Viet Nam Forestry Joint Stock Co (HSTC:VIF) Beneish M-Score: -2.11 (As of Jun. 29, 2026)


HSTC:VIF Viet Nam Forestry Corp Joint Stock Co HSTC:VIF
73 GF Score
Price ₫16,300.00
GF Value ₫19,584.94
Valuation Modestly Undervalued
! 3 Warning Signs
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What is Viet Nam Forestry Joint Stock Co Beneish M-Score?

Viet Nam Forestry Joint Stock Co HSTC:VIF 73 Beneish M-Score is -2.11 as of Jun. 29, 2026. GuruFocus rates HSTC:VIF with a GF Score™ of 73/100 and a GF Value™ of ₫19,584.94 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 273 Forest Products companies, Viet Nam Forestry Joint Stock Co ranks worse than 79.12% 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 -2.11 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Viet Nam Forestry Joint Stock Co's Beneish M-Score or its related term are showing as below:

HSTC:VIF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.52   Med: -2.18   Max: -1.86
Current: -2.11

During the past 7 years, the highest Beneish M-Score of Viet Nam Forestry Joint Stock Co was -1.86. The lowest was -2.52. And the median was -2.18.

Viet Nam Forestry Joint Stock Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Viet Nam Forestry Joint Stock Co'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.

Viet Nam Forestry Joint Stock Co Beneish M-Score Chart

Viet Nam Forestry Joint Stock Co Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial -2.18 -2.01 -2.26 -2.16 -2.24

Viet Nam Forestry Joint Stock Co 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.20 -1.97 -2.08 -2.24 -2.11

HSTC:VIF vs SSD, UFPI, BCC: Beneish M-Score Comparison

For the Lumber & Wood Production subindustry, Viet Nam Forestry Joint Stock Co'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.

Viet Nam Forestry Joint Stock Co Beneish M-Score vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, Viet Nam Forestry Joint Stock Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Viet Nam Forestry Joint Stock Co's Beneish M-Score falls into.


HSTC:VIF
73GF Score
Viet Nam Forestry Corp Joint Stock Co HSTC:VIF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Viet Nam Forestry Joint Stock Co 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 Viet Nam Forestry Joint Stock Co 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 * 0.6995+0.528 * 0.8806+0.404 * 1.5415+0.892 * 1.2005+0.115 * 1.0231
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8009+4.679 * 0.057239-0.327 * 0.9707
=-2.11

* 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 ₫210,032 Mil.
Revenue was 584178.634 + 487960.496 + 415092.669 + 548104.94 = ₫2,035,337 Mil.
Gross Profit was 115668.33 + 106838.47 + 55113.165 + 84085.94 = ₫361,706 Mil.
Total Current Assets was ₫2,872,276 Mil.
Total Assets was ₫5,642,765 Mil.
Property, Plant and Equipment(Net PPE) was ₫232,462 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫44,433 Mil.
Selling, General, & Admin. Expense(SGA) was ₫125,283 Mil.
Total Current Liabilities was ₫343,809 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was 160758.312 + 124121.447 + 102384.321 + 88072.444 = ₫475,337 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 63258.634 + 9416.578 + -20132.075 + 99806.205 = ₫152,349 Mil.
 Total Receivables was ₫250,107 Mil.
Revenue was 447295.627 + 445234.832 + 386488.019 + 416348.036 = ₫1,695,367 Mil.
Gross Profit was 83741.27 + 48315.508 + 61396.892 + 71853.795 = ₫265,307 Mil.
Total Current Assets was ₫3,595,465 Mil.
Total Assets was ₫5,413,797 Mil.
Property, Plant and Equipment(Net PPE) was ₫238,725 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫46,892 Mil.
Selling, General, & Admin. Expense(SGA) was ₫130,300 Mil.
Total Current Liabilities was ₫338,711 Mil.
Long-Term Debt & Capital Lease Obligation was ₫1,120 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)
=(210031.883 / 2035336.739) / (250107.47 / 1695366.514)
=0.103193 / 0.147524
=0.6995

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)
=(265307.465 / 1695366.514) / (361705.905 / 2035336.739)
=0.15649 / 0.177713
=0.8806

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 - (2872276.239 + 232461.855) / 5642765.308) / (1 - (3595464.649 + 238724.62) / 5413796.54)
=0.449784 / 0.291774
=1.5415

