SJ Group JSC Beneish M-Score Historical Data
The historical data trend for SJ Group 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.
SJ Group JSC Beneish M-Score Chart
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SJ Group JSC Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.34 |
-3.14 |
-1.98 |
-0.10 |
-1.81 |
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SJ Group JSC Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-0.10 |
1.47 |
-1.31 |
-1.53 |
-1.81 |
Competitive Comparison of SJ Group JSC's Beneish M-Score
For the Real Estate Services subindustry, SJ Group 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.
SJ Group JSC's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, SJ Group JSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SJ Group JSC's Beneish M-Score falls into.
SJ Group 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 SJ Group JSC 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 * 1.1018 | + | 0.528 * 0.7031 | + | 0.404 * 0.9403 | + | 0.892 * 1.4825 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6653 | + | 4.679 * 0.036755 | - | 0.327 * 0.7026 |
| = | -1.81 |
* 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 ₫455,501 Mil.
Revenue was 278322.372 + 127609.603 + 120726.711 + 118279.935 = ₫644,939 Mil.
Gross Profit was 177317.515 + 69959.316 + 79987.649 + 67272.19 = ₫394,537 Mil.
Total Current Assets was ₫5,038,895 Mil.
Total Assets was ₫7,844,263 Mil.
Property, Plant and Equipment(Net PPE) was ₫2,603,524 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫0 Mil.
Selling, General, & Admin. Expense(SGA) was ₫44,334 Mil.
Total Current Liabilities was ₫2,257,150 Mil.
Long-Term Debt & Capital Lease Obligation was ₫408,047 Mil.
Net Income was 122279.305 + 47069.081 + 50990.266 + 44076.168 = ₫264,415 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + -23900.703 = ₫-23,901 Mil.
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Total Receivables was ₫278,865 Mil.
Revenue was 194639.327 + 173242.368 + 12759.481 + 54393.28 = ₫435,034 Mil.
Gross Profit was 110367.98 + 72562.114 + -6276.704 + 10458.378 = ₫187,112 Mil.
Total Current Assets was ₫4,749,599 Mil.
Total Assets was ₫7,473,979 Mil.
Property, Plant and Equipment(Net PPE) was ₫2,519,865 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫0 Mil.
Selling, General, & Admin. Expense(SGA) was ₫44,950 Mil.
Total Current Liabilities was ₫3,057,764 Mil.
Long-Term Debt & Capital Lease Obligation was ₫556,427 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) |
| = | (455500.772 / 644938.621) | / | (278864.998 / 435034.456) |
| = | 0.70627 | / | 0.641018 |
| | = | 1.1018 |
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) |
| = | (187111.768 / 435034.456) | / | (394536.67 / 644938.621) |
| = | 0.430108 | / | 0.611743 |
| | = | 0.7031 |
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 - (5038895.124 + 2603524.178) / 7844262.549) | / | (1 - (4749599.419 + 2519864.629) / 7473978.855) |
| = | 0.025731 | / | 0.027364 |
| | = | 0.9403 |
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 |
| = | 644938.621 | / | 435034.456 |
| | = | 1.4825 |
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)) |
| = | (0 / (0 + 2519864.629)) | / | (0 / (0 + 2603524.178)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (44333.847 / 644938.621) | / | (44949.552 / 435034.456) |
| = | 0.068741 | / | 0.103324 |
| | = | 0.6653 |
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) |
| = | ((408046.87 + 2257149.728) / 7844262.549) | / | ((556426.87 + 3057764.278) / 7473978.855) |
| = | 0.339764 | / | 0.48357 |
| | = | 0.7026 |
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 |
| = | (264414.82 - 0 | - | -23900.703) | / | 7844262.549 |
| | = | 0.036755 |
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.
SJ Group JSC has a M-score of -1.81 suggests that the company is unlikely to be a manipulator.
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