EVN Finance JSC (STC:EVF) Beneish M-Score: -2.04 (As of Jun. 26, 2026)


STC:EVF EVN Finance JSC STC:EVF
70 GF Score
Price ₫13,200.00
GF Value ₫14,165.19
Valuation Fairly Valued
! 1 Warning Sign
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What is EVN Finance JSC Beneish M-Score?

EVN Finance JSC STC:EVF -0.75% 70 Beneish M-Score is -2.04 as of Jun. 26, 2026. GuruFocus rates STC:EVF with a GF Score™ of 70/100 and a GF Value™ of ₫14,165.19 (Fairly Valued). The stock has 1 warning sign investors should review. Among 86 Diversified Financial Services companies, EVN Finance JSC ranks worse than 73.26% 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 -2.04 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:EVF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.91   Med: -2.19   Max: -1.61
Current: -2.04

During the past 6 years, the highest Beneish M-Score of EVN Finance JSC was -1.61. The lowest was -2.91. And the median was -2.19.

STC:EVF
70GF Score
EVN Finance JSC STC:EVF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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EVN 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 EVN 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 * 1.0001+0.892 * 1.5391+0.115 * 1.0812
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.008336-0.327 * 1.024
=-2.04

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was ₫0 Mil.
Revenue was ₫2,123,065 Mil.
Gross Profit was ₫2,123,065 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫83,058,158 Mil.
Property, Plant and Equipment(Net PPE) was ₫27,915 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫16,614 Mil.
Selling, General, & Admin. Expense(SGA) was ₫0 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫49,959,113 Mil.
Net Income was ₫854,092 Mil.
Gross Profit was ₫0 Mil.
Cash Flow from Operations was ₫1,546,431 Mil.
 Total Receivables was ₫0 Mil.
Revenue was ₫1,379,380 Mil.
Gross Profit was ₫1,379,380 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫59,598,561 Mil.
Property, Plant and Equipment(Net PPE) was ₫23,642 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫15,985 Mil.
Selling, General, & Admin. Expense(SGA) was ₫0 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫35,007,767 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 / 2123065) / (0 / 1379380)
=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)
=(1379380 / 1379380) / (2123065 / 2123065)
=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 + 27915) / 83058158) / (1 - (0 + 23642) / 59598561)
=0.999664 / 0.999603
=1.0001

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
=2123065 / 1379380
=1.5391

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))
=(15985 / (15985 + 23642)) / (16614 / (16614 + 27915))
=0.403387 / 0.373105
=1.0812

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)
=(0 / 2123065) / (0 / 1379380)
=0 / 0
=1

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)
=((49959113 + 0) / 83058158) / ((35007767 + 0) / 59598561)
=0.601496 / 0.587393
=1.024

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
=(854092 - 0 - 1546431) / 83058158
=-0.008336

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.

EVN Finance JSC has a M-score of -2.04 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 -2.04 mean?
EVN Finance JSC (STC:EVF) has a Beneish M-Score of -2.04 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on EVN Finance JSC and its competitors. According to the industry distribution chart, EVN Finance JSC ranks #63 out of 86 companies in the Diversified Financial Services industry, placing it in the top 73.3%.
Is EVN Finance JSC's Beneish M-Score too high?
EVN Finance JSC's current Beneish M-Score is -2.04. Based on the distribution chart, EVN Finance JSC ranks #63 out of 86 companies in the Diversified Financial Services industry, which is below the industry midpoint. Overall, EVN Finance JSC has a GF Score™ of 70/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does EVN Finance JSC's Beneish M-Score compare to FRHC and VOYA?
According to the Diversified Financial Services industry distribution chart, EVN Finance JSC ranks #63 out of 86 companies for Beneish M-Score. This places EVN 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 Diversified Financial Services company?
A good Beneish M-Score depends on the Diversified Financial Services 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 EVN Finance JSC and its competitors. EVN Finance JSC's current Beneish M-Score is -2.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is EVN Finance JSC stock overvalued right now?
Based on GuruFocus' analysis, EVN Finance JSC (STC:EVF) is currently considered Fairly Valued. The stock's GF Value™ is ₫14,165.19, compared to a current price of ₫13,200.00 — trading 6.8% below its estimated fair value. The current Beneish M-Score is -2.04. EVN Finance JSC's overall GF Score™ is 70/100 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 EVN Finance JSC (STC:EVF), the current Beneish M-Score is -2.04 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 EVN Finance JSC (STC:EVF) Overvalued in 2026?

Based on GuruFocus' analysis, EVN Finance JSC stock appears to be undervalued. The current stock price of ₫13,200.00 is trading 6.8% below its estimated GF Value™ of ₫14,165.19. GuruFocus considers EVN Finance JSC to be Fairly Valued.

Key valuation signals for STC:EVF:

  • Beneish M-Score: -2.04
  • GF Value™: ₫14,165.19 vs. price of ₫13,200.00 (6.8% below fair value)
  • GF Score™: 70/100 with 1 warning sign

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

EVN Finance JSC Business Description

Address Thaisquare Caliria Building - No. 11A Cat Linh, 6th and 7th Floors, O Cho Dua Ward, Hanoi, VNM
EVN Finance JSC operates in the field of finance and currency business in Vietnam. The primary activities of the company include: i) Capital mobilization includes receiving deposits, issuing certificates of deposits, bills, and bonds; borrowing from domestic and foreign financial organizations and credit institutions, ii) Credit activities include providing loans and consumer credit; discounting, re-discounting commercial papers and other valuable papers, iii) Other finance and banking activities include opening and managing deposit accounts and credit accounts for customers; contributing capital and purchasing shares; providing insurance agency services; providing consultancy services; providing asset management services; trading treasury bonds; trading foreign currencies; trading debts.
70GF Score

Get the complete analysis for STC:EVF

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

₫13,200.00
Price
₫14,165.19
GF Value