Phatdat Real Estate Development (STC:PDR) Beneish M-Score : 0.57 (As of Jun. 16, 2025)

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What is Phatdat Real Estate Development 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 0.57 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Phatdat Real Estate Development's Beneish M-Score or its related term are showing as below:

STC:PDR' s Beneish M-Score Range Over the Past 10 Years
Min: -37.63 Med: -0.41 Max: 12.25
Current: 0.57

During the past 13 years, the highest Beneish M-Score of Phatdat Real Estate Development was 12.25. The lowest was -37.63. And the median was -0.41.

Phatdat Real Estate Development Beneish M-Score Historical Data

The historical data trend for Phatdat Real Estate Development'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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Phatdat Real Estate Development Beneish M-Score Chart

Phatdat Real Estate Development Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.68

0.31

2.84

-13.42

0.04

Phatdat Real Estate Development 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															3.21	-1.05	-0.13	0.04	0.57

Competitive Comparison of Phatdat Real Estate Development's Beneish M-Score

For the Real Estate - Development subindustry, Phatdat Real Estate Development'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.

Phatdat Real Estate Development's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Phatdat Real Estate Development's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Phatdat Real Estate Development's Beneish M-Score falls into.

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Phatdat Real Estate Development 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 Phatdat Real Estate Development 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 * 0.2085

0.528 * 2.3773

0.404 * 0.428

0.892 * 3.9031

0.115 * 0.5321

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.1989

4.679 * 0.125136

0.327 * 0.9441

0.57

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was ₫2,781,914 Mil.
Revenue was 437943.635 + 1844005.899 + 2627.816 + 8255.352 = ₫2,292,833 Mil.
Gross Profit was 174995.148 + 697158.837 + 1343.728 + 1692.821 = ₫875,191 Mil.
Total Current Assets was ₫20,683,356 Mil.
Total Assets was ₫23,094,496 Mil.
Property, Plant and Equipment(Net PPE) was ₫874,121 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫12,132 Mil.
Selling, General, & Admin. Expense(SGA) was ₫79,436 Mil.
Total Current Liabilities was ₫8,126,017 Mil.
Long-Term Debt & Capital Lease Obligation was ₫3,856,295 Mil.
Net Income was 50606.725 + 369151.083 + 51236.42 + 49767.462 = ₫520,762 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -438006.225 + -1680009.991 + -379041.728 + 127876.092 = ₫-2,369,182 Mil.

Total Receivables was ₫3,417,741 Mil.
Revenue was 162196.936 + 67970.635 + 354821.293 + 2449.054 = ₫587,438 Mil.
Gross Profit was 161253.12 + 58882.688 + 311182.844 + 1733.274 = ₫533,052 Mil.
Total Current Assets was ₫17,210,324 Mil.
Total Assets was ₫21,428,482 Mil.
Property, Plant and Equipment(Net PPE) was ₫886,060 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫6,501 Mil.
Selling, General, & Admin. Expense(SGA) was ₫102,300 Mil.
Total Current Liabilities was ₫9,499,499 Mil.
Long-Term Debt & Capital Lease Obligation was ₫2,276,974 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)
	=	(2781914.432 / 2292832.702)	/	(3417741.203 / 587437.918)
	=	1.213309	/	5.818047
	=	0.2085

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)
	=	(533051.926 / 587437.918)	/	(875190.534 / 2292832.702)
	=	0.907418	/	0.381707
	=	2.3773

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 - (20683355.968 + 874121.001) / 23094495.658)	/	(1 - (17210323.796 + 886060.014) / 21428482.459)
	=	0.066553	/	0.155499
	=	0.428

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
	=	2292832.702	/	587437.918
	=	3.9031

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))
	=	(6501.492 / (6501.492 + 886060.014))	/	(12131.856 / (12131.856 + 874121.001))
	=	0.007284	/	0.013689
	=	0.5321

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)
	=	(79436.106 / 2292832.702)	/	(102300.425 / 587437.918)
	=	0.034645	/	0.174147
	=	0.1989

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)
	=	((3856295.284 + 8126017.224) / 23094495.658)	/	((2276974.235 + 9499499.003) / 21428482.459)
	=	0.518838	/	0.549571
	=	0.9441

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
	=	(520761.69 - 0	-	-2369181.852)	/	23094495.658
	=	0.125136

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.

Phatdat Real Estate Development has a M-score of 0.57 signals that the company is likely to be a manipulator.

Phatdat Real Estate Development Beneish M-Score Related Terms

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Phatdat Real Estate Development Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Phatdat Real Estate Development (STC:PDR) » Definitions » Beneish M-Score

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Address

No 422 Dao Tri Road, Phu Thuan Ward District 7, Ho Chi Minh, VNM

Website

http://www.phatdat.com.vn

Phatdat Real Estate Development is a Vietnam based company engages in the development and investment of real estate properties. It is also involved in the development, trading, and leasing of apartment buildings, villas, commercial centers, hotels, resorts, and tourist areas.

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