Thac Mo Hydro Power JSC (STC:TMP) Beneish M-Score : -3.65 (As of Mar. 31, 2025)

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What is Thac Mo Hydro Power 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 -3.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Thac Mo Hydro Power JSC's Beneish M-Score or its related term are showing as below:

STC:TMP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.65 Med: -2.1 Max: -0.31
Current: -3.65

During the past 13 years, the highest Beneish M-Score of Thac Mo Hydro Power JSC was -0.31. The lowest was -3.65. And the median was -2.10.

Thac Mo Hydro Power JSC Beneish M-Score Historical Data

The historical data trend for Thac Mo Hydro Power 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.

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Thac Mo Hydro Power JSC Beneish M-Score Chart

Thac Mo Hydro Power JSC Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.13

-2.03

-0.31

-3.65

Thac Mo Hydro Power 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															-0.31	-2.32	-2.69	-2.42	-3.65

Competitive Comparison of Thac Mo Hydro Power JSC's Beneish M-Score

For the Utilities - Independent Power Producers subindustry, Thac Mo Hydro Power 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.

Thac Mo Hydro Power JSC's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Thac Mo Hydro Power JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Thac Mo Hydro Power JSC's Beneish M-Score falls into.

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Thac Mo Hydro Power 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 Thac Mo Hydro Power 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 * 0.6157

0.528 * 1.0909

0.404 * 1.11

0.892 * 0.8941

0.115 * 0.8866

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.237

4.679 * -0.1687

0.327 * 0.9159

-3.65

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₫378,504 Mil.
Revenue was 232916.959 + 255994.746 + 162657.261 + 112063.786 = ₫763,633 Mil.
Gross Profit was 123772.188 + 169249.182 + 89114.943 + 59553.307 = ₫441,690 Mil.
Total Current Assets was ₫944,077 Mil.
Total Assets was ₫2,024,811 Mil.
Property, Plant and Equipment(Net PPE) was ₫745,092 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫97,767 Mil.
Selling, General, & Admin. Expense(SGA) was ₫59,359 Mil.
Total Current Liabilities was ₫204,894 Mil.
Long-Term Debt & Capital Lease Obligation was ₫259,970 Mil.
Net Income was 107619.548 + 130031.684 + 74301.628 + 38297.251 = ₫350,250 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 392671.592 + 11835.051 + 70014.36 + 217315.38 = ₫691,836 Mil.

Total Receivables was ₫687,591 Mil.
Revenue was 219303.537 + 228468.674 + 209587.854 + 196680.144 = ₫854,040 Mil.
Gross Profit was 118585.465 + 145844.431 + 134544.785 + 139904.716 = ₫538,879 Mil.
Total Current Assets was ₫1,015,615 Mil.
Total Assets was ₫2,145,185 Mil.
Property, Plant and Equipment(Net PPE) was ₫809,219 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫92,762 Mil.
Selling, General, & Admin. Expense(SGA) was ₫53,667 Mil.
Total Current Liabilities was ₫225,872 Mil.
Long-Term Debt & Capital Lease Obligation was ₫311,874 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)
	=	(378503.644 / 763632.752)	/	(687590.629 / 854040.209)
	=	0.495662	/	0.805103
	=	0.6157

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)
	=	(538879.397 / 854040.209)	/	(441689.62 / 763632.752)
	=	0.630977	/	0.578406
	=	1.0909

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 - (944076.541 + 745092.047) / 2024811.311)	/	(1 - (1015614.766 + 809219.488) / 2145184.862)
	=	0.165765	/	0.149335
	=	1.11

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
	=	763632.752	/	854040.209
	=	0.8941

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))
	=	(92762.456 / (92762.456 + 809219.488))	/	(97766.994 / (97766.994 + 745092.047))
	=	0.102843	/	0.115994
	=	0.8866

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)
	=	(59358.774 / 763632.752)	/	(53666.5 / 854040.209)
	=	0.077732	/	0.062838
	=	1.237

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)
	=	((259969.783 + 204894.305) / 2024811.311)	/	((311873.739 + 225872.103) / 2145184.862)
	=	0.229584	/	0.250676
	=	0.9159

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
	=	(350250.111 - 0	-	691836.383)	/	2024811.311
	=	-0.1687

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.

Thac Mo Hydro Power JSC has a M-score of -3.65 suggests that the company is unlikely to be a manipulator.

Thac Mo Hydro Power JSC Beneish M-Score Related Terms

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Thac Mo Hydro Power JSC Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Independent Power Producers » Thac Mo Hydro Power JSC (STC:TMP) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Area 5, Phuoc Long Town, Binh Phuoc Province, Ho Chi Minh City, VNM

Website

http://www.tmhpp.com.vn

Thac Mo Hydro Power JSC is a Vietnam based company engaged in the business activity of generating and trading electricity. It also trades hydroelectrical equipment and maintains and operates a power plant. The other activities in which the organization is involved are investing in power source projects and Consulting on the establishment, management and supervision of construction projects.