PetroVietnam Gas JSC (STC:GAS) Beneish M-Score : -2.37 (As of May. 10, 2024)

View and export this data going back to 2012. Start your Free Trial

What is PetroVietnam Gas 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 -2.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:GAS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16 Med: -2.42 Max: -0.69
Current: -2.37

During the past 13 years, the highest Beneish M-Score of PetroVietnam Gas JSC was -0.69. The lowest was -3.16. And the median was -2.42.

PetroVietnam Gas JSC Beneish M-Score Historical Data

The historical data trend for PetroVietnam Gas 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.

PetroVietnam Gas JSC Beneish M-Score Chart

PetroVietnam Gas JSC Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.55

-2.18

-1.76

-2.31

-2.58

PetroVietnam Gas 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															-2.48	-2.57	-2.60	-2.58	-2.37

Competitive Comparison of PetroVietnam Gas JSC's Beneish M-Score

For the Oil & Gas Integrated subindustry, PetroVietnam Gas 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.

PetroVietnam Gas JSC's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, PetroVietnam Gas JSC's Beneish M-Score distribution charts can be found below:

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

PetroVietnam Gas 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 PetroVietnam Gas 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 * 1.1993

0.528 * 1.2879

0.404 * 0.906

0.892 * 0.9665

0.115 * 0.9994

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0714

4.679 * -0.020399

0.327 * 1.1425

-2.37

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₫20,520,530 Mil.
Revenue was 23314997.604 + 22570615.774 + 22126160.69 + 24042648.64 = ₫92,054,423 Mil.
Gross Profit was 3691114.739 + 4058279.257 + 3681632.127 + 4342775.572 = ₫15,773,802 Mil.
Total Current Assets was ₫66,458,956 Mil.
Total Assets was ₫91,775,937 Mil.
Property, Plant and Equipment(Net PPE) was ₫20,609,532 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫2,939,241 Mil.
Selling, General, & Admin. Expense(SGA) was ₫3,302,613 Mil.
Total Current Liabilities was ₫16,434,181 Mil.
Long-Term Debt & Capital Lease Obligation was ₫4,233,471 Mil.
Net Income was 2511656.346 + 2723017.281 + 2377167.76 + 3155589.86 = ₫10,767,431 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 1637012.811 + 3774013.473 + 3647955.313 + 3580627.999 = ₫12,639,610 Mil.

Total Receivables was ₫17,704,145 Mil.
Revenue was 21214481.409 + 22051958.441 + 24329090.224 + 27653355.464 = ₫95,248,886 Mil.
Gross Profit was 4842234.499 + 4868818.124 + 4397012.496 + 6912228.343 = ₫21,020,293 Mil.
Total Current Assets was ₫57,952,012 Mil.
Total Assets was ₫84,128,384 Mil.
Property, Plant and Equipment(Net PPE) was ₫21,413,325 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫3,051,784 Mil.
Selling, General, & Admin. Expense(SGA) was ₫3,189,442 Mil.
Total Current Liabilities was ₫10,555,594 Mil.
Long-Term Debt & Capital Lease Obligation was ₫6,026,797 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)
	=	(20520530.331 / 92054422.708)	/	(17704144.873 / 95248885.538)
	=	0.222917	/	0.185872
	=	1.1993

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)
	=	(21020293.462 / 95248885.538)	/	(15773801.695 / 92054422.708)
	=	0.220688	/	0.171353
	=	1.2879

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 - (66458956.267 + 20609531.964) / 91775937.313)	/	(1 - (57952012.334 + 21413325.404) / 84128383.781)
	=	0.051293	/	0.056616
	=	0.906

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
	=	92054422.708	/	95248885.538
	=	0.9665

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))
	=	(3051783.639 / (3051783.639 + 21413325.404))	/	(2939240.745 / (2939240.745 + 20609531.964))
	=	0.12474	/	0.124815
	=	0.9994

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)
	=	(3302613.328 / 92054422.708)	/	(3189442.112 / 95248885.538)
	=	0.035877	/	0.033485
	=	1.0714

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)
	=	((4233471.023 + 16434181.173) / 91775937.313)	/	((6026796.732 + 10555594.438) / 84128383.781)
	=	0.225197	/	0.197108
	=	1.1425

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
	=	(10767431.247 - 0	-	12639609.596)	/	91775937.313
	=	-0.020399

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.

PetroVietnam Gas JSC has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.

PetroVietnam Gas JSC Beneish M-Score Related Terms

Thank you for viewing the detailed overview of PetroVietnam Gas JSC's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

PetroVietnam Gas JSC (STC:GAS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » PetroVietnam Gas JSC (STC:GAS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 673 Nguyen Huu Tho Street, 12th, 12Ath, 14th, 15th Floor, PV Gas Building, Phuoc Kien Commune, Nha Be District, Ho Chi Minh City, VNM

Website

https://www.pvgas.com.vn

PetroVietnam Gas JSC is a Vietnam-based company which is active in the oil and gas industry. The principal activities of the company are to collect, import, transport, store, process, distribute, trade gas and gas products. It is engaged in distributing, trading gas and dry gas products, LNG (liquefied natural gas), CNG (Compressed natural gas), LPG (Liquefied Petroleum Gas) and condensates for industrial and household use as well as managing, operating, maintaining and restoring all gas works. The company also provides services in the gas industry such as renovating, maintaining, and restoring engines, installing conversion equipment for means of transport and agriculture, forestry and others. It operates its business across the Vietnam.