Sonadezi (HSTC:SNZ) Beneish M-Score: -2.87 (As of Jun. 27, 2026)

What is Sonadezi Beneish M-Score?

Sonadezi HSTC:SNZ 89 Beneish M-Score is -2.87 as of Jun. 27, 2026. GuruFocus rates HSTC:SNZ with a GF Score™ of 89/100 and a GF Value™ of ₫36,229.33 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 1,682 Real Estate companies, Sonadezi ranks better than 80.32% 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 -2.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HSTC:SNZ' s Beneish M-Score Range Over the Past 10 Years
Min: -44.11 Med: -2.81 Max: 17.43
Current: -2.87

During the past 10 years, the highest Beneish M-Score of Sonadezi was 17.43. The lowest was -44.11. And the median was -2.81.

Sonadezi Beneish M-Score Related Terms

Sonadezi Beneish M-Score Historical Data

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The historical data trend for Sonadezi'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.

Sonadezi Beneish M-Score Chart

Sonadezi Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-44.11

-2.80

-2.74

-2.93

-2.87

Sonadezi 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															-2.81	-2.60	-2.81	-2.87	-2.87

HSTC:SNZ vs CBRE, BEKE: Beneish M-Score Comparison

For the Real Estate Services subindustry, Sonadezi'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.

Sonadezi Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Sonadezi's Beneish M-Score distribution charts can be found below:

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

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89GF Score

Sonadezi Corp HSTC:SNZ

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

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Sonadezi 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 Sonadezi 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 * 0.8147

0.528 * 0.9354

0.404 * 1.0892

0.892 * 1.0553

0.115 * 1.2035

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.927

4.679 * -0.069016

0.327 * 0.9468

-2.87

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₫703,859 Mil.
Revenue was 1294786.587 + 1756779.658 + 1363169.409 + 2104907.532 = ₫6,519,643 Mil.
Gross Profit was 488720.736 + 710703.863 + 522995.941 + 1119861.567 = ₫2,842,282 Mil.
Total Current Assets was ₫7,561,149 Mil.
Total Assets was ₫22,986,450 Mil.
Property, Plant and Equipment(Net PPE) was ₫9,402,804 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫729,533 Mil.
Selling, General, & Admin. Expense(SGA) was ₫242,175 Mil.
Total Current Liabilities was ₫3,108,777 Mil.
Long-Term Debt & Capital Lease Obligation was ₫3,282,170 Mil.
Net Income was 198747.55 + 264063.48 + 237764.954 + 491332.643 = ₫1,191,909 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 609579.304 + 605948.026 + 669871.395 + 892937.169 = ₫2,778,336 Mil.

Total Receivables was ₫818,727 Mil.
Revenue was 1598635.121 + 1678584.103 + 1337106.934 + 1563875.962 = ₫6,178,202 Mil.
Gross Profit was 697127.729 + 663712.092 + 461578.674 + 696958.964 = ₫2,519,377 Mil.
Total Current Assets was ₫6,971,154 Mil.
Total Assets was ₫21,323,501 Mil.
Property, Plant and Equipment(Net PPE) was ₫9,223,106 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫875,050 Mil.
Selling, General, & Admin. Expense(SGA) was ₫247,567 Mil.
Total Current Liabilities was ₫3,542,981 Mil.
Long-Term Debt & Capital Lease Obligation was ₫2,718,489 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)
	=	(703858.941 / 6519643.186)	/	(818727.12 / 6178202.12)
	=	0.10796	/	0.132519
	=	0.8147

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)
	=	(2519377.459 / 6178202.12)	/	(2842282.107 / 6519643.186)
	=	0.407785	/	0.435957
	=	0.9354

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 - (7561148.969 + 9402803.569) / 22986450.155)	/	(1 - (6971154.219 + 9223106.082) / 21323501.023)
	=	0.262002	/	0.240544
	=	1.0892

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
	=	6519643.186	/	6178202.12
	=	1.0553

