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South Logistics JSC (STC:STG) Beneish M-Score : -1.95 (As of Apr. 04, 2025)


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What is South Logistics 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 -1.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:STG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.64   Med: -2.38   Max: -1.95
Current: -1.95

During the past 7 years, the highest Beneish M-Score of South Logistics JSC was -1.95. The lowest was -2.64. And the median was -2.38.


South Logistics JSC Beneish M-Score Historical Data

The historical data trend for South Logistics 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.

South Logistics JSC Beneish M-Score Chart

South Logistics JSC Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial - -2.22 -2.64 -2.53 -1.95

South Logistics 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 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 -2.53 -2.43 -2.14 -1.86 -1.95

Competitive Comparison of South Logistics JSC's Beneish M-Score

For the Integrated Freight & Logistics subindustry, South Logistics 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.


South Logistics JSC's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, South Logistics JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where South Logistics JSC's Beneish M-Score falls into.


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South Logistics 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 South Logistics 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 * 0.8463+0.528 * 1.3063+0.404 * 1.0187+0.892 * 1.4214+0.115 * 1.098
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0836+4.679 * 0.026335-0.327 * 0.9942
=-1.95

* 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 ₫420,019 Mil.
Revenue was 705952.078 + 661848.804 + 610420.814 + 475804.816 = ₫2,454,027 Mil.
Gross Profit was 119095.743 + 102156.691 + 87832.395 + 84322.304 = ₫393,407 Mil.
Total Current Assets was ₫1,123,444 Mil.
Total Assets was ₫3,049,777 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,205,247 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫135,348 Mil.
Selling, General, & Admin. Expense(SGA) was ₫65,071 Mil.
Total Current Liabilities was ₫524,888 Mil.
Long-Term Debt & Capital Lease Obligation was ₫78,515 Mil.
Net Income was 46750.696 + 54394.975 + 43448.731 + 43074.582 = ₫187,669 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 96305.715 + 3218.267 + -529.919 + 8359.216 = ₫107,353 Mil.
Total Receivables was ₫349,186 Mil.
Revenue was 530352.552 + 425278.884 + 385434.319 + 385434.319 = ₫1,726,500 Mil.
Gross Profit was 91763.322 + 89963.813 + 89910.401 + 89910.401 = ₫361,548 Mil.
Total Current Assets was ₫1,171,257 Mil.
Total Assets was ₫2,868,678 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,031,617 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫128,615 Mil.
Selling, General, & Admin. Expense(SGA) was ₫42,248 Mil.
Total Current Liabilities was ₫480,993 Mil.
Long-Term Debt & Capital Lease Obligation was ₫89,887 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)
=(420018.982 / 2454026.512) / (349185.849 / 1726500.074)
=0.171155 / 0.202251
=0.8463

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)
=(361547.937 / 1726500.074) / (393407.133 / 2454026.512)
=0.209411 / 0.160311
=1.3063

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 - (1123443.826 + 1205246.89) / 3049776.988) / (1 - (1171257.229 + 1031617.008) / 2868678.175)
=0.236439 / 0.232094
=1.0187

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
=2454026.512 / 1726500.074
=1.4214

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))
=(128614.733 / (128614.733 + 1031617.008)) / (135347.86 / (135347.86 + 1205246.89))
=0.110853 / 0.100961
=1.098

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)
=(65070.559 / 2454026.512) / (42247.823 / 1726500.074)
=0.026516 / 0.02447
=1.0836

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)
=((78515.219 + 524887.661) / 3049776.988) / ((89886.541 + 480992.543) / 2868678.175)
=0.197851 / 0.199004
=0.9942

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
=(187668.984 - 0 - 107353.279) / 3049776.988
=0.026335

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.

South Logistics JSC has a M-score of -1.95 suggests that the company is unlikely to be a manipulator.


South Logistics JSC Beneish M-Score Related Terms

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South Logistics JSC Business Description

Traded in Other Exchanges
N/A
Address
No. 1B Hoang Dieu Street, Ward 13, District 4, Ho Chi Minh City, VNM
South Logistics JSC is engaged in providing logistics, transportation, and warehousing services in Vietnam and internationally. It offers a range of services including warehouse services, internal shipping, inland transportation, port exploitation, integrated logistic services and trading in petroleum.