Vincom Retail JSC (STC:VRE) Beneish M-Score : -1.95 (As of Dec. 14, 2024)

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What is Vincom Retail 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 -1.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Vincom Retail JSC's Beneish M-Score or its related term are showing as below:

STC:VRE' s Beneish M-Score Range Over the Past 10 Years
Min: -2.92 Med: -2.39 Max: -0.22
Current: -1.95

During the past 8 years, the highest Beneish M-Score of Vincom Retail JSC was -0.22. The lowest was -2.92. And the median was -2.39.

Vincom Retail JSC Beneish M-Score Historical Data

The historical data trend for Vincom Retail 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.

* Premium members only.

Vincom Retail JSC Beneish M-Score Chart

Vincom Retail JSC Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.74

-1.18

-2.13

-2.92

-2.35

Vincom Retail JSC Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.39	-2.35	-0.85	-0.22	-1.95

Competitive Comparison of Vincom Retail JSC's Beneish M-Score

For the Real Estate Services subindustry, Vincom Retail 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.

Vincom Retail JSC's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Vincom Retail JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Vincom Retail JSC's Beneish M-Score falls into.

Vincom Retail 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 Vincom Retail 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 * 1.1606

0.528 * 1.0264

0.404 * 1.0881

0.892 * 0.9549

0.115 * 0.9979

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9581

4.679 * 0.076248

0.327 * 0.9734

-1.95

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₫1,817,638 Mil.
Revenue was 2077717 + 2478598 + 2254643 + 2342672 = ₫9,153,630 Mil.
Gross Profit was 1089284 + 1209426 + 1255224 + 1268082 = ₫4,822,016 Mil.
Total Current Assets was ₫12,589,361 Mil.
Total Assets was ₫53,174,894 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,068,189 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫1,379,752 Mil.
Selling, General, & Admin. Expense(SGA) was ₫215,408 Mil.
Total Current Liabilities was ₫6,021,933 Mil.
Long-Term Debt & Capital Lease Obligation was ₫1,532,235 Mil.
Net Income was 906400 + 1021470 + 1082577 + 1067494 = ₫4,077,941 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 873110 + -2650702 + 1540983 + 260060 = ₫23,451 Mil.

Total Receivables was ₫1,640,039 Mil.
Revenue was 3332560 + 2172827 + 1943276 + 2137250 = ₫9,585,913 Mil.
Gross Profit was 1700069 + 1189382 + 1188352 + 1105050 = ₫5,182,853 Mil.
Total Current Assets was ₫13,022,665 Mil.
Total Assets was ₫44,706,330 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,150,668 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫1,479,130 Mil.
Selling, General, & Admin. Expense(SGA) was ₫235,444 Mil.
Total Current Liabilities was ₫4,385,808 Mil.
Long-Term Debt & Capital Lease Obligation was ₫2,139,190 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)
	=	(1817638 / 9153630)	/	(1640039 / 9585913)
	=	0.19857	/	0.171088
	=	1.1606

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)
	=	(5182853 / 9585913)	/	(4822016 / 9153630)
	=	0.540674	/	0.526787
	=	1.0264

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 - (12589361 + 1068189) / 53174894)	/	(1 - (13022665 + 1150668) / 44706330)
	=	0.743158	/	0.682968
	=	1.0881

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
	=	9153630	/	9585913
	=	0.9549

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))
	=	(1479130 / (1479130 + 1150668))	/	(1379752 / (1379752 + 1068189))
	=	0.56245	/	0.563638
	=	0.9979

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)
	=	(215408 / 9153630)	/	(235444 / 9585913)
	=	0.023533	/	0.024561
	=	0.9581

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)
	=	((1532235 + 6021933) / 53174894)	/	((2139190 + 4385808) / 44706330)
	=	0.142063	/	0.145952
	=	0.9734

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
	=	(4077941 - 0	-	23451)	/	53174894
	=	0.076248

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.

Vincom Retail JSC has a M-score of -1.95 suggests that the company is unlikely to be a manipulator.

Vincom Retail JSC Beneish M-Score Related Terms

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