Viet Nam Joint Stock Commercial Bank For Industry And Trade (STC:CTG) Beneish M-Score: -2.40 (As of Aug. 13, 2026)

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STC:CTG Viet Nam Joint Stock Commercial Bank For Industry And Trade STC:CTG
71 GF Score
Price ₫32,200.00
GF Value ₫34,518.56
Valuation Fairly Valued
! 1 Warning Sign
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What is Viet Nam Joint Stock Commercial Bank For Industry And Trade Beneish M-Score?

Viet Nam Joint Stock Commercial Bank For Industry And Trade STC:CTG -0.31% 71 Beneish M-Score is -2.40 as of Aug. 13, 2026. GuruFocus rates STC:CTG with a GF Score™ of 71/100 and a GF Value™ of ₫34,518.56 (Fairly Valued). The stock has 1 warning sign investors should review. Among 1,392 Banks companies, Viet Nam Joint Stock Commercial Bank For Industry And Trade ranks better than 51.01% 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.

Good Sign:

Beneish M-Score -2.4 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 Joint Stock Commercial Bank For Industry And Trade's Beneish M-Score or its related term are showing as below:

STC:CTG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.78   Med: -2.41   Max: -1.3
Current: -2.4

During the past 13 years, the highest Beneish M-Score of Viet Nam Joint Stock Commercial Bank For Industry And Trade was -1.30. The lowest was -2.78. And the median was -2.41.

STC:CTG
71GF Score
Viet Nam Joint Stock Commercial Bank For Industry And Trade STC:CTG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Viet Nam Joint Stock Commercial Bank For Industry And Trade 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 Joint Stock Commercial Bank For Industry And Trade 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 * 1.0002+0.892 * 1.1565+0.115 * 0.8702
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9396+4.679 * -0.039027-0.327 * 0.5996
=-2.40

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was ₫0 Mil.
Revenue was 26767784 + 25438256 + 24032777 + 22957901 = ₫99,196,718 Mil.
Gross Profit was 26767784 + 25438256 + 24032777 + 22957901 = ₫99,196,718 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫2,962,003,670 Mil.
Property, Plant and Equipment(Net PPE) was ₫6,473,599 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫1,286,801 Mil.
Selling, General, & Admin. Expense(SGA) was ₫2,746,426 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫167,235,137 Mil.
Net Income was 11740060 + 8916979 + 11053113 + 8448784 = ₫40,158,936 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -36111511 + 127479653 + -2378836 + 66767196 = ₫155,756,502 Mil.
 Total Receivables was ₫0 Mil.
Revenue was 21289246 + 20569265 + 21587070 + 22330653 = ₫85,776,234 Mil.
Gross Profit was 21289246 + 20569265 + 21587070 + 22330653 = ₫85,776,234 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫2,609,788,006 Mil.
Property, Plant and Equipment(Net PPE) was ₫6,117,422 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫1,031,490 Mil.
Selling, General, & Admin. Expense(SGA) was ₫2,527,504 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫245,726,150 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 / 99196718) / (0 / 85776234)
=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)
=(85776234 / 85776234) / (99196718 / 99196718)
=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 + 6473599) / 2962003670) / (1 - (0 + 6117422) / 2609788006)
=0.997814 / 0.997656
=1.0002

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
=99196718 / 85776234
=1.1565

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))
=(1031490 / (1031490 + 6117422)) / (1286801 / (1286801 + 6473599))
=0.144286 / 0.165816
=0.8702

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)
=(2746426 / 99196718) / (2527504 / 85776234)
=0.027687 / 0.029466
=0.9396

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)
=((167235137 + 0) / 2962003670) / ((245726150 + 0) / 2609788006)
=0.05646 / 0.094156
=0.5996

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
=(40158936 - 0 - 155756502) / 2962003670
=-0.039027

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 Joint Stock Commercial Bank For Industry And Trade has a M-score of -2.40 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 -2.40 mean?
Viet Nam Joint Stock Commercial Bank For Industry And Trade (STC:CTG) has a Beneish M-Score of -2.40 as of Aug. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Viet Nam Joint Stock Commercial Bank For Industry And Trade and its competitors. According to the industry distribution chart, Viet Nam Joint Stock Commercial Bank For Industry And Trade ranks #682 out of 1392 companies in the Banks industry, placing it in the top 49%.
Is Viet Nam Joint Stock Commercial Bank For Industry And Trade's Beneish M-Score too high?
Viet Nam Joint Stock Commercial Bank For Industry And Trade's current Beneish M-Score is -2.40. Based on the distribution chart, Viet Nam Joint Stock Commercial Bank For Industry And Trade ranks #682 out of 1392 companies in the Banks industry, which is above the industry midpoint. Overall, Viet Nam Joint Stock Commercial Bank For Industry And Trade has a GF Score™ of 71/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Viet Nam Joint Stock Commercial Bank For Industry And Trade's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Viet Nam Joint Stock Commercial Bank For Industry And Trade ranks #682 out of 1392 companies for Beneish M-Score. This puts Viet Nam Joint Stock Commercial Bank For Industry And Trade in the upper 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 Viet Nam Joint Stock Commercial Bank For Industry And Trade and its competitors. Viet Nam Joint Stock Commercial Bank For Industry And Trade's current Beneish M-Score is -2.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Viet Nam Joint Stock Commercial Bank For Industry And Trade stock overvalued right now?
Based on GuruFocus' analysis, Viet Nam Joint Stock Commercial Bank For Industry And Trade (STC:CTG) is currently considered Fairly Valued. The stock's GF Value™ is ₫34,518.56, compared to a current price of ₫32,200.00 — trading 6.7% below its estimated fair value. The current Beneish M-Score is -2.40. Viet Nam Joint Stock Commercial Bank For Industry And Trade's overall GF Score™ is 71/100 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 Viet Nam Joint Stock Commercial Bank For Industry And Trade (STC:CTG), the current Beneish M-Score is -2.40 as of Aug. 13, 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 Joint Stock Commercial Bank For Industry And Trade (STC:CTG) Overvalued in 2026?

Based on GuruFocus' analysis, Viet Nam Joint Stock Commercial Bank For Industry And Trade stock appears to be undervalued. The current stock price of ₫32,200.00 is trading 6.7% below its estimated GF Value™ of ₫34,518.56. GuruFocus considers Viet Nam Joint Stock Commercial Bank For Industry And Trade to be Fairly Valued.

Key valuation signals for STC:CTG:

  • Beneish M-Score: -2.40
  • GF Value™: ₫34,518.56 vs. price of ₫32,200.00 (6.7% below fair value)
  • GF Score™: 71/100 with 1 warning sign

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

Viet Nam Joint Stock Commercial Bank For Industry And Trade Business Description

Address 108 Tran Hung Dao Street, Hoan Kiem District, Hanoi, VNM
Viet Nam Joint Stock Commercial Bank For Industry And Trade is a Vietnam based banking service provider. The company's operating segment include Banking financial services, Non-banking financial services, and Others. It generates maximum revenue from the Banking financial services segment. The company provides banking services including mobilizing and receiving short, medium and long-term deposits from organizations or individuals; making short, medium and long term loans and advances to organizations and individuals; conducting foreign exchange transactions, international trade finance services, discounting of commercial papers, bonds and other valuable papers and other services.
71GF Score

Get the complete analysis for STC:CTG

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

₫32,200.00
Price
₫34,518.56
GF Value