PC1 Group JSC (STC:PC1) Beneish M-Score : -2.85 (As of Jun. 17, 2025)

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What is PC1 Group 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.

Good Sign:

Beneish M-Score -2.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PC1 Group JSC's Beneish M-Score or its related term are showing as below:

STC:PC1' s Beneish M-Score Range Over the Past 10 Years
Min: -2.92 Med: -2.38 Max: -1.19
Current: -2.85

During the past 10 years, the highest Beneish M-Score of PC1 Group JSC was -1.19. The lowest was -2.92. And the median was -2.38.

PC1 Group JSC Beneish M-Score Historical Data

The historical data trend for PC1 Group 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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PC1 Group JSC Beneish M-Score Chart

PC1 Group JSC Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.35

-1.35

-2.61

-2.92

-2.63

PC1 Group JSC Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-2.77	-2.59	-2.38	-2.63	-2.85

Competitive Comparison of PC1 Group JSC's Beneish M-Score

For the Engineering & Construction subindustry, PC1 Group 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.

PC1 Group JSC's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, PC1 Group JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PC1 Group JSC's Beneish M-Score falls into.

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PC1 Group 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 PC1 Group 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 * 0.7589

0.528 * 0.9177

0.404 * 0.8972

0.892 * 1.164

0.115 * 0.8977

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0285

4.679 * -0.041939

0.327 * 0.9981

-2.85

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was ₫2,279,426 Mil.
Revenue was 1860366.3 + 2540069.116 + 2232107.021 + 3090767.499 = ₫9,723,310 Mil.
Gross Profit was 459130.104 + 592927.829 + 482092.37 + 468767.816 = ₫2,002,918 Mil.
Total Current Assets was ₫8,787,255 Mil.
Total Assets was ₫21,544,470 Mil.
Property, Plant and Equipment(Net PPE) was ₫9,223,993 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫885,447 Mil.
Selling, General, & Admin. Expense(SGA) was ₫163,017 Mil.
Total Current Liabilities was ₫5,661,952 Mil.
Long-Term Debt & Capital Lease Obligation was ₫7,731,254 Mil.
Net Income was 55280.28 + 61238.372 + 159589.622 + 62210.437 = ₫338,319 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 9609.557 + 905851.284 + -3368.976 + 329779.131 = ₫1,241,871 Mil.

Total Receivables was ₫2,580,509 Mil.
Revenue was 2164822.178 + 2553843.52 + 2162488.556 + 1472279.016 = ₫8,353,433 Mil.
Gross Profit was 438581.862 + 392137.833 + 465850.784 + 282516.836 = ₫1,579,087 Mil.
Total Current Assets was ₫7,156,771 Mil.
Total Assets was ₫20,414,554 Mil.
Property, Plant and Equipment(Net PPE) was ₫9,526,063 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫812,880 Mil.
Selling, General, & Admin. Expense(SGA) was ₫136,167 Mil.
Total Current Liabilities was ₫5,014,130 Mil.
Long-Term Debt & Capital Lease Obligation was ₫7,701,117 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)
	=	(2279426.286 / 9723309.936)	/	(2580508.783 / 8353433.27)
	=	0.234429	/	0.308916
	=	0.7589

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)
	=	(1579087.315 / 8353433.27)	/	(2002918.119 / 9723309.936)
	=	0.189035	/	0.205991
	=	0.9177

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 - (8787255.287 + 9223992.98) / 21544470.023)	/	(1 - (7156771.114 + 9526062.63) / 20414554.444)
	=	0.163997	/	0.182797
	=	0.8972

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
	=	9723309.936	/	8353433.27
	=	1.164

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))
	=	(812879.572 / (812879.572 + 9526062.63))	/	(885446.553 / (885446.553 + 9223992.98))
	=	0.078623	/	0.087586
	=	0.8977

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)
	=	(163017.416 / 9723309.936)	/	(136167.11 / 8353433.27)
	=	0.016766	/	0.016301
	=	1.0285

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)
	=	((7731253.794 + 5661952.21) / 21544470.023)	/	((7701116.58 + 5014129.606) / 20414554.444)
	=	0.621654	/	0.622852
	=	0.9981

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
	=	(338318.711 - 0	-	1241870.996)	/	21544470.023
	=	-0.041939

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.

PC1 Group JSC has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.

PC1 Group JSC Beneish M-Score Related Terms

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PC1 Group JSC Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » PC1 Group JSC (STC:PC1) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

No. 583 Nguyen Trai street, CT2 Building, Thanh Xuan ward, Ha Noi, VNM

Website

http://www.pcc1.vn

PC1 Group JSC is engaged in the construction of the national power transmission and power plants, the production of electrical materials and equipment. The company designs and produces zinc galvanized steel structures, equipped with modern technology. It also provides consultancy services.

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