Phu Nhuan Jewelry JSC (STC:PNJ) Beneish M-Score : -2.15 (As of Mar. 13, 2025)

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What is Phu Nhuan Jewelry 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 -2.15 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:PNJ' s Beneish M-Score Range Over the Past 10 Years
Min: -3.19 Med: -1.99 Max: -0.34
Current: -2.15

During the past 13 years, the highest Beneish M-Score of Phu Nhuan Jewelry JSC was -0.34. The lowest was -3.19. And the median was -1.99.

Phu Nhuan Jewelry JSC Beneish M-Score Historical Data

The historical data trend for Phu Nhuan Jewelry 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.

* Premium members only.

Phu Nhuan Jewelry JSC Beneish M-Score Chart

Phu Nhuan Jewelry JSC Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.16

-1.94

-0.34

-2.98

-2.15

Phu Nhuan Jewelry JSC Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.98	-3.27	-24.43	-3.18	-2.15

Competitive Comparison of Phu Nhuan Jewelry JSC's Beneish M-Score

For the Luxury Goods subindustry, Phu Nhuan Jewelry 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.

Phu Nhuan Jewelry JSC's Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Phu Nhuan Jewelry JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Phu Nhuan Jewelry JSC's Beneish M-Score falls into.

Phu Nhuan Jewelry 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 Phu Nhuan Jewelry 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 * 0.6916

0.528 * 1.0365

0.404 * 0.8706

0.892 * 1.1414

0.115 * 1.0084

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9856

4.679 * 0.117084

0.327 * 1.0799

-2.15

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₫144,449 Mil.
Revenue was 8581343.813 + 7129611.203 + 9518699.135 + 12593838.889 = ₫37,823,493 Mil.
Gross Profit was 1790857.937 + 1250582.054 + 1481122.408 + 2149336.526 = ₫6,671,899 Mil.
Total Current Assets was ₫15,690,883 Mil.
Total Assets was ₫17,207,313 Mil.
Property, Plant and Equipment(Net PPE) was ₫286,995 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫80,822 Mil.
Selling, General, & Admin. Expense(SGA) was ₫3,774,462 Mil.
Total Current Liabilities was ₫5,939,816 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was 732522.7 + 215835.185 + 428851.315 + 737807.027 = ₫2,115,016 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -1556191.31 + -328109.613 + 97185.915 + 1887429.599 = ₫100,315 Mil.

Total Receivables was ₫182,996 Mil.
Revenue was 9760381.681 + 6917545.918 + 6663315.101 + 9795686.496 = ₫33,136,929 Mil.
Gross Profit was 1751403.414 + 1197634.74 + 1209600.696 + 1899952.097 = ₫6,058,591 Mil.
Total Current Assets was ₫12,958,118 Mil.
Total Assets was ₫14,427,558 Mil.
Property, Plant and Equipment(Net PPE) was ₫285,474 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫81,257 Mil.
Selling, General, & Admin. Expense(SGA) was ₫3,355,150 Mil.
Total Current Liabilities was ₫4,611,957 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 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)
	=	(144449.203 / 37823493.04)	/	(182995.905 / 33136929.196)
	=	0.003819	/	0.005522
	=	0.6916

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)
	=	(6058590.947 / 33136929.196)	/	(6671898.925 / 37823493.04)
	=	0.182835	/	0.176396
	=	1.0365

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 - (15690882.937 + 286995.122) / 17207313.205)	/	(1 - (12958118.192 + 285473.807) / 14427558.015)
	=	0.071448	/	0.082063
	=	0.8706

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
	=	37823493.04	/	33136929.196
	=	1.1414

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))
	=	(81257.092 / (81257.092 + 285473.807))	/	(80821.846 / (80821.846 + 286995.122))
	=	0.221571	/	0.219734
	=	1.0084

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)
	=	(3774462.345 / 37823493.04)	/	(3355150.439 / 33136929.196)
	=	0.099791	/	0.101251
	=	0.9856

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)
	=	((0 + 5939816.076) / 17207313.205)	/	((0 + 4611956.609) / 14427558.015)
	=	0.345191	/	0.319663
	=	1.0799

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
	=	(2115016.227 - 0	-	100314.591)	/	17207313.205
	=	0.117084

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.

Phu Nhuan Jewelry JSC has a M-score of -2.15 suggests that the company is unlikely to be a manipulator.

Phu Nhuan Jewelry JSC Beneish M-Score Related Terms

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Phu Nhuan Jewelry JSC Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » Phu Nhuan Jewelry JSC (STC:PNJ) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 170E, Phan Dang Luu Street, Ward 3, Phu Nhuan District, Ho Chi Minh, VNM

Website

https://www.pnj.com.vn

Phu Nhuan Jewelry JSC is engaged in the manufacturing and trading of gold, silver, jewelry, and gemstones. The other activities are mainly trading accessories and jewelry inspection services. The activities of the company are carried out in Vietnam. It offers products such as Rings, Earrings, Bracelets, pendants, Necklaces, and others. The company offers its products under brands of CAO Fine Jewellery, PNJArt, PNJ Silver and accessories, and others.

Phu Nhuan Jewelry JSC Headlines

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