Viet Nam Petroleum Transport JSC (STC:VIP) Beneish M-Score : -2.59 (As of Jun. 16, 2024)

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What is Viet Nam Petroleum Transport 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Viet Nam Petroleum Transport JSC's Beneish M-Score or its related term are showing as below:

STC:VIP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.78 Med: -2.59 Max: 1.6
Current: -2.59

During the past 13 years, the highest Beneish M-Score of Viet Nam Petroleum Transport JSC was 1.60. The lowest was -3.78. And the median was -2.59.

Viet Nam Petroleum Transport JSC Beneish M-Score Historical Data

The historical data trend for Viet Nam Petroleum Transport 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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Viet Nam Petroleum Transport JSC Beneish M-Score Chart

Viet Nam Petroleum Transport JSC Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.11

-2.35

-2.31

-2.07

-3.23

Viet Nam Petroleum Transport JSC 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															-3.11	-3.30	-3.03	-3.23	-2.59

Competitive Comparison of Viet Nam Petroleum Transport JSC's Beneish M-Score

For the Marine Shipping subindustry, Viet Nam Petroleum Transport 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.

Viet Nam Petroleum Transport JSC's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Viet Nam Petroleum Transport JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Viet Nam Petroleum Transport JSC's Beneish M-Score falls into.

Viet Nam Petroleum Transport 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 Viet Nam Petroleum Transport 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 * 1.2712

0.528 * 1.131

0.404 * 2.2323

0.892 * 0.6319

0.115 * 0.7937

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.0518

4.679 * -0.044451

0.327 * 1.5704

-2.59

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₫63,780 Mil.
Revenue was 128299.991 + 125823.565 + 132690.67 + 134057.338 = ₫520,872 Mil.
Gross Profit was 28352.139 + 10371.004 + 32933.195 + 39298.243 = ₫110,955 Mil.
Total Current Assets was ₫963,948 Mil.
Total Assets was ₫1,411,346 Mil.
Property, Plant and Equipment(Net PPE) was ₫369,689 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫135,445 Mil.
Selling, General, & Admin. Expense(SGA) was ₫28,480 Mil.
Total Current Liabilities was ₫98,265 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was 19020.718 + 1667.995 + 22930.242 + 35100.666 = ₫78,720 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 8784.793 + 5838.812 + 69542.683 + 57289.341 = ₫141,456 Mil.

Total Receivables was ₫79,396 Mil.
Revenue was 156613.54 + 217502.145 + 196476.179 + 253666.525 = ₫824,258 Mil.
Gross Profit was 34227.478 + 94170.697 + 59947.997 + 10230.924 = ₫198,577 Mil.
Total Current Assets was ₫898,095 Mil.
Total Assets was ₫1,429,822 Mil.
Property, Plant and Equipment(Net PPE) was ₫496,460 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫134,223 Mil.
Selling, General, & Admin. Expense(SGA) was ₫21,965 Mil.
Total Current Liabilities was ₫63,393 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 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)
	=	(63780.051 / 520871.564)	/	(79395.558 / 824258.389)
	=	0.122449	/	0.096324
	=	1.2712

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)
	=	(198577.096 / 824258.389)	/	(110954.581 / 520871.564)
	=	0.240916	/	0.213017
	=	1.131

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 - (963948.391 + 369689.077) / 1411346.218)	/	(1 - (898094.921 + 496459.529) / 1429821.54)
	=	0.05506	/	0.024665
	=	2.2323

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
	=	520871.564	/	824258.389
	=	0.6319

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))
	=	(134222.972 / (134222.972 + 496459.529))	/	(135444.845 / (135444.845 + 369689.077))
	=	0.212822	/	0.268137
	=	0.7937

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)
	=	(28479.535 / 520871.564)	/	(21964.954 / 824258.389)
	=	0.054677	/	0.026648
	=	2.0518

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)
	=	((0 + 98265.16) / 1411346.218)	/	((0 + 63392.651) / 1429821.54)
	=	0.069625	/	0.044336
	=	1.5704

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
	=	(78719.621 - 0	-	141455.629)	/	1411346.218
	=	-0.044451

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 Nam Petroleum Transport JSC has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.

Viet Nam Petroleum Transport JSC Beneish M-Score Related Terms

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Viet Nam Petroleum Transport JSC (STC:VIP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Viet Nam Petroleum Transport JSC (STC:VIP) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

37 Phan Boi Chau, Quang Trung Ward, Hong Bang District, Hai Phong City, VNM

Website

http://www.vipco.com.vn

Viet Nam Petroleum Transport JSC is a Vietnam based company engaged in the marine transportation of petroleum and petroleum products. It also offers shipping agency, ship brokerage, customs brokerage, and business travel and inbound tourism services. The other activities of the company are trading in petroleum and infrastructure; trading in materials, equipment, spare parts; and constructing civil, industrial, traffic works and technical infrastructure for urban area and industrial zone.

Viet Nam Petroleum Transport JSC (STC:VIP) Headlines

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