PVI Holdings (HSTC:PVI) Beneish M-Score: 0.00 (As of Jun. 24, 2026)


HSTC:PVI PVI Holdings HSTC:PVI
76 GF Score
Price ₫73,600.00
GF Value ₫76,289.08
Valuation Fairly Valued
! 4 Warning Signs
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What is PVI Holdings Beneish M-Score?

PVI Holdings HSTC:PVI 76 Beneish M-Score is 0.00 as of Jun. 24, 2026. GuruFocus rates HSTC:PVI with a GF Score™ of 76/100 and a GF Value™ of ₫76,289.08 (Fairly Valued). The stock has 4 warning signs investors should review. Among 399 Insurance companies, PVI Holdings ranks worse than 250626.32% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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.

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

During the past 13 years, the highest Beneish M-Score of PVI Holdings was -2.05. The lowest was -2.40. And the median was -2.11.

HSTC:PVI
76GF Score
PVI Holdings HSTC:PVI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PVI 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 PVI Holdings 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₫21,410,876 Mil.
Revenue was 3080964.985 + 2979605.746 + 2636809.124 + 2616790.211 = ₫11,314,170 Mil.
Gross Profit was 3080964.985 + 2979605.746 + 2636809.124 + 2616790.211 = ₫11,314,170 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫44,040,794 Mil.
Property, Plant and Equipment(Net PPE) was ₫322,643 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫72,162 Mil.
Selling, General, & Admin. Expense(SGA) was ₫301,940 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was 554535.384 + -38486.22 + 407108.181 + 422768.983 = ₫1,345,926 Mil.
Non Operating Income was 247138.524 + 215812.55 + 147968.757 + 126869.763 = ₫737,790 Mil.
Cash Flow from Operations was 643674.127 + 78141.305 + -1192004.383 + 1110438.936 = ₫640,250 Mil.
 Total Receivables was ₫15,955,362 Mil.
Revenue was 2457507.264 + 2371878.691 + 2224002.377 + 2108973.289 = ₫9,162,362 Mil.
Gross Profit was 2457507.264 + 2371878.691 + 2224002.377 + 2108973.289 = ₫9,162,362 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫35,312,797 Mil.
Property, Plant and Equipment(Net PPE) was ₫266,461 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫86,027 Mil.
Selling, General, & Admin. Expense(SGA) was ₫249,816 Mil.
Total Current Liabilities was ₫0 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)
=(21410876.194 / 11314170.066) / (15955362.212 / 9162361.621)
=1.892395 / 1.741403
=

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)
=(9162361.621 / 9162361.621) / (11314170.066 / 11314170.066)
=1 / 1
=

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 - (0 + 322643.074) / 44040794.448) / (1 - (0 + 266460.684) / 35312797.46)
=0.992674 / 0.992454
=

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
=11314170.066 / 9162361.621
=

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))
=(86026.778 / (86026.778 + 266460.684)) / (72161.747 / (72161.747 + 322643.074))
=0.244056 / 0.182778
=

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)
=(301939.669 / 11314170.066) / (249816.258 / 9162361.621)
=0.026687 / 0.027265
=

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 + 0) / 44040794.448) / ((0 + 0) / 35312797.46)
=0 / 0
=

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
=(1345926.328 - 737789.594 - 640249.985) / 44040794.448
=-0.000729

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
PVI Holdings (HSTC:PVI) has a Beneish M-Score of 0.00 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PVI Holdings and its competitors. According to the industry distribution chart, PVI Holdings ranks #999999 out of 399 companies in the Insurance industry.
Is PVI Holdings' Beneish M-Score too high?
PVI Holdings' current Beneish M-Score is 0.00. Based on the distribution chart, PVI Holdings ranks #999999 out of 399 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, PVI Holdings has a GF Score™ of 76/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does PVI Holdings' Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, PVI Holdings ranks #999999 out of 399 companies for Beneish M-Score. This places PVI Holdings 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 PVI Holdings and its competitors. PVI Holdings's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PVI Holdings stock overvalued right now?
Based on GuruFocus' analysis, PVI Holdings (HSTC:PVI) is currently considered Fairly Valued. The stock's GF Value™ is ₫76,289.08, compared to a current price of ₫73,600.00 — trading 3.5% below its estimated fair value. The current Beneish M-Score is 0.00. PVI Holdings' overall GF Score™ is 76/100 with 4 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 PVI Holdings (HSTC:PVI), the current Beneish M-Score is 0.00 as of Jun. 24, 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 PVI Holdings (HSTC:PVI) Overvalued in 2026?

Based on GuruFocus' analysis, PVI Holdings stock appears to be undervalued. The current stock price of ₫73,600.00 is trading 3.5% below its estimated GF Value™ of ₫76,289.08. GuruFocus considers PVI Holdings to be Fairly Valued.

Key valuation signals for HSTC:PVI:

  • Beneish M-Score: 0.00
  • GF Value™: ₫76,289.08 vs. price of ₫73,600.00 (3.5% below fair value)
  • GF Score™: 76/100 with 4 warning signs

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

PVI Holdings Business Description

Address Pham Van Bach Street, PVI Tower, Lot VP2, Yen Hoa Ward, Cau Giay District, Hanoi, VNM
PVI Holdings is a Vietnam-based investment holding company. Through its subsidiaries, the company is engaged in the Non-life Insurance, Reinsurance and Asset Management.
76GF Score

Get the complete analysis for HSTC:PVI

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

₫73,600.00
Price
₫76,289.08
GF Value