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
=2035336.739 / 1695366.514
=1.2005

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))
=(46891.893 / (46891.893 + 238724.62)) / (44432.837 / (44432.837 + 232461.855))
=0.164178 / 0.160468
=1.0231

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)
=(125282.636 / 2035336.739) / (130300.407 / 1695366.514)
=0.061554 / 0.076857
=0.8009

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 + 343809.431) / 5642765.308) / ((1120 + 338711.099) / 5413796.54)
=0.060929 / 0.062771
=0.9707

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
=(475336.524 - 0 - 152349.342) / 5642765.308
=0.057239

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.

Viet Nam Forestry Joint Stock Co has a M-score of -2.11 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 -2.11 mean?
Viet Nam Forestry Joint Stock Co (HSTC:VIF) has a Beneish M-Score of -2.11 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Viet Nam Forestry Joint Stock Co and its competitors. According to the industry distribution chart, Viet Nam Forestry Joint Stock Co ranks #216 out of 273 companies in the Forest Products industry, placing it in the top 79.1%.
Is Viet Nam Forestry Joint Stock Co's Beneish M-Score too high?
Viet Nam Forestry Joint Stock Co's current Beneish M-Score is -2.11. Based on the distribution chart, Viet Nam Forestry Joint Stock Co ranks #216 out of 273 companies in the Forest Products industry, which is in the bottom quartile relative to peers. Overall, Viet Nam Forestry Joint Stock Co has a GF Score™ of 73/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Viet Nam Forestry Joint Stock Co's Beneish M-Score compare to SSD and UFPI?
According to the Forest Products industry distribution chart, Viet Nam Forestry Joint Stock Co ranks #216 out of 273 companies for Beneish M-Score. This places Viet Nam Forestry Joint Stock Co 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 Forest Products company?
A good Beneish M-Score depends on the Forest Products 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 Viet Nam Forestry Joint Stock Co and its competitors. Viet Nam Forestry Joint Stock Co's current Beneish M-Score is -2.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Viet Nam Forestry Joint Stock Co stock overvalued right now?
Based on GuruFocus' analysis, Viet Nam Forestry Joint Stock Co (HSTC:VIF) is currently considered Modestly Undervalued. The stock's GF Value™ is ₫19,584.94, compared to a current price of ₫16,300.00 — trading 16.8% below its estimated fair value. The current Beneish M-Score is -2.11. Viet Nam Forestry Joint Stock Co's overall GF Score™ is 73/100 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 Viet Nam Forestry Joint Stock Co (HSTC:VIF), the current Beneish M-Score is -2.11 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.

Is Viet Nam Forestry Joint Stock Co (HSTC:VIF) Overvalued in 2026?

Based on GuruFocus' analysis, Viet Nam Forestry Joint Stock Co stock appears to be undervalued. The current stock price of ₫16,300.00 is trading 16.8% below its estimated GF Value™ of ₫19,584.94. GuruFocus considers Viet Nam Forestry Joint Stock Co to be Modestly Undervalued.

Key valuation signals for HSTC:VIF:

  • Beneish M-Score: -2.11
  • GF Value™: ₫19,584.94 vs. price of ₫16,300.00 (16.8% below fair value)
  • GF Score™: 73/100 with 3 warning signs

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

Viet Nam Forestry Joint Stock Co Business Description

Address No 127 Lo Duc Street, Hai Ba Trung Ward, Ha Noi, VNM
Viet Nam Forestry Corp Joint Stock Co principal activities are Cultivation, seeding, planting for wood; Logging; Exploiting other forest products from wood; Collecting products from forest other than wood and other forest products; Providing forestry services; Sawing, shaving and preserving wood; Producing plywood, veneer and other kinds of thin fiberboard; Producing wooden products for construction; Producing wooden package; Producing other wooden products, producing handicrafts from bamboo, straw and plaiting material; Making beds, wardrobes, tables, chairs; and Other activities. The business segment is derived mainly from sales of wood products (from afforestation, commercial activities, and processing) and from property rental. It has only one geographic segment in Vietnam.
73GF Score

Get the complete analysis for HSTC:VIF

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

₫16,300.00
Price
₫19,584.94
GF Value