Damsan JSC (STC:ADS) Beneish M-Score: -3.53 (As of Jun. 27, 2026)

What is Damsan JSC Beneish M-Score?

Damsan JSC STC:ADS +0.77% 72 Beneish M-Score is -3.53 as of Jun. 27, 2026. GuruFocus rates STC:ADS with a GF Score™ of 72/100 and a GF Value™ of ₫9,907.62 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,001 Manufacturing - Apparel & Accessories companies, Damsan JSC ranks better than 92.71% 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 -3.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:ADS' s Beneish M-Score Range Over the Past 10 Years
Min: -4.79 Med: -2.07 Max: 0.04
Current: -3.53

During the past 11 years, the highest Beneish M-Score of Damsan JSC was 0.04. The lowest was -4.79. And the median was -2.07.

Damsan JSC Beneish M-Score Related Terms

Damsan JSC Beneish M-Score Historical Data

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The historical data trend for Damsan 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.

Damsan JSC Beneish M-Score Chart

Damsan JSC Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.02

-1.86

-2.22

-2.56

-4.79

Damsan JSC 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															-2.67	-2.60	-1.94	-4.79	-3.53

STC:ADS vs AIN: Beneish M-Score Comparison

For the Textile Manufacturing subindustry, Damsan 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.

Damsan JSC Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Damsan JSC's Beneish M-Score distribution charts can be found below:

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

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72GF Score

Damsan JSC STC:ADS

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

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Damsan 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 Damsan JSC 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 * 0.3727

0.528 * 0.6807

0.404 * 0.6736

0.892 * 1.1906

0.115 * -3.4069

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8209

4.679 * 0.022794

0.327 * 0.9193

-3.53

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₫235,746 Mil.
Revenue was 408191.712 + 615978.254 + 430237.235 + 445523.957 = ₫1,899,931 Mil.
Gross Profit was 34596.475 + 81416.968 + 46231.696 + 70555.308 = ₫232,800 Mil.
Total Current Assets was ₫2,094,013 Mil.
Total Assets was ₫2,532,303 Mil.
Property, Plant and Equipment(Net PPE) was ₫137,762 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫-11,469 Mil.
Selling, General, & Admin. Expense(SGA) was ₫31,483 Mil.
Total Current Liabilities was ₫1,278,947 Mil.
Long-Term Debt & Capital Lease Obligation was ₫156,170 Mil.
Net Income was 13692.969 + 35493.033 + 24893.491 + 27760.027 = ₫101,840 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -40598.51 + 185616.642 + -290849.909 + 189949.937 = ₫44,118 Mil.

Total Receivables was ₫531,230 Mil.
Revenue was 356587.408 + 482099.573 + 365711.996 + 391431.859 = ₫1,595,831 Mil.
Gross Profit was 32025.213 + 51427.956 + 24532.602 + 25111.685 = ₫133,097 Mil.
Total Current Assets was ₫1,957,763 Mil.
Total Assets was ₫2,588,860 Mil.
Property, Plant and Equipment(Net PPE) was ₫174,978 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫78,390 Mil.
Selling, General, & Admin. Expense(SGA) was ₫32,213 Mil.
Total Current Liabilities was ₫1,582,780 Mil.
Long-Term Debt & Capital Lease Obligation was ₫13,188 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)
	=	(235746.324 / 1899931.158)	/	(531229.884 / 1595830.836)
	=	0.124082	/	0.332886
	=	0.3727

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)
	=	(133097.456 / 1595830.836)	/	(232800.447 / 1899931.158)
	=	0.083403	/	0.122531
	=	0.6807

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 - (2094012.747 + 137762.038) / 2532303.329)	/	(1 - (1957763.398 + 174977.663) / 2588859.666)
	=	0.118678	/	0.176185
	=	0.6736

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
	=	1899931.158	/	1595830.836
	=	1.1906

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))
	=	(78389.908 / (78389.908 + 174977.663))	/	(-11469.204 / (-11469.204 + 137762.038))
	=	0.309392	/	-0.090814
	=	-3.4069

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)
	=	(31482.796 / 1899931.158)	/	(32212.599 / 1595830.836)
	=	0.01657	/	0.020185
	=	0.8209

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)
	=	((156169.652 + 1278947.461) / 2532303.329)	/	((13188.164 + 1582780.465) / 2588859.666)
	=	0.566724	/	0.616476
	=	0.9193

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
	=	(101839.52 - 0	-	44118.16)	/	2532303.329
	=	0.022794

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.

