Vinhomes JSC Beneish M-Score Historical Data
The historical data trend for Vinhomes 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.
Vinhomes JSC Beneish M-Score Chart
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Vinhomes JSC Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.65 |
-1.96 |
-2.85 |
-1.60 |
-1.39 |
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Vinhomes JSC Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.42 |
-2.45 |
-2.21 |
-1.39 |
-1.91 |
Competitive Comparison of Vinhomes JSC's Beneish M-Score
For the Real Estate Services subindustry, Vinhomes 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.
Vinhomes JSC's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Vinhomes JSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vinhomes JSC's Beneish M-Score falls into.
Vinhomes 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 Vinhomes 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 * 0.585 | + | 0.528 * 1.2035 | + | 0.404 * 1.2857 | + | 0.892 * 1.3384 | + | 0.115 * 1.0328 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0806 | + | 4.679 * 0.089164 | - | 0.327 * 0.9494 |
| = | -1.91 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was ₫34,088,084 Mil.
Revenue was 15697917 + 33136430 + 33323142 + 28218233 = ₫110,375,722 Mil.
Gross Profit was 5157929 + 11956562 + 9751226 + 8314233 = ₫35,179,950 Mil.
Total Current Assets was ₫259,860,077 Mil.
Total Assets was ₫561,503,558 Mil.
Property, Plant and Equipment(Net PPE) was ₫96,689,115 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫1,868,331 Mil.
Selling, General, & Admin. Expense(SGA) was ₫9,155,606 Mil.
Total Current Liabilities was ₫237,524,644 Mil.
Long-Term Debt & Capital Lease Obligation was ₫54,525,866 Mil.
Net Income was 2688954 + 11536820 + 7866075 + 10783838 = ₫32,875,687 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 635564 + -3761789 + -25112076 + 11047997 = ₫-17,190,304 Mil.
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Total Receivables was ₫43,537,573 Mil.
Revenue was 8211201 + 8920226 + 32724102 + 32613837 = ₫82,469,366 Mil.
Gross Profit was 1774386 + 1795526 + 14956906 + 13107613 = ₫31,634,431 Mil.
Total Current Assets was ₫255,295,711 Mil.
Total Assets was ₫464,484,694 Mil.
Property, Plant and Equipment(Net PPE) was ₫77,323,828 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫1,544,082 Mil.
Selling, General, & Admin. Expense(SGA) was ₫6,330,298 Mil.
Total Current Liabilities was ₫214,974,936 Mil.
Long-Term Debt & Capital Lease Obligation was ₫39,496,110 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) |
| = | (34088084 / 110375722) | / | (43537573 / 82469366) |
| = | 0.308837 | / | 0.527924 |
| | = | 0.585 |
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) |
| = | (31634431 / 82469366) | / | (35179950 / 110375722) |
| = | 0.38359 | / | 0.318729 |
| | = | 1.2035 |
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 - (259860077 + 96689115) / 561503558) | / | (1 - (255295711 + 77323828) / 464484694) |
| = | 0.36501 | / | 0.283896 |
| | = | 1.2857 |
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 |
| = | 110375722 | / | 82469366 |
| | = | 1.3384 |
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)) |
| = | (1544082 / (1544082 + 77323828)) | / | (1868331 / (1868331 + 96689115)) |
| = | 0.019578 | / | 0.018957 |
| | = | 1.0328 |
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) |
| = | (9155606 / 110375722) | / | (6330298 / 82469366) |
| = | 0.082949 | / | 0.076759 |
| | = | 1.0806 |
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) |
| = | ((54525866 + 237524644) / 561503558) | / | ((39496110 + 214974936) / 464484694) |
| = | 0.520122 | / | 0.547857 |
| | = | 0.9494 |
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 |
| = | (32875687 - 0 | - | -17190304) | / | 561503558 |
| | = | 0.089164 |
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.
Vinhomes JSC has a M-score of -1.91 suggests that the company is unlikely to be a manipulator.
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