IDICO JSC (HSTC:IDC) Beneish M-Score: -3.11 (As of Jun. 25, 2026)

What is IDICO JSC Beneish M-Score?

IDICO JSC HSTC:IDC 96 Beneish M-Score is -3.11 as of Jun. 25, 2026. GuruFocus rates HSTC:IDC with a GF Score™ of 96/100 and a GF Value™ of ₫45,165.01 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,704 Construction companies, IDICO JSC ranks better than 85.27% on this metric.

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 -3.11 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HSTC:IDC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.5 Med: -2.37 Max: 17.77
Current: -3.11

During the past 8 years, the highest Beneish M-Score of IDICO JSC was 17.77. The lowest was -3.50. And the median was -2.37.

IDICO JSC Beneish M-Score Related Terms

IDICO JSC Beneish M-Score Historical Data

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The historical data trend for IDICO 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.

IDICO JSC Beneish M-Score Chart

IDICO JSC Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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1.02

17.77

-1.29

-3.35

-3.08

IDICO JSC Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-3.50	-3.33	-3.34	-3.08	-3.11

HSTC:IDC vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, IDICO 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.

IDICO JSC Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, IDICO JSC's Beneish M-Score distribution charts can be found below:

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

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96GF Score

IDICO Corp JSC HSTC:IDC

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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IDICO 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 IDICO 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 * 0.6531

0.528 * 0.9757

0.404 * 0.8494

0.892 * 1.0131

0.115 * 1.5804

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8991

4.679 * -0.070484

0.327 * 0.9978

-3.11

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₫703,418 Mil.
Revenue was 1485524.64 + 2160138.112 + 2871329.473 + 1763197.891 = ₫8,280,190 Mil.
Gross Profit was 388738.641 + 706974.983 + 1257122.584 + 544517.755 = ₫2,897,354 Mil.
Total Current Assets was ₫10,087,525 Mil.
Total Assets was ₫23,539,503 Mil.
Property, Plant and Equipment(Net PPE) was ₫9,996,549 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫908,795 Mil.
Selling, General, & Admin. Expense(SGA) was ₫323,059 Mil.
Total Current Liabilities was ₫5,593,032 Mil.
Long-Term Debt & Capital Lease Obligation was ₫3,160,817 Mil.
Net Income was 270595.918 + 449103.567 + 841835.882 + 297573.101 = ₫1,859,108 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 197524.137 + 970200.008 + 1541531.404 + 809015.067 = ₫3,518,271 Mil.

Total Receivables was ₫1,063,059 Mil.
Revenue was 1793484.296 + 1955334.918 + 2275529.728 + 2148489.328 = ₫8,172,838 Mil.
Gross Profit was 551390.837 + 635784.834 + 793321.47 + 809865.916 = ₫2,790,363 Mil.
Total Current Assets was ₫8,117,308 Mil.
Total Assets was ₫19,410,468 Mil.
Property, Plant and Equipment(Net PPE) was ₫7,938,729 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫1,204,159 Mil.
Selling, General, & Admin. Expense(SGA) was ₫354,647 Mil.
Total Current Liabilities was ₫5,348,739 Mil.
Long-Term Debt & Capital Lease Obligation was ₫1,885,334 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)
	=	(703417.603 / 8280190.116)	/	(1063058.76 / 8172838.27)
	=	0.084952	/	0.130072
	=	0.6531

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)
	=	(2790363.057 / 8172838.27)	/	(2897353.963 / 8280190.116)
	=	0.341419	/	0.349914
	=	0.9757

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 - (10087525.251 + 9996548.598) / 23539502.63)	/	(1 - (8117308.378 + 7938729.016) / 19410468.098)
	=	0.146793	/	0.172816
	=	0.8494

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
	=	8280190.116	/	8172838.27
	=	1.0131

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))
	=	(1204158.682 / (1204158.682 + 7938729.016))	/	(908794.54 / (908794.54 + 9996548.598))
	=	0.131704	/	0.083335
	=	1.5804

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)
	=	(323058.538 / 8280190.116)	/	(354647.457 / 8172838.27)
	=	0.039016	/	0.043393
	=	0.8991

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)
	=	((3160817.091 + 5593032.196) / 23539502.63)	/	((1885333.796 + 5348738.936) / 19410468.098)
	=	0.371879	/	0.372689
	=	0.9978

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
	=	(1859108.468 - 0	-	3518270.616)	/	23539502.63
	=	-0.070484

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.

IDICO JSC has a M-score of -3.11 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -3.11 mean?

IDICO JSC (HSTC:IDC) has a Beneish M-Score of -3.11 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on IDICO JSC and its competitors. According to the industry distribution chart, IDICO JSC ranks #251 out of 1704 companies in the Construction industry, placing it in the top 14.7%.

Is IDICO JSC's Beneish M-Score too high?

IDICO JSC's current Beneish M-Score is -3.11. Based on the distribution chart, IDICO JSC ranks #251 out of 1704 companies in the Construction industry, which is in the top quartile — a strong position relative to peers. Overall, IDICO JSC has a GF Score™ of 96/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does IDICO JSC's Beneish M-Score compare to PWR and FIX?

According to the Construction industry distribution chart, IDICO JSC ranks #251 out of 1704 companies for Beneish M-Score. This places IDICO JSC in the top 15% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Construction company?

A good Beneish M-Score depends on the Construction industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on IDICO JSC and its competitors. IDICO JSC's current Beneish M-Score is -3.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is IDICO JSC stock overvalued right now?

Based on GuruFocus' analysis, IDICO JSC (HSTC:IDC) is currently considered Modestly Undervalued. The stock's GF Value™ is ₫45,165.01, compared to a current price of ₫41,100.00 — trading 9% below its estimated fair value. The current Beneish M-Score is -3.11. IDICO JSC's overall GF Score™ is 96/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For IDICO JSC (HSTC:IDC), the current Beneish M-Score is -3.11 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is IDICO JSC (HSTC:IDC) Overvalued in 2026?

Based on GuruFocus' analysis, IDICO JSC stock appears to be undervalued. The current stock price of ₫41,100.00 is trading 9% below its estimated GF Value™ of ₫45,165.01. GuruFocus considers IDICO JSC to be Modestly Undervalued.

Key valuation signals for HSTC:IDC:

Beneish M-Score: -3.11
GF Value™: ₫45,165.01 vs. price of ₫41,100.00 (9% below fair value)
GF Score™: 96/100 with 3 warning signs

No single metric tells the full story. See the HSTC:IDC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

IDICO JSC Business Description

Industry Industrials Construction

Comparable Companies HSTC:HUT STC:LGC HSTC:CC1 STC:CII STC:CTR STC:PC1 STC:CTD STC:IJC HSTC:SCG STC:DPG PWR XPAR:DG FIX NSE:LT XAMS:FER XKRX:028260 XTER:HOT XMAD:ACS EME MTZ

Address 151A Nguyen Dinh Chieu Street, Xuan Hoa Ward, District 3, Ho Chi Minh City, VNM

Website https://www.idico.com.vn

IDICO Corp JSC is engaged in the development and operation of industrial parks and related infrastructure in Vietnam. The company's reportable segments include Industrial Park Business, Electricity, Construction, Road Toll Collection, Real Estate, and Others. Its activities include developing industrial and residential parks, infrastructure, electricity projects, and providing related services. It generates the majority of its revenue from the Electricity business.

96GF Score

Get the complete analysis for HSTC:IDC

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₫41,100.00

Price

₫45,165.01

GF Value

View HSTC:IDC Analysis

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