Thanh Cong Textile Garment Investment Trading JSC (STC:TCM) Beneish M-Score : -1.52 (As of Jun. 15, 2025)

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What is Thanh Cong Textile Garment Investment Trading 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.

Warning Sign:

Beneish M-Score -1.52 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Thanh Cong Textile Garment Investment Trading JSC's Beneish M-Score or its related term are showing as below:

STC:TCM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.18 Med: -2.48 Max: -1.13
Current: -1.52

During the past 13 years, the highest Beneish M-Score of Thanh Cong Textile Garment Investment Trading JSC was -1.13. The lowest was -3.18. And the median was -2.48.

Thanh Cong Textile Garment Investment Trading JSC Beneish M-Score Historical Data

The historical data trend for Thanh Cong Textile Garment Investment Trading 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.

Thanh Cong Textile Garment Investment Trading JSC Beneish M-Score Chart

Thanh Cong Textile Garment Investment Trading JSC Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.96

-1.91

-2.42

-2.63

-2.27

Thanh Cong Textile Garment Investment Trading JSC Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-2.91	-2.56	-2.71	-2.27	-1.52

Competitive Comparison of Thanh Cong Textile Garment Investment Trading JSC's Beneish M-Score

For the Textile Manufacturing subindustry, Thanh Cong Textile Garment Investment Trading 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.

Thanh Cong Textile Garment Investment Trading JSC's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Thanh Cong Textile Garment Investment Trading JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Thanh Cong Textile Garment Investment Trading JSC's Beneish M-Score falls into.

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Thanh Cong Textile Garment Investment Trading 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 Thanh Cong Textile Garment Investment Trading 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 * 1.7312

0.528 * 0.9598

0.404 * 0.7062

0.892 * 1.1492

0.115 * 1.5829

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8533

4.679 * 0.060676

0.327 * 1.2501

-1.52

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was ₫664,533 Mil.
Revenue was 1010919.134 + 924982.593 + 1104608.304 + 846711.79 = ₫3,887,222 Mil.
Gross Profit was 163730.176 + 138715.053 + 167969.995 + 152740.794 = ₫623,156 Mil.
Total Current Assets was ₫2,935,813 Mil.
Total Assets was ₫4,111,111 Mil.
Property, Plant and Equipment(Net PPE) was ₫882,636 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫122,380 Mil.
Selling, General, & Admin. Expense(SGA) was ₫239,169 Mil.
Total Current Liabilities was ₫1,578,339 Mil.
Long-Term Debt & Capital Lease Obligation was ₫184,692 Mil.
Net Income was 78305.248 + 60922.402 + 81090.329 + 71430.294 = ₫291,748 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -248024.919 + 86466.71 + 189205.336 + 14654.596 = ₫42,302 Mil.

Total Receivables was ₫334,017 Mil.
Revenue was 934148.419 + 814600.861 + 919285.319 + 714498.174 = ₫3,382,533 Mil.
Gross Profit was 157236.886 + 129345.912 + 138579.935 + 95292.875 = ₫520,456 Mil.
Total Current Assets was ₫2,108,473 Mil.
Total Assets was ₫3,234,604 Mil.
Property, Plant and Equipment(Net PPE) was ₫800,076 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫191,038 Mil.
Selling, General, & Admin. Expense(SGA) was ₫243,901 Mil.
Total Current Liabilities was ₫1,061,587 Mil.
Long-Term Debt & Capital Lease Obligation was ₫48,044 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)
	=	(664533.19 / 3887221.821)	/	(334017.41 / 3382532.773)
	=	0.170953	/	0.098748
	=	1.7312

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)
	=	(520455.608 / 3382532.773)	/	(623156.018 / 3887221.821)
	=	0.153866	/	0.160309
	=	0.9598

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 - (2935812.557 + 882635.532) / 4111110.732)	/	(1 - (2108472.737 + 800075.792) / 3234603.808)
	=	0.071188	/	0.100802
	=	0.7062

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
	=	3887221.821	/	3382532.773
	=	1.1492

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))
	=	(191038.168 / (191038.168 + 800075.792))	/	(122380.346 / (122380.346 + 882635.532))
	=	0.192751	/	0.12177
	=	1.5829

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)
	=	(239168.744 / 3887221.821)	/	(243900.792 / 3382532.773)
	=	0.061527	/	0.072106
	=	0.8533

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)
	=	((184692.351 + 1578339.227) / 4111110.732)	/	((48044.33 + 1061587.132) / 3234603.808)
	=	0.428846	/	0.34305
	=	1.2501

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
	=	(291748.273 - 0	-	42301.723)	/	4111110.732
	=	0.060676

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.

Thanh Cong Textile Garment Investment Trading JSC has a M-score of -1.52 signals that the company is likely to be a manipulator.

Thanh Cong Textile Garment Investment Trading JSC Beneish M-Score Related Terms

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Thanh Cong Textile Garment Investment Trading JSC Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » Thanh Cong Textile Garment Investment Trading JSC (STC:TCM) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

36 Tay Thanh Street, Tay Thanh Ward, Tan Phu District, Ho Chi Minh City, VNM

Website

http://www.thanhcong.com.vn

Thanh Cong Textile Garment Investment Trading JSC is a Vietnam based textile manufacturing company. Its business activity includes manufacturing and trading products of spinning, weaving, knitting, dyeing of the garment. In addition, the organization is also involved in the business areas of Fashion retail; Real Estate; and Trademarks. It generates maximum revenue from sale of Garment. Geographically, the company operates in USA, Europe, China, South Korea, Japan, Vietnam and Other countries.

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