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Phatdat Real Estate Development (STC:PDR) Beneish M-Score : -1.20 (As of Dec. 14, 2024)


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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 -1.2 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: -0.46   Max: 12.25
Current: -1.2

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 -0.46.


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.

* Premium members only.

Phatdat Real Estate Development Beneish M-Score Chart

Phatdat Real Estate Development Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.43 -3.68 0.31 2.84 -3.55

Phatdat Real Estate Development 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -0.37 -3.55 -1.13 -1.41 -1.20

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.



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:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 2.5791+0.528 * 0.903+0.404 * 0.6778+0.892 * 0.4273+0.115 * 0.602
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * -0.2717+4.679 * 0.070855-0.327 * 0.9427
=-1.20

* 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 ₫3,590,193 Mil.
Revenue was 2627.816 + 8255.352 + 162196.936 + 67970.635 = ₫241,051 Mil.
Gross Profit was 1343.728 + 1692.821 + 161253.12 + 58882.688 = ₫223,172 Mil.
Total Current Assets was ₫19,570,730 Mil.
Total Assets was ₫22,663,321 Mil.
Property, Plant and Equipment(Net PPE) was ₫879,942 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫17,591 Mil.
Selling, General, & Admin. Expense(SGA) was ₫4,597 Mil.
Total Current Liabilities was ₫8,557,505 Mil.
Long-Term Debt & Capital Lease Obligation was ₫3,048,786 Mil.
Net Income was 51236.42 + 49767.462 + 52584.307 + 282669.262 = ₫436,257 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -379041.728 + 127876.092 + -938267.554 + 19883.631 = ₫-1,169,550 Mil.
Total Receivables was ₫3,258,108 Mil.
Revenue was 354821.293 + 2449.054 + 192274.234 + 14634.556 = ₫564,179 Mil.
Gross Profit was 311182.844 + 1733.274 + 171900.13 + -13164.699 = ₫471,652 Mil.
Total Current Assets was ₫16,504,258 Mil.
Total Assets was ₫20,590,751 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,120,398 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫13,376 Mil.
Selling, General, & Admin. Expense(SGA) was ₫-39,610 Mil.
Total Current Liabilities was ₫9,372,356 Mil.
Long-Term Debt & Capital Lease Obligation was ₫1,813,698 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)
=(3590193.086 / 241050.739) / (3258107.747 / 564179.137)
=14.893931 / 5.774953
=2.5791

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)
=(471651.549 / 564179.137) / (223172.357 / 241050.739)
=0.835996 / 0.925831
=0.903

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 - (19570730.215 + 879942.056) / 22663320.789) / (1 - (16504257.983 + 1120398.147) / 20590751.009)
=0.097631 / 0.14405
=0.6778

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
=241050.739 / 564179.137
=0.4273

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))
=(13375.76 / (13375.76 + 1120398.147)) / (17590.646 / (17590.646 + 879942.056))
=0.011798 / 0.019599
=0.602

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)
=(4597.489 / 241050.739) / (-39610.057 / 564179.137)
=0.019073 / -0.070208
=-0.2717

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)
=((3048786.404 + 8557504.55) / 22663320.789) / ((1813697.514 + 9372356.081) / 20590751.009)
=0.512118 / 0.543256
=0.9427

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
=(436257.451 - 0 - -1169549.559) / 22663320.789
=0.070855

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 -1.20 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

Traded in Other Exchanges
N/A
Address
No 422 Dao Tri Road, Phu Thuan Ward District 7, Ho Chi Minh, VNM
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.

Phatdat Real Estate Development Headlines

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