Vietnam Apatite - Phosphorus JSC (HSTC:PAT) Beneish M-Score: -1.53 (As of Jun. 29, 2026)


HSTC:PAT Vietnam Apatite - Phosphorus JSC HSTC:PAT
43 GF Score
Price ₫63,700.00
! 3 Warning Signs
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What is Vietnam Apatite - Phosphorus JSC Beneish M-Score?

Vietnam Apatite - Phosphorus JSC HSTC:PAT 43 Beneish M-Score is -1.53 as of Jun. 29, 2026. GuruFocus rates HSTC:PAT with a GF Score™ of 43/100. The stock has 3 warning signs investors should review. Among 1,526 Chemicals companies, Vietnam Apatite - Phosphorus JSC ranks worse than 88.93% 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.

Warning Sign:

Beneish M-Score -1.53 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HSTC:PAT' s Beneish M-Score Range Over the Past 10 Years
Min: -1.53   Med: -1.53   Max: -1.53
Current: -1.53

During the past 3 years, the highest Beneish M-Score of Vietnam Apatite - Phosphorus JSC was -1.53. The lowest was -1.53. And the median was -1.53.

Vietnam Apatite - Phosphorus JSC Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Vietnam Apatite - Phosphorus 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.

Vietnam Apatite - Phosphorus JSC Beneish M-Score Chart

Vietnam Apatite - Phosphorus JSC Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -1.53

Vietnam Apatite - Phosphorus JSC Semi-Annual Data
Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 -1.53

HSTC:PAT vs DOW: Beneish M-Score Comparison

For the Chemicals subindustry, Vietnam Apatite - Phosphorus 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.

Vietnam Apatite - Phosphorus JSC Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, Vietnam Apatite - Phosphorus JSC's Beneish M-Score distribution charts can be found below:

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


HSTC:PAT
43GF Score
Vietnam Apatite - Phosphorus JSC HSTC:PAT
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Vietnam Apatite - Phosphorus 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 Vietnam Apatite - Phosphorus JSC for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 2.3534+0.528 * 0.9168+0.404 * 0.5452+0.892 * 1.1173+0.115 * 0.9214
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7628+4.679 * -0.008089-0.327 * 1.5127
=-1.53

* 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.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was ₫262,104 Mil.
Revenue was ₫1,923,386 Mil.
Gross Profit was ₫442,671 Mil.
Total Current Assets was ₫1,170,185 Mil.
Total Assets was ₫1,440,369 Mil.
Property, Plant and Equipment(Net PPE) was ₫250,453 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫44,816 Mil.
Selling, General, & Admin. Expense(SGA) was ₫86,638 Mil.
Total Current Liabilities was ₫850,143 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was ₫347,493 Mil.
Gross Profit was ₫0 Mil.
Cash Flow from Operations was ₫359,144 Mil.
 Total Receivables was ₫99,678 Mil.
Revenue was ₫1,721,436 Mil.
Gross Profit was ₫363,209 Mil.
Total Current Assets was ₫619,451 Mil.
Total Assets was ₫932,618 Mil.
Property, Plant and Equipment(Net PPE) was ₫289,733 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫47,106 Mil.
Selling, General, & Admin. Expense(SGA) was ₫101,648 Mil.
Total Current Liabilities was ₫363,897 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 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)
=(262104.476 / 1923385.799) / (99677.79 / 1721435.531)
=0.136272 / 0.057904
=2.3534

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)
=(363209.354 / 1721435.531) / (442671.416 / 1923385.799)
=0.210992 / 0.230152
=0.9168

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 - (1170185.327 + 250453.219) / 1440369.372) / (1 - (619450.52 + 289732.996) / 932617.788)
=0.013698 / 0.025127
=0.5452

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
=1923385.799 / 1721435.531
=1.1173

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))
=(47106.428 / (47106.428 + 289732.996)) / (44816.488 / (44816.488 + 250453.219))
=0.139848 / 0.151782
=0.9214

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)
=(86638.317 / 1923385.799) / (101648.198 / 1721435.531)
=0.045045 / 0.059049
=0.7628

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)
=((0 + 850143.356) / 1440369.372) / ((0 + 363897.086) / 932617.788)
=0.590226 / 0.390189
=1.5127

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
=(347492.892 - 0 - 359143.849) / 1440369.372
=-0.008089

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 Apatite - Phosphorus JSC has a M-score of -1.53 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.53 mean?
Vietnam Apatite - Phosphorus JSC (HSTC:PAT) has a Beneish M-Score of -1.53 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Vietnam Apatite - Phosphorus JSC and its competitors. According to the industry distribution chart, Vietnam Apatite - Phosphorus JSC ranks #1357 out of 1526 companies in the Chemicals industry, placing it in the top 88.9%.
Is Vietnam Apatite - Phosphorus JSC's Beneish M-Score too high?
Vietnam Apatite - Phosphorus JSC's current Beneish M-Score is -1.53. Based on the distribution chart, Vietnam Apatite - Phosphorus JSC ranks #1357 out of 1526 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Vietnam Apatite - Phosphorus JSC has a GF Score™ of 43/100, reflecting its overall financial health beyond just this single metric.
How does Vietnam Apatite - Phosphorus JSC's Beneish M-Score compare to DOW?
According to the Chemicals industry distribution chart, Vietnam Apatite - Phosphorus JSC ranks #1357 out of 1526 companies for Beneish M-Score. This places Vietnam Apatite - Phosphorus JSC in the lower half of its industry. 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 Vietnam Apatite - Phosphorus JSC and its competitors. Vietnam Apatite - Phosphorus JSC's current Beneish M-Score is -1.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vietnam Apatite - Phosphorus JSC stock overvalued right now?
Vietnam Apatite - Phosphorus JSC (HSTC:PAT) has a current Beneish M-Score of -1.53. The current Beneish M-Score is -1.53. Vietnam Apatite - Phosphorus JSC's overall GF Score™ is 43/100 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 Vietnam Apatite - Phosphorus JSC (HSTC:PAT), the current Beneish M-Score is -1.53 as of Jun. 29, 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.

Vietnam Apatite - Phosphorus JSC Business Description

Address Lot KTB-01, B28 Tang Loong Industrial Park, Lao Cai Province, Bao Thang District, Tang Loong Town, VNM
Vietnam Apatite - Phosphorus JSC engages in the production, processing, and sale of yellow phosphorus and other products derived from yellow phosphorus and apatite, Phosphoric acid. Its product offerings comprise Industrial Phosphoric Acid, Apatite Ore, and Yellow phosphorus.
43GF Score

Get the complete analysis for HSTC:PAT

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

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