Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Hoang Anh Gia Lai JSC's Beneish M-Score or its related term are showing as below:
STC:HAG'
s Beneish M-Score Range Over the Past 10 Years
Min: -12.3 Med: -2.08 Max: -0.23
Current: -2.64
During the past 13 years, the highest Beneish M-Score of Hoang Anh Gia Lai JSC was -0.23. The lowest was -12.30. And the median was -2.08.
Hoang Anh Gia Lai JSC Beneish M-Score Related Terms
Hoang Anh Gia Lai JSC Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Hoang Anh Gia Lai 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.
Hoang Anh Gia Lai JSC Beneish M-Score Competitor Comparison
For the Real Estate - Diversified subindustry, Hoang Anh Gia Lai 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.
Hoang Anh Gia Lai JSC Beneish M-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Hoang Anh Gia Lai JSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hoang Anh Gia Lai JSC's Beneish M-Score falls into.
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 Hoang Anh Gia Lai 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 * 0.4637
+
0.528 * 1.1211
+
0.404 * 0.6965
+
0.892 * 1.1059
+
0.115 * 0.812
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9142
+
4.679 * 0.038724
-
0.327 * 0.6382
=
-2.64
* 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.
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.
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))
=
(425402.075 / (425402.075 + 12596548.439))
/
(749585.299 / (749585.299 + 17882095.321))
=
0.032668
/
0.040232
=
0.812
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
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
=
(3543465.307 - 0
-
2448912.523)
/
28265637.182
=
0.038724
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.
Hoang Anh Gia Lai JSC has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
Hoang Anh Gia Lai JSC (STC:HAG) has a Beneish M-Score of -2.64 as of Aug. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hoang Anh Gia Lai JSC and its competitors. According to the industry distribution chart, Hoang Anh Gia Lai JSC ranks #535 out of 1678 companies in the Real Estate industry, placing it in the top 31.9%.
Is Hoang Anh Gia Lai JSC's Beneish M-Score too high?
Hoang Anh Gia Lai JSC's current