Vietnam Manufacturing and Export Processing (Holdings) (TPE:9110) Beneish M-Score : -3.67 (As of Apr. 06, 2025)

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What is Vietnam Manufacturing and Export Processing (Holdings) 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 -3.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Vietnam Manufacturing and Export Processing (Holdings)'s Beneish M-Score or its related term are showing as below:

TPE:9110' s Beneish M-Score Range Over the Past 10 Years
Min: -3.67 Med: -2.81 Max: -1.4
Current: -3.67

During the past 13 years, the highest Beneish M-Score of Vietnam Manufacturing and Export Processing (Holdings) was -1.40. The lowest was -3.67. And the median was -2.81.

Vietnam Manufacturing and Export Processing (Holdings) Beneish M-Score Historical Data

The historical data trend for Vietnam Manufacturing and Export Processing (Holdings)'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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Vietnam Manufacturing and Export Processing (Holdings) Beneish M-Score Chart

Vietnam Manufacturing and Export Processing (Holdings) Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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Vietnam Manufacturing and Export Processing (Holdings) Quarterly Data
	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Sep22	Dec22	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-3.52	-3.67	-

Competitive Comparison of Vietnam Manufacturing and Export Processing (Holdings)'s Beneish M-Score

For the Recreational Vehicles subindustry, Vietnam Manufacturing and Export Processing (Holdings)'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.

Vietnam Manufacturing and Export Processing (Holdings)'s Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Vietnam Manufacturing and Export Processing (Holdings)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Vietnam Manufacturing and Export Processing (Holdings)'s Beneish M-Score falls into.

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Vietnam Manufacturing and Export Processing (Holdings) 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 Vietnam Manufacturing and Export Processing (Holdings) 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 * 0.7298

0.528 * 1.3092

0.404 * 1.0843

0.892 * 0.7918

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3685

4.679 * -0.187888

0.327 * 0.9911

-3.66

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was NT$573 Mil.
Revenue was 904.578 + 700.828 + 355.082 + 497.836 = NT$2,458 Mil.
Gross Profit was 65.733 + 80.359 + 11.124 + 77.91 = NT$235 Mil.
Total Current Assets was NT$3,010 Mil.
Total Assets was NT$3,272 Mil.
Property, Plant and Equipment(Net PPE) was NT$119 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$0 Mil.
Selling, General, & Admin. Expense(SGA) was NT$361 Mil.
Total Current Liabilities was NT$1,659 Mil.
Long-Term Debt & Capital Lease Obligation was NT$69 Mil.
Net Income was 16.457 + -27.456 + -49.757 + -57.44 = NT$-118 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 282.555 + 103.282 + 110.702 + 0 = NT$497 Mil.

Total Receivables was NT$992 Mil.
Revenue was 916.765 + 0 + 1134.752 + 1053.307 = NT$3,105 Mil.
Gross Profit was 145.51 + 0 + 137.721 + 105.565 = NT$389 Mil.
Total Current Assets was NT$3,343 Mil.
Total Assets was NT$3,617 Mil.
Property, Plant and Equipment(Net PPE) was NT$128 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$0 Mil.
Selling, General, & Admin. Expense(SGA) was NT$333 Mil.
Total Current Liabilities was NT$1,856 Mil.
Long-Term Debt & Capital Lease Obligation was NT$71 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)
	=	(572.971 / 2458.324)	/	(991.618 / 3104.824)
	=	0.233074	/	0.31938
	=	0.7298

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)
	=	(388.796 / 3104.824)	/	(235.126 / 2458.324)
	=	0.125223	/	0.095645
	=	1.3092

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 - (3009.68 + 119.004) / 3271.815)	/	(1 - (3342.906 + 127.982) / 3616.814)
	=	0.043747	/	0.040347
	=	1.0843

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
	=	2458.324	/	3104.824
	=	0.7918

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))
	=	(0 / (0 + 127.982))	/	(0 / (0 + 119.004))
	=	0	/	0
	=	1

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)
	=	(360.734 / 2458.324)	/	(332.91 / 3104.824)
	=	0.14674	/	0.107223
	=	1.3685

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)
	=	((68.61 + 1659.06) / 3271.815)	/	((71.425 + 1855.639) / 3616.814)
	=	0.528046	/	0.532807
	=	0.9911

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
	=	(-118.196 - 0	-	496.539)	/	3271.815
	=	-0.187888

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.

Vietnam Manufacturing and Export Processing (Holdings) has a M-score of -3.66 suggests that the company is unlikely to be a manipulator.

Vietnam Manufacturing and Export Processing (Holdings) Beneish M-Score Related Terms

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Vietnam Manufacturing and Export Processing (Holdings) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Vietnam Manufacturing and Export Processing (Holdings) Ltd (TPE:9110) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

00422:Hong Kong

Address

Section 5, Tam Hiep Ward, Dong Nai, Bien Hoa, VNM

Website

https://www.vmeph.com

Vietnam Manufacturing and Export Processing (Holdings) Ltd is an investment holding company. The company's operating segment includes Manufacturing and sale of motorbikes; and Manufacturing and sale of spare parts and engines. It generates maximum revenue from the Manufacturing and sale of motorbikes segment. Geographically, it derives a majority of its revenue from Thailand and also has a presence in Malaysia; the Philippines; Dubai; Vietnam; Greece; Taiwan, and Other countries.

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