VietCredit Finance JSC (HSTC:TIN) Beneish M-Score: -0.26 (As of Jun. 26, 2026)


HSTC:TIN VietCredit Finance JSC HSTC:TIN
29 GF Score
Price ₫124,800.00
! 1 Warning Sign
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What is VietCredit Finance JSC Beneish M-Score?

VietCredit Finance JSC HSTC:TIN 29 Beneish M-Score is -0.26 as of Jun. 26, 2026. GuruFocus rates HSTC:TIN with a GF Score™ of 29/100. The stock has 1 warning sign investors should review. Among 1,397 Banks companies, VietCredit Finance JSC ranks worse than 98.14% 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.

Warning Sign:

Beneish M-Score -0.26 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HSTC:TIN' s Beneish M-Score Range Over the Past 10 Years
Min: -0.26   Med: -0.26   Max: -0.26
Current: -0.26

During the past 2 years, the highest Beneish M-Score of VietCredit Finance JSC was -0.26. The lowest was -0.26. And the median was -0.26.

HSTC:TIN
29GF Score
VietCredit Finance JSC HSTC:TIN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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VietCredit Finance 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 VietCredit Finance 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 * 1+0.528 * 1+0.404 * 1.001+0.892 * 3.3701+0.115 * 1.0039
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6366+4.679 * 0.053577-0.327 * 1.6511
=-0.26

* 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 ₫0 Mil.
Revenue was 1191337.557 + 1127993.895 + 759931.837 + 535408.997 = ₫3,614,672 Mil.
Gross Profit was 1191337.557 + 1127993.895 + 759931.837 + 535408.997 = ₫3,614,672 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫19,496,411 Mil.
Property, Plant and Equipment(Net PPE) was ₫6,142 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫17,036 Mil.
Selling, General, & Admin. Expense(SGA) was ₫29,216 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫11,891,568 Mil.
Net Income was 461547.084 + 418499.987 + 369360.974 + 208949.266 = ₫1,458,357 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -340414.236 + 1245394.539 + -1277839.305 + 786647.552 = ₫413,789 Mil.
 Total Receivables was ₫0 Mil.
Revenue was 342327.172 + 337082.139 + 261068.039 + 132088.472 = ₫1,072,566 Mil.
Gross Profit was 342327.172 + 337082.139 + 261068.039 + 132088.472 = ₫1,072,566 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫7,018,694 Mil.
Property, Plant and Equipment(Net PPE) was ₫8,911 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫25,088 Mil.
Selling, General, & Admin. Expense(SGA) was ₫13,619 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫2,592,766 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)
=(0 / 3614672.286) / (0 / 1072565.822)
=0 / 0
=1

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)
=(1072565.822 / 1072565.822) / (3614672.286 / 3614672.286)
=1 / 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 + 6141.879) / 19496411.331) / (1 - (0 + 8910.554) / 7018693.555)
=0.999685 / 0.99873
=1.001

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
=3614672.286 / 1072565.822
=3.3701

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))
=(25087.693 / (25087.693 + 8910.554)) / (17035.96 / (17035.96 + 6141.879))
=0.737911 / 0.735011
=1.0039

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)
=(29216.076 / 3614672.286) / (13618.686 / 1072565.822)
=0.008083 / 0.012697
=0.6366

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)
=((11891568.139 + 0) / 19496411.331) / ((2592766.381 + 0) / 7018693.555)
=0.609936 / 0.369409
=1.6511

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
=(1458357.311 - 0 - 413788.55) / 19496411.331
=0.053577

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.

VietCredit Finance JSC has a M-score of -0.26 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 -0.26 mean?
VietCredit Finance JSC (HSTC:TIN) has a Beneish M-Score of -0.26 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on VietCredit Finance JSC and its competitors. According to the industry distribution chart, VietCredit Finance JSC ranks #1371 out of 1397 companies in the Banks industry, placing it in the top 98.1%.
Is VietCredit Finance JSC's Beneish M-Score too high?
VietCredit Finance JSC's current Beneish M-Score is -0.26. Based on the distribution chart, VietCredit Finance JSC ranks #1371 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, VietCredit Finance JSC has a GF Score™ of 29/100, reflecting its overall financial health beyond just this single metric.
How does VietCredit Finance JSC's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, VietCredit Finance JSC ranks #1371 out of 1397 companies for Beneish M-Score. This places VietCredit Finance 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 Banks company?
A good Beneish M-Score depends on the Banks 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 VietCredit Finance JSC and its competitors. VietCredit Finance JSC's current Beneish M-Score is -0.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is VietCredit Finance JSC stock overvalued right now?
VietCredit Finance JSC (HSTC:TIN) has a current Beneish M-Score of -0.26. The current Beneish M-Score is -0.26. VietCredit Finance JSC's overall GF Score™ is 29/100 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 VietCredit Finance JSC (HSTC:TIN), the current Beneish M-Score is -0.26 as of Jun. 26, 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.

VietCredit Finance JSC Business Description

Address No. 98 Hoang Quoc Viet, 9th Floor, V.E.T Tower, Nghia Do Ward, Hanoi, VNM
VietCredit Finance JSC is engaged in providing financial services under its Establishment and Operation License, including mobilising and receiving term deposits from organisations, granting short, medium, and long-term loans and consumption loans to organisations and individuals based on its capital sources, and conducting foreign currency trading, treasury services, and other cash services as approved by the SBV. Its products include credit cards, certificates of deposit, and small business loans.
29GF Score

Get the complete analysis for HSTC:TIN

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

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