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Nam A Commercial Joint Stock Bank (STC:NAB) Beneish M-Score : -2.28 (As of Dec. 15, 2024)


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What is Nam A Commercial Joint Stock Bank Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Nam A Commercial Joint Stock Bank's Beneish M-Score or its related term are showing as below:

STC:NAB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.47   Med: -2.45   Max: -2.04
Current: -2.28

During the past 7 years, the highest Beneish M-Score of Nam A Commercial Joint Stock Bank was -2.04. The lowest was -3.47. And the median was -2.45.


Nam A Commercial Joint Stock Bank 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 Nam A Commercial Joint Stock Bank 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+0.528 * 1+0.404 * 1.0008+0.892 * 1.4049+0.115 * 0.8035
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5958+4.679 * -0.021481-0.327 * 1.3201
=-2.28

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was ₫0 Mil.
Revenue was 2276293 + 2320172 + 1972146 + 2882030 = ₫9,450,641 Mil.
Gross Profit was 2276293 + 2320172 + 1972146 + 2882030 = ₫9,450,641 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫238,829,998 Mil.
Property, Plant and Equipment(Net PPE) was ₫941,859 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫163,733 Mil.
Selling, General, & Admin. Expense(SGA) was ₫649,528 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫23,428,249 Mil.
Net Income was 870381 + 971738 + 798182 + 989614 = ₫3,629,915 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 2561940 + 7269982 + -2304397 + 1232754 = ₫8,760,279 Mil.
Total Receivables was ₫0 Mil.
Revenue was 1378405 + 1811690 + 1631297 + 1905599 = ₫6,726,991 Mil.
Gross Profit was 1378405 + 1811690 + 1631297 + 1905599 = ₫6,726,991 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫206,750,696 Mil.
Property, Plant and Equipment(Net PPE) was ₫978,979 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫132,236 Mil.
Selling, General, & Admin. Expense(SGA) was ₫775,964 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫15,363,074 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)
=(0 / 9450641) / (0 / 6726991)
=0 / 0
=1

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)
=(6726991 / 6726991) / (9450641 / 9450641)
=1 / 1
=1

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 - (0 + 941859) / 238829998) / (1 - (0 + 978979) / 206750696)
=0.996056 / 0.995265
=1.0008

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
=9450641 / 6726991
=1.4049

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))
=(132236 / (132236 + 978979)) / (163733 / (163733 + 941859))
=0.119001 / 0.148095
=0.8035

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)
=(649528 / 9450641) / (775964 / 6726991)
=0.068728 / 0.115351
=0.5958

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)
=((23428249 + 0) / 238829998) / ((15363074 + 0) / 206750696)
=0.098096 / 0.074307
=1.3201

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
=(3629915 - 0 - 8760279) / 238829998
=-0.021481

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.

Nam A Commercial Joint Stock Bank has a M-score of -2.28 suggests that the company is unlikely to be a manipulator.


Nam A Commercial Joint Stock Bank Beneish M-Score Related Terms

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Nam A Commercial Joint Stock Bank Business Description

Comparable Companies
Traded in Other Exchanges
N/A
Address
201-203 Cach Mang Thang Tam, Ward 4, District 3, Ho Chi Minh, VNM
Nam A Commercial Joint Stock Bank is engaged in provision of banking services in VietNam.