Damsan JSC has a M-score of -3.53 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 -3.53 mean?

Damsan JSC (STC:ADS) has a Beneish M-Score of -3.53 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Damsan JSC and its competitors. According to the industry distribution chart, Damsan JSC ranks #73 out of 1001 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 7.3%.

Is Damsan JSC's Beneish M-Score too high?

Damsan JSC's current Beneish M-Score is -3.53. Based on the distribution chart, Damsan JSC ranks #73 out of 1001 companies in the Manufacturing - Apparel & Accessories industry, which is in the top quartile — a strong position relative to peers. Overall, Damsan JSC has a GF Score™ of 72/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Damsan JSC's Beneish M-Score compare to AIN?

According to the Manufacturing - Apparel & Accessories industry distribution chart, Damsan JSC ranks #73 out of 1001 companies for Beneish M-Score. This places Damsan JSC in the top 7% 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 Manufacturing - Apparel & Accessories company?

A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories 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 Damsan JSC and its competitors. Damsan JSC's current Beneish M-Score is -3.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Damsan JSC stock overvalued right now?

Based on GuruFocus' analysis, Damsan JSC (STC:ADS) is currently considered Fairly Valued. The stock's GF Value™ is ₫9,907.62, compared to a current price of ₫9,220.00 — trading 6.9% below its estimated fair value. The current Beneish M-Score is -3.53. Damsan JSC's overall GF Score™ is 72/100 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 Damsan JSC (STC:ADS), the current Beneish M-Score is -3.53 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 Damsan JSC (STC:ADS) Overvalued in 2026?

Based on GuruFocus' analysis, Damsan JSC stock appears to be undervalued. The current stock price of ₫9,220.00 is trading 6.9% below its estimated GF Value™ of ₫9,907.62. GuruFocus considers Damsan JSC to be Fairly Valued.

Key valuation signals for STC:ADS:

Beneish M-Score: -3.53
GF Value™: ₫9,907.62 vs. price of ₫9,220.00 (6.9% below fair value)
GF Score™: 72/100 with 4 warning signs

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

Damsan JSC Business Description

Industry Consumer Cyclical Manufacturing - Apparel & Accessories

Comparable Companies STC:SVD HSTC:VDG STC:HTG STC:STK STC:TCM SZSE:301526 TSE:3402 HKSE:02313 SHSE:601233 SHSE:603306 TSE:3110 SHSE:600295 TPE:1402 SZSE:000158 BOM:532889 IST:SASA SHSE:600120 LSE:COA AIN BOM:502986

Address Lot A4, Bui Vien Street, Nguyen Duc Canh Industrial Zone, Tran Hung Dao Ward, Hung Yen Province, Thai Binh, VNM

Website https://www.damsanjsc.vn

Damsan JSC is a Vietnam-based company operating mainly in the textile manufacturing and real estate industries. It manufactures cotton yarns, coarse textiles, and finished textile products, and is also engaged in developing and trading apartments and other urban real estate projects. Additionally, the company manufactures solar panels for solar farms, rooftop and floating solar projects, street lights, and other applications. Its operating business segments are: Cotton, Yarn, Towel, Real Estate, and Other business operations. The majority of the company's revenue is generated from the manufacturing and sale of yarns. Geographically, it generates maximum revenue from the local market and also has business exposure to other countries.

72GF Score

Get the complete analysis for STC:ADS

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

₫9,220.00

Price

₫9,907.62

GF Value

View STC:ADS Analysis

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