Viet Dragon Securities (STC:VDS) Beneish M-Score : -1.39 (As of Jun. 24, 2024)

View and export this data going back to 2017. Start your Free Trial

What is Viet Dragon Securities 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 -1.39 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Viet Dragon Securities's Beneish M-Score or its related term are showing as below:

STC:VDS' s Beneish M-Score Range Over the Past 10 Years
Min: -58.83 Med: -1.39 Max: 3.84
Current: -1.39

During the past 6 years, the highest Beneish M-Score of Viet Dragon Securities was 3.84. The lowest was -58.83. And the median was -1.39.

Viet Dragon Securities Beneish M-Score Historical Data

The historical data trend for Viet Dragon Securities'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.

Viet Dragon Securities Beneish M-Score Chart

Viet Dragon Securities Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-3.21

2.92

-0.83

-1.56

Viet Dragon Securities Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-6.42	-58.83	2.69	-1.56	-1.39

Competitive Comparison of Viet Dragon Securities's Beneish M-Score

For the Capital Markets subindustry, Viet Dragon Securities'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.

Viet Dragon Securities's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Viet Dragon Securities's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Viet Dragon Securities's Beneish M-Score falls into.

Viet Dragon Securities 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 Viet Dragon Securities 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 * 0.6198

0.528 * -0.2707

0.404 * 1.2002

0.892 * 2.4103

0.115 * 0.7193

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.2026

4.679 * 0.155592

0.327 * 1.174

-1.39

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₫3,244,372 Mil.
Revenue was 163284.074 + 137290.265 + 116816.986 + 85861.955 = ₫503,253 Mil.
Gross Profit was 95339.209 + 90587.724 + 41967.807 + 6604.65 = ₫234,499 Mil.
Total Current Assets was ₫5,324,853 Mil.
Total Assets was ₫5,633,503 Mil.
Property, Plant and Equipment(Net PPE) was ₫44,117 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫16,796 Mil.
Selling, General, & Admin. Expense(SGA) was ₫24,423 Mil.
Total Current Liabilities was ₫3,006,441 Mil.
Long-Term Debt & Capital Lease Obligation was ₫45,400 Mil.
Net Income was 120729.899 + 74286.949 + 93451.642 + 104228.295 = ₫392,697 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -59916.767 + 455398.379 + -754010.208 + -125305.053 = ₫-483,834 Mil.

Total Receivables was ₫2,171,705 Mil.
Revenue was 6719.155 + 80684.838 + 71467.172 + 49923.49 = ₫208,795 Mil.
Gross Profit was -48961.832 + 17935.641 + 23281.916 + -18588.492 = ₫-26,333 Mil.
Total Current Assets was ₫3,767,862 Mil.
Total Assets was ₫3,976,420 Mil.
Property, Plant and Equipment(Net PPE) was ₫52,981 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫13,108 Mil.
Selling, General, & Admin. Expense(SGA) was ₫50,009 Mil.
Total Current Liabilities was ₫1,707,338 Mil.
Long-Term Debt & Capital Lease Obligation was ₫127,500 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)
	=	(3244372.415 / 503253.28)	/	(2171704.875 / 208794.655)
	=	6.446798	/	10.401152
	=	0.6198

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)
	=	(-26332.767 / 208794.655)	/	(234499.39 / 503253.28)
	=	-0.126118	/	0.465967
	=	-0.2707

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 - (5324852.969 + 44116.792) / 5633503.161)	/	(1 - (3767862.124 + 52980.993) / 3976419.612)
	=	0.046957	/	0.039125
	=	1.2002

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
	=	503253.28	/	208794.655
	=	2.4103

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))
	=	(13107.52 / (13107.52 + 52980.993))	/	(16795.74 / (16795.74 + 44116.792))
	=	0.198333	/	0.275735
	=	0.7193

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)
	=	(24423.376 / 503253.28)	/	(50009.092 / 208794.655)
	=	0.048531	/	0.239513
	=	0.2026

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)
	=	((45400 + 3006440.965) / 5633503.161)	/	((127500 + 1707338.428) / 3976419.612)
	=	0.541731	/	0.46143
	=	1.174

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
	=	(392696.785 - 0	-	-483833.649)	/	5633503.161
	=	0.155592

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.

Viet Dragon Securities has a M-score of -1.39 signals that the company is likely to be a manipulator.

Viet Dragon Securities Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Viet Dragon Securities's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Viet Dragon Securities (STC:VDS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Capital Markets » Viet Dragon Securities Corp (STC:VDS) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

141 Nguyen Du, 1-2-3-4 Floor, Viet Dragon Building, Ward Ben Thanh, District 1, Ho Chi Minh City, VNM

Website

http://www.vdsc.com.vn

Viet Dragon Securities Corp is a Vietnam based company engaged in the financial and securities business. It offers a complete range of financial and securities products and services to personal customers and organization. The firm offers brokerage and investment advisory services, securities service, analysis service, financial service, brokerage service, derivative securities service and investment banking service.

Viet Dragon Securities (STC:VDS) Headlines

No Headlines