,316,199 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was 847004.382 + 800149.979 + 1172276.912 + 902437.168 = ₫3,721,868 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 128435.507 + 927955 + 2619145.699 + 4841796.5 = ₫8,517,333 Mil.

Total Receivables was ₫5,056,459 Mil.
Revenue was 31421488.702 + 30287657.287 + 29464830.444 + 27105812.022 = ₫118,279,788 Mil.
Gross Profit was 6186460.531 + 5678484.774 + 5441168.008 + 5214499.852 = ₫22,520,613 Mil.
Total Current Assets was ₫51,950,338 Mil.
Total Assets was ₫60,111,237 Mil.
Property, Plant and Equipment(Net PPE) was ₫6,435,809 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫3,351,314 Mil.
Selling, General, & Admin. Expense(SGA) was ₫19,067,145 Mil.
Total Current Liabilities was ₫30,765,261 Mil.
Long-Term Debt & Capital Lease Obligation was ₫5,985,250 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)
	=	(8704586.924 / 134341152.849)	/	(5056458.587 / 118279788.455)
	=	0.064795	/	0.04275
	=	1.5157

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)
	=	(22520613.165 / 118279788.455)	/	(27499210.077 / 134341152.849)
	=	0.190401	/	0.204697
	=	0.9302

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 - (65836422.62 + 3547687.521) / 70437775.722)	/	(1 - (51950337.976 + 6435809.23) / 60111237.213)
	=	0.014959	/	0.028698
	=	0.5213

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
	=	134341152.849	/	118279788.455
	=	1.1358

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))
	=	(3351314.268 / (3351314.268 + 6435809.23))	/	(2913419.082 / (2913419.082 + 3547687.521))
	=	0.342421	/	0.450916
	=	0.7594

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)
	=	(20410224.765 / 134341152.849)	/	(19067145.321 / 118279788.455)
	=	0.151928	/	0.161204
	=	0.9425

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 + 42316198.898) / 70437775.722)	/	((5985250 + 30765260.554) / 60111237.213)
	=	0.60076	/	0.611375
	=	0.9826

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
	=	(3721868.441 - 0	-	8517332.706)	/	70437775.722
	=	-0.068081

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.

Mobile World Investment has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.

Mobile World Investment Beneish M-Score Related Terms

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Mobile World Investment Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » Mobile World Investment Corp (STC:MWG) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 222, Yersin Street, Phu Cuong Ward, Binh Duong Province, Thu Dau Mot, VNM

Website

http://www.mwg.vn

Mobile World Investment Corp is a Vietnam-based company primarily trading in consumer electronic products. Its stores offer digital mobile devices such as cellphones, tablets, laptops, and accessories. The company products also include other consumer electronic goods such as television, karaoke machines, refrigerators, washing machines, rice cookers, blenders, irons, electromagnetic stoves, microwaves, and vacuum cleaners.