Power Generation JSC 3 Beneish M-Score Historical Data
The historical data trend for Power Generation JSC 3'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.
Power Generation JSC 3 Beneish M-Score Chart
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Power Generation JSC 3 Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-2.34 |
-2.40 |
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Power Generation JSC 3 Quarterly Data
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Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.34 |
-2.60 |
-2.49 |
-2.41 |
-2.40 |
Competitive Comparison of Power Generation JSC 3's Beneish M-Score
For the Utilities - Regulated Electric subindustry, Power Generation JSC 3'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.
Power Generation JSC 3's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Power Generation JSC 3's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Power Generation JSC 3's Beneish M-Score falls into.
Power Generation JSC 3 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 Power Generation JSC 3 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 * 1.1658 | + | 0.528 * 1.3314 | + | 0.404 * 1.073 | + | 0.892 * 0.887 | + | 0.115 * 0.9216 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2601 | + | 4.679 * -0.025577 | - | 0.327 * 1.0027 |
| = | -2.40 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₫10,096,532 Mil.
Revenue was 11253618.106 + 7103533.013 + 12633099.432 + 9687691.066 = ₫40,677,942 Mil.
Gross Profit was 996014.965 + 413717.529 + 990993.16 + 608728.365 = ₫3,009,454 Mil.
Total Current Assets was ₫16,701,763 Mil.
Total Assets was ₫55,135,147 Mil.
Property, Plant and Equipment(Net PPE) was ₫35,032,731 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫4,508,740 Mil.
Selling, General, & Admin. Expense(SGA) was ₫646,373 Mil.
Total Current Liabilities was ₫13,075,799 Mil.
Long-Term Debt & Capital Lease Obligation was ₫26,532,769 Mil.
Net Income was -441958.834 + 490983.347 + -292985.304 + -654578.422 = ₫-898,539 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -172807.202 + 1347883.56 + -728183.681 + 64742.792 = ₫511,635 Mil.
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Total Receivables was ₫9,764,297 Mil.
Revenue was 9924680.998 + 9134961.497 + 15353390.678 + 11448520.675 = ₫45,861,554 Mil.
Gross Profit was 466990.355 + 1094634.592 + 1724252.16 + 1231526.46 = ₫4,517,404 Mil.
Total Current Assets was ₫16,976,944 Mil.
Total Assets was ₫58,841,099 Mil.
Property, Plant and Equipment(Net PPE) was ₫38,481,974 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫4,518,776 Mil.
Selling, General, & Admin. Expense(SGA) was ₫578,313 Mil.
Total Current Liabilities was ₫11,479,895 Mil.
Long-Term Debt & Capital Lease Obligation was ₫30,675,457 Mil.
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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) |
| = | (10096532.408 / 40677941.617) | / | (9764297.29 / 45861553.848) |
| = | 0.248207 | / | 0.212908 |
| | = | 1.1658 |
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) |
| = | (4517403.567 / 45861553.848) | / | (3009454.019 / 40677941.617) |
| = | 0.098501 | / | 0.073982 |
| | = | 1.3314 |
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 - (16701763.297 + 35032731.048) / 55135147.216) | / | (1 - (16976944.445 + 38481973.752) / 58841099.128) |
| = | 0.061678 | / | 0.05748 |
| | = | 1.073 |
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 |
| = | 40677941.617 | / | 45861553.848 |
| | = | 0.887 |
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)) |
| = | (4518775.546 / (4518775.546 + 38481973.752)) | / | (4508740.132 / (4508740.132 + 35032731.048)) |
| = | 0.105086 | / | 0.114026 |
| | = | 0.9216 |
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) |
| = | (646372.624 / 40677941.617) | / | (578313.326 / 45861553.848) |
| = | 0.01589 | / | 0.01261 |
| | = | 1.2601 |
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) |
| = | ((26532769.067 + 13075798.753) / 55135147.216) | / | ((30675457.228 + 11479894.58) / 58841099.128) |
| = | 0.718391 | / | 0.716427 |
| | = | 1.0027 |
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 |
| = | (-898539.213 - 0 | - | 511635.469) | / | 55135147.216 |
| | = | -0.025577 |
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.
Power Generation JSC 3 has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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