VIX Securities JSC Beneish M-Score Historical Data
The historical data trend for VIX Securities 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.
VIX Securities JSC Beneish M-Score Chart
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VIX Securities JSC Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
2.48 |
-1.52 |
-0.33 |
-1.84 |
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VIX Securities JSC Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-0.33 |
-10.46 |
-11.16 |
-2.15 |
-1.84 |
Competitive Comparison of VIX Securities JSC's Beneish M-Score
For the Capital Markets subindustry, VIX Securities 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.
VIX Securities JSC's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, VIX Securities JSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where VIX Securities JSC's Beneish M-Score falls into.
VIX Securities 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 VIX Securities 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 * 2.7559 | + | 0.528 * 1.1882 | + | 0.404 * 0.5517 | + | 0.892 * 0.691 | + | 0.115 * 0.3272 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.8483 | + | 4.679 * 0.484459 | - | 0.327 * 8.6241 |
| = | -1.84 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₫5,925,783 Mil.
Revenue was 167853.381 + 50564.176 + 83862.663 + 178994.009 = ₫481,274 Mil.
Gross Profit was 135449.732 + 17943.592 + 48571.65 + 145977.234 = ₫347,942 Mil.
Total Current Assets was ₫19,558,155 Mil.
Total Assets was ₫19,606,325 Mil.
Property, Plant and Equipment(Net PPE) was ₫9,642 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫6,767 Mil.
Selling, General, & Admin. Expense(SGA) was ₫15,276 Mil.
Total Current Liabilities was ₫3,472,527 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was 112200.364 + 265385.147 + 123786.945 + 161947.503 = ₫663,320 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -4425258.494 + -3476296.675 + -510940.069 + -422643.497 = ₫-8,835,139 Mil.
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Total Receivables was ₫3,111,899 Mil.
Revenue was 89026.573 + 363643.574 + 129833.206 + 114012.952 = ₫696,516 Mil.
Gross Profit was 63356.658 + 332814.627 + 108213.95 + 93926.618 = ₫598,312 Mil.
Total Current Assets was ₫9,041,916 Mil.
Total Assets was ₫9,086,812 Mil.
Property, Plant and Equipment(Net PPE) was ₫12,530 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫1,955 Mil.
Selling, General, & Admin. Expense(SGA) was ₫7,762 Mil.
Total Current Liabilities was ₫186,613 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 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) |
| = | (5925783.085 / 481274.229) | / | (3111899.334 / 696516.305) |
| = | 12.312696 | / | 4.467805 |
| | = | 2.7559 |
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) |
| = | (598311.853 / 696516.305) | / | (347942.208 / 481274.229) |
| = | 0.859006 | / | 0.72296 |
| | = | 1.1882 |
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 - (19558155.309 + 9642.346) / 19606325.398) | / | (1 - (9041916.205 + 12529.773) / 9086811.829) |
| = | 0.001965 | / | 0.003562 |
| | = | 0.5517 |
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 |
| = | 481274.229 | / | 696516.305 |
| | = | 0.691 |
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)) |
| = | (1954.674 / (1954.674 + 12529.773)) | / | (6766.885 / (6766.885 + 9642.346)) |
| = | 0.13495 | / | 0.412383 |
| | = | 0.3272 |
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) |
| = | (15276.207 / 481274.229) | / | (7761.754 / 696516.305) |
| = | 0.031741 | / | 0.011144 |
| | = | 2.8483 |
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 + 3472527.045) / 19606325.398) | / | ((0 + 186613.27) / 9086811.829) |
| = | 0.177113 | / | 0.020537 |
| | = | 8.6241 |
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 |
| = | (663319.959 - 0 | - | -8835138.735) | / | 19606325.398 |
| | = | 0.484459 |
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.
VIX Securities JSC has a M-score of -1.84 suggests that the company is unlikely to be a manipulator.
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