Sai Gon Thuong Tin Real Estate Joint Stock Company (STC:SCR) Beneish M-Score : -1.14 (As of May. 03, 2024)

View and export this data going back to 2016. Start your Free Trial

What is Sai Gon Thuong Tin Real Estate Joint Stock Company 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.

Warning Sign:

Beneish M-Score -1.14 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Sai Gon Thuong Tin Real Estate Joint Stock Company's Beneish M-Score or its related term are showing as below:

STC:SCR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.86 Med: -1.12 Max: -0.13
Current: -1.14

During the past 13 years, the highest Beneish M-Score of Sai Gon Thuong Tin Real Estate Joint Stock Company was -0.13. The lowest was -3.86. And the median was -1.12.

Sai Gon Thuong Tin Real Estate Joint Stock Company Beneish M-Score Historical Data

The historical data trend for Sai Gon Thuong Tin Real Estate Joint Stock Company'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.

Sai Gon Thuong Tin Real Estate Joint Stock Company Beneish M-Score Chart

Sai Gon Thuong Tin Real Estate Joint Stock Company Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-0.92

-3.41

-3.86

-2.32

-1.14

Sai Gon Thuong Tin Real Estate Joint Stock Company Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.32	-1.17	-2.15	-2.01	-1.14

Competitive Comparison of Sai Gon Thuong Tin Real Estate Joint Stock Company's Beneish M-Score

For the Real Estate - Diversified subindustry, Sai Gon Thuong Tin Real Estate Joint Stock Company'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.

Sai Gon Thuong Tin Real Estate Joint Stock Company's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Sai Gon Thuong Tin Real Estate Joint Stock Company's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sai Gon Thuong Tin Real Estate Joint Stock Company's Beneish M-Score falls into.

Sai Gon Thuong Tin Real Estate Joint Stock Company 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 Sai Gon Thuong Tin Real Estate Joint Stock Company 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 * 2.5287

0.528 * 0.9422

0.404 * 0.7658

0.892 * 0.4156

0.115 * 0.9587

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4783

4.679 * 0.150002

0.327 * 1.0989

-1.14

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₫2,540,835 Mil.
Revenue was 98366.069 + 123107.248 + 68710.22 + 81018.491 = ₫371,202 Mil.
Gross Profit was 38918.583 + 17972.924 + 29133.588 + 21162.03 = ₫107,187 Mil.
Total Current Assets was ₫7,531,569 Mil.
Total Assets was ₫10,631,177 Mil.
Property, Plant and Equipment(Net PPE) was ₫3,815 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫56,267 Mil.
Selling, General, & Admin. Expense(SGA) was ₫94,443 Mil.
Total Current Liabilities was ₫3,712,111 Mil.
Long-Term Debt & Capital Lease Obligation was ₫1,376,690 Mil.
Net Income was 4790.821 + 995.061 + 2338.906 + 593.909 = ₫8,719 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -280109.393 + -123684.423 + -889544.177 + -292636.46 = ₫-1,585,974 Mil.

Total Receivables was ₫2,417,974 Mil.
Revenue was 319256.818 + 78252.704 + 100329.745 + 395415.904 = ₫893,255 Mil.
Gross Profit was 81384.666 + 29078.96 + 32083.757 + 100483.588 = ₫243,031 Mil.
Total Current Assets was ₫6,000,406 Mil.
Total Assets was ₫9,691,276 Mil.
Property, Plant and Equipment(Net PPE) was ₫5,687 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫49,978 Mil.
Selling, General, & Admin. Expense(SGA) was ₫153,730 Mil.
Total Current Liabilities was ₫3,383,318 Mil.
Long-Term Debt & Capital Lease Obligation was ₫837,942 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)
	=	(2540834.689 / 371202.028)	/	(2417974.396 / 893255.171)
	=	6.844884	/	2.706925
	=	2.5287

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)
	=	(243030.971 / 893255.171)	/	(107187.125 / 371202.028)
	=	0.272073	/	0.288757
	=	0.9422

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 - (7531569.092 + 3815.075) / 10631177.473)	/	(1 - (6000405.699 + 5687.207) / 9691275.952)
	=	0.291199	/	0.380258
	=	0.7658

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
	=	371202.028	/	893255.171
	=	0.4156

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))
	=	(49977.826 / (49977.826 + 5687.207))	/	(56266.74 / (56266.74 + 3815.075))
	=	0.897832	/	0.936502
	=	0.9587

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)
	=	(94442.501 / 371202.028)	/	(153729.832 / 893255.171)
	=	0.254423	/	0.172101
	=	1.4783

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)
	=	((1376689.836 + 3712111.319) / 10631177.473)	/	((837942.361 + 3383318.207) / 9691275.952)
	=	0.478668	/	0.435573
	=	1.0989

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
	=	(8718.697 - 0	-	-1585974.453)	/	10631177.473
	=	0.150002

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.

Sai Gon Thuong Tin Real Estate Joint Stock Company has a M-score of -1.14 signals that the company is likely to be a manipulator.

Sai Gon Thuong Tin Real Estate Joint Stock Company Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Sai Gon Thuong Tin Real Estate Joint Stock Company's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Sai Gon Thuong Tin Real Estate Joint Stock Company (STC:SCR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Sai Gon Thuong Tin Real Estate Joint Stock Company (STC:SCR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No 253 Hoang Van Thu, TTC Building, Ward 2, Tan Binh District, Ho Chi Minh City, VNM

Website

https://ttcland.vn

Sai Gon Thuong Tin Real Estate Joint Stock Company is engaged in trade in real estate, own land use rights, lease land use rights and houses, and invest and construct the infrastructure of industrial parks. The projects of the company are belleza apartment, carillon apartment, and hoa binh sacromreal project.