Petrovietnam Drilling & Well Service (STC:PVD) Beneish M-Score : -3.17 (As of May. 01, 2024)

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What is Petrovietnam Drilling & Well Service 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 -3.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Petrovietnam Drilling & Well Service's Beneish M-Score or its related term are showing as below:

STC:PVD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.25 Med: -2.29 Max: -0.51
Current: -3.17

During the past 13 years, the highest Beneish M-Score of Petrovietnam Drilling & Well Service was -0.51. The lowest was -3.25. And the median was -2.29.

Petrovietnam Drilling & Well Service Beneish M-Score Historical Data

The historical data trend for Petrovietnam Drilling & Well Service'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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Petrovietnam Drilling & Well Service Beneish M-Score Chart

Petrovietnam Drilling & Well Service Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.33

-2.04

-2.34

-2.24

-3.17

Petrovietnam Drilling & Well Service Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.24	-2.37	-2.67	-2.78	-3.17

Competitive Comparison of Petrovietnam Drilling & Well Service's Beneish M-Score

For the Oil & Gas Drilling subindustry, Petrovietnam Drilling & Well Service'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.

Petrovietnam Drilling & Well Service's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Petrovietnam Drilling & Well Service's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Petrovietnam Drilling & Well Service's Beneish M-Score falls into.

Petrovietnam Drilling & Well Service 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 Petrovietnam Drilling & Well Service 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 * 0.963

0.528 * 0.4711

0.404 * 1.01

0.892 * 1.0723

0.115 * 0.89

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.2461

4.679 * -0.047834

0.327 * 0.9678

-3.17

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₫1,698,483 Mil.
Revenue was 1771068.371 + 1381108.857 + 1412985.092 + 1226637.702 = ₫5,791,800 Mil.
Gross Profit was 410079.43 + 295853.152 + 358514.212 + 233515.863 = ₫1,297,963 Mil.
Total Current Assets was ₫6,927,880 Mil.
Total Assets was ₫21,632,848 Mil.
Property, Plant and Equipment(Net PPE) was ₫12,959,792 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫856,743 Mil.
Selling, General, & Admin. Expense(SGA) was ₫-30,338 Mil.
Total Current Liabilities was ₫3,146,136 Mil.
Long-Term Debt & Capital Lease Obligation was ₫2,787,682 Mil.
Net Income was 203521.978 + 150569.597 + 161347.083 + 65837.548 = ₫581,276 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 625380.51 + 508328.933 + 412728.175 + 69621.655 = ₫1,616,059 Mil.

Total Receivables was ₫1,644,857 Mil.
Revenue was 1508169.581 + 1241735.342 + 1505422.464 + 1145883.634 = ₫5,401,211 Mil.
Gross Profit was 263897.795 + 117186.241 + 123382.357 + 65798.61 = ₫570,265 Mil.
Total Current Assets was ₫5,645,895 Mil.
Total Assets was ₫20,704,047 Mil.
Property, Plant and Equipment(Net PPE) was ₫13,404,460 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫782,954 Mil.
Selling, General, & Admin. Expense(SGA) was ₫-12,596 Mil.
Total Current Liabilities was ₫2,868,228 Mil.
Long-Term Debt & Capital Lease Obligation was ₫2,999,752 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)
	=	(1698482.8 / 5791800.022)	/	(1644857.041 / 5401211.021)
	=	0.293256	/	0.304535
	=	0.963

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)
	=	(570265.003 / 5401211.021)	/	(1297962.657 / 5791800.022)
	=	0.105581	/	0.224104
	=	0.4711

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 - (6927879.981 + 12959792.308) / 21632848.208)	/	(1 - (5645895.373 + 13404460.421) / 20704046.691)
	=	0.080672	/	0.079873
	=	1.01

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
	=	5791800.022	/	5401211.021
	=	1.0723

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))
	=	(782954.247 / (782954.247 + 13404460.421))	/	(856743.293 / (856743.293 + 12959792.308))
	=	0.055187	/	0.062009
	=	0.89

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)
	=	(-30337.776 / 5791800.022)	/	(-12596.405 / 5401211.021)
	=	-0.005238	/	-0.002332
	=	2.2461

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)
	=	((2787681.809 + 3146135.991) / 21632848.208)	/	((2999752.063 + 2868228.338) / 20704046.691)
	=	0.274297	/	0.283422
	=	0.9678

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
	=	(581276.206 - 0	-	1616059.273)	/	21632848.208
	=	-0.047834

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.

Petrovietnam Drilling & Well Service has a M-score of -3.17 suggests that the company is unlikely to be a manipulator.

Petrovietnam Drilling & Well Service Beneish M-Score Related Terms

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Petrovietnam Drilling & Well Service (STC:PVD) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Petrovietnam Drilling & Well Service Corp (STC:PVD) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

4th Floor, Sailing Tower, 111A Pasteur Street, Ben Nghe Ward, District 1, Ho Chi Minh, VNM

Website

http://www.pvdrilling.com.vn

Petrovietnam Drilling & Well Service Corp is a provider of drilling rigs and technical services for the exploration and exploitation of oil and gas industry locally and internationally. The company operates through three segments namely Drilling services, Trading, and Other services. Its Drilling services segment offers drilling rigs and drilling services. The Trading segment produces material and equipment for drilling-related activities. Its Other services segment is involved in administering well services, wireline logging, oil spill control service, drilling manpower supply service, investment-management project consulting service, management consulting service and other related services. Geographically it operates in Vietnam, Malaysia, Myanmar, Algeria.

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