Coteccons Construction JSC (STC:CTD) Beneish M-Score: -2.19 (As of Jun. 26, 2026)

What is Coteccons Construction JSC Beneish M-Score?

Coteccons Construction JSC STC:CTD +1.85% 61 Beneish M-Score is -2.19 as of Jun. 26, 2026. GuruFocus rates STC:CTD with a GF Score™ of 61/100 and a GF Value™ of ₫96,761.01 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 1,704 Construction companies, Coteccons Construction JSC ranks worse than 69.13% 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 -2.19 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:CTD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.65 Med: -1.97 Max: -1.15
Current: -2.19

During the past 13 years, the highest Beneish M-Score of Coteccons Construction JSC was -1.15. The lowest was -3.65. And the median was -1.97.

Coteccons Construction JSC Beneish M-Score Related Terms

Coteccons Construction JSC Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Coteccons Construction 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.

Coteccons Construction JSC Beneish M-Score Chart

Coteccons Construction JSC Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Jun23

Jun24

Jun25

Beneish M-Score

Get a 7-Day Free Trial

-1.87

-1.84

-1.80

-2.01

-2.16

Coteccons Construction 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															-2.20	-2.16	-2.00	-2.14	-2.19

STC:CTD vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Coteccons Construction 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.

Coteccons Construction JSC Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Coteccons Construction JSC's Beneish M-Score distribution charts can be found below:

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

Save Embed

61GF Score

Coteccons Construction JSC STC:CTD

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

View Full Analysis

Coteccons Construction 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 Coteccons Construction 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 * 0.7732

0.528 * 0.9105

0.404 * 0.5536

0.892 * 1.3862

0.115 * 1.9864

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5866

4.679 * 0.04925

0.327 * 1.091

-2.19

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₫12,742,983 Mil.
Revenue was 6409416.447 + 10007247.476 + 7451776.03 + 8350684.675 = ₫32,219,125 Mil.
Gross Profit was 287082.316 + 371023.225 + 321801.058 + 215710.859 = ₫1,195,617 Mil.
Total Current Assets was ₫32,611,007 Mil.
Total Assets was ₫34,686,856 Mil.
Property, Plant and Equipment(Net PPE) was ₫950,483 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫106,844 Mil.
Selling, General, & Admin. Expense(SGA) was ₫194,806 Mil.
Total Current Liabilities was ₫23,593,386 Mil.
Long-Term Debt & Capital Lease Obligation was ₫1,563,304 Mil.
Net Income was 118927.615 + 227843.349 + 294807.535 + 196215.055 = ₫837,794 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -1755672.45 + 815575.13 + -838059.663 + 907619.301 = ₫-870,538 Mil.

Total Receivables was ₫11,888,742 Mil.
Revenue was 5002815.168 + 6885597.141 + 4758908.675 + 6595419.783 = ₫23,242,741 Mil.
Gross Profit was 156016.555 + 201531.97 + 205429.561 + 222348.782 = ₫785,327 Mil.
Total Current Assets was ₫23,947,922 Mil.
Total Assets was ₫26,182,600 Mil.
Property, Plant and Equipment(Net PPE) was ₫700,160 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫175,836 Mil.
Selling, General, & Admin. Expense(SGA) was ₫239,533 Mil.
Total Current Liabilities was ₫17,387,616 Mil.
Long-Term Debt & Capital Lease Obligation was ₫17,361 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)
	=	(12742983.072 / 32219124.628)	/	(11888742.399 / 23242740.767)
	=	0.39551	/	0.511503
	=	0.7732

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)
	=	(785326.868 / 23242740.767)	/	(1195617.458 / 32219124.628)
	=	0.033788	/	0.037109
	=	0.9105

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 - (32611007.334 + 950482.622) / 34686855.767)	/	(1 - (23947922.445 + 700159.893) / 26182600.141)
	=	0.032444	/	0.058608
	=	0.5536

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
	=	32219124.628	/	23242740.767
	=	1.3862

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))
	=	(175836.009 / (175836.009 + 700159.893))	/	(106844.173 / (106844.173 + 950482.622))
	=	0.200727	/	0.101051
	=	1.9864

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)
	=	(194805.792 / 32219124.628)	/	(239533.079 / 23242740.767)
	=	0.006046	/	0.010306
	=	0.5866

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)
	=	((1563304.479 + 23593385.917) / 34686855.767)	/	((17361.429 + 17387616.491) / 26182600.141)
	=	0.725251	/	0.664754
	=	1.091

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
	=	(837793.554 - 0	-	-870537.682)	/	34686855.767
	=	0.04925

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.

Coteccons Construction JSC has a M-score of -2.19 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 -2.19 mean?

Coteccons Construction JSC (STC:CTD) has a Beneish M-Score of -2.19 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Coteccons Construction JSC and its competitors. According to the industry distribution chart, Coteccons Construction JSC ranks #1178 out of 1704 companies in the Construction industry, placing it in the top 69.1%.

Is Coteccons Construction JSC's Beneish M-Score too high?

Coteccons Construction JSC's current Beneish M-Score is -2.19. Based on the distribution chart, Coteccons Construction JSC ranks #1178 out of 1704 companies in the Construction industry, which is below the industry midpoint. Overall, Coteccons Construction JSC has a GF Score™ of 61/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Coteccons Construction JSC's Beneish M-Score compare to PWR and FIX?

According to the Construction industry distribution chart, Coteccons Construction JSC ranks #1178 out of 1704 companies for Beneish M-Score. This places Coteccons Construction 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 Construction company?

A good Beneish M-Score depends on the Construction 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 Coteccons Construction JSC and its competitors. Coteccons Construction JSC's current Beneish M-Score is -2.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Coteccons Construction JSC stock overvalued right now?

Based on GuruFocus' analysis, Coteccons Construction JSC (STC:CTD) is currently considered Modestly Undervalued. The stock's GF Value™ is ₫96,761.01, compared to a current price of ₫71,600.00 — trading 26% below its estimated fair value. The current Beneish M-Score is -2.19. Coteccons Construction JSC's overall GF Score™ is 61/100 with 5 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 Coteccons Construction JSC (STC:CTD), the current Beneish M-Score is -2.19 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.

Is Coteccons Construction JSC (STC:CTD) Overvalued in 2026?

Based on GuruFocus' analysis, Coteccons Construction JSC stock appears to be undervalued. The current stock price of ₫71,600.00 is trading 26% below its estimated GF Value™ of ₫96,761.01. GuruFocus considers Coteccons Construction JSC to be Modestly Undervalued.

Key valuation signals for STC:CTD:

Beneish M-Score: -2.19
GF Value™: ₫96,761.01 vs. price of ₫71,600.00 (26% below fair value)
GF Score™: 61/100 with 5 warning signs

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

Coteccons Construction JSC Business Description

Industry Industrials Construction

Comparable Companies STC:PC1 STC:IJC HSTC:SCG STC:CTR STC:DPG STC:CII STC:NTC STC:FCN STC:NTL HSTC:CC1 PWR XPAR:DG FIX NSE:LT XAMS:FER XKRX:028260 XTER:HOT XMAD:ACS EME MTZ

Address 236/6 Dien Bien Phu Street, Ward 17, Coteccons Building, Binh Thanh District, Ho Chi Minh, VNM

Website http://www.coteccons.vn

Coteccons Construction JSC constructs and installs civil and industrial, transportation and irrigation works, urban and industrial park infrastructure. It is also involved in the architectural design of general layout plan, civil and industrial works, indoor and outdoor, heating, ventilation, civil and industrial construction, urban infrastructure and air conditioning. The company is in the construction of water drainage and supply, environmental treatment, brokerage, consultancy, land use rights, installation of MEP system. The firm exports and imports iron, steel, building structures, materials and installation equipment, machinery, equipment, spare parts, technological line of construction industry and production of construction materials, machinery, and equipment.

61GF Score

Get the complete analysis for STC:CTD

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

₫71,600.00

Price

₫96,761.01

GF Value

View STC:CTD Analysis

See Beneish M-Score data for all stocks →