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))
	=	(875049.879 / (875049.879 + 9223106.082))	/	(729532.609 / (729532.609 + 9402803.569))
	=	0.086654	/	0.072
	=	1.2035

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)
	=	(242174.878 / 6519643.186)	/	(247566.864 / 6178202.12)
	=	0.037145	/	0.040071
	=	0.927

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)
	=	((3282169.971 + 3108777.044) / 22986450.155)	/	((2718489.198 + 3542981.386) / 21323501.023)
	=	0.278031	/	0.293642
	=	0.9468

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
	=	(1191908.627 - 0	-	2778335.894)	/	22986450.155
	=	-0.069016

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.

Sonadezi has a M-score of -2.87 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 -2.87 mean?

Sonadezi (HSTC:SNZ) has a Beneish M-Score of -2.87 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sonadezi and its competitors. According to the industry distribution chart, Sonadezi ranks #331 out of 1682 companies in the Real Estate industry, placing it in the top 19.7%.

Is Sonadezi's Beneish M-Score too high?

Sonadezi's current Beneish M-Score is -2.87. Based on the distribution chart, Sonadezi ranks #331 out of 1682 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, Sonadezi has a GF Score™ of 89/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Sonadezi's Beneish M-Score compare to CBRE and BEKE?

According to the Real Estate industry distribution chart, Sonadezi ranks #331 out of 1682 companies for Beneish M-Score. This places Sonadezi in the top 20% 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 Real Estate company?

A good Beneish M-Score depends on the Real Estate 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 Sonadezi and its competitors. Sonadezi's current Beneish M-Score is -2.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Sonadezi stock overvalued right now?

Based on GuruFocus' analysis, Sonadezi (HSTC:SNZ) is currently considered Modestly Undervalued. The stock's GF Value™ is ₫36,229.33, compared to a current price of ₫27,900.00 — trading 23% below its estimated fair value. The current Beneish M-Score is -2.87. Sonadezi's overall GF Score™ is 89/100 with 1 warning sign 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 Sonadezi (HSTC:SNZ), the current Beneish M-Score is -2.87 as of Jun. 27, 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 Sonadezi (HSTC:SNZ) Overvalued in 2026?

Based on GuruFocus' analysis, Sonadezi stock appears to be undervalued. The current stock price of ₫27,900.00 is trading 23% below its estimated GF Value™ of ₫36,229.33. GuruFocus considers Sonadezi to be Modestly Undervalued.

Key valuation signals for HSTC:SNZ:

Beneish M-Score: -2.87
GF Value™: ₫36,229.33 vs. price of ₫27,900.00 (23% below fair value)
GF Score™: 89/100 with 1 warning sign

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

Sonadezi Business Description

Industry Real Estate Real Estate

Comparable Companies STC:SJS STC:TAL STC:SZC STC:CRE STC:VPI STC:ASM STC:NBB HSTC:BVL STC:HQC HSTC:MBT STC:VIC CBRE ISX:DCII XMAD:CLNX TSE:8830 XTER:VNA XTAE:AZRG BEKE HKSE:01972 ADX:MODON

Address No. 1, Road 1, Bien Hoa 1 Industrial Park, An Binh Ward, Dong Nai Province, Bien Hoa, VNM

Website http://www.sonadezi.com.vn

Sonadezi Corp is engaged in the field of industrial park infrastructure development. Its services and supporting products include wastewater treatment, solid waste, training, offices for leasing, leasing services of docks, yards, and warehouses, and loading and unloading goods among others. The company has invested and developed twelve industrial parks in Dong Nai and Ba Ria - Vung Tau. The Group is organised on a nation-wide basis into the manufacturing sector: Trading industrial park, trading house and infrastructure, clean water supply, port services, garbage collection and waste treatment, others. It derives maximum revenue from Industrial Park.

89GF Score

Get the complete analysis for HSTC:SNZ

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

₫27,900.00

Price

₫36,229.33

GF Value

View HSTC:SNZ Analysis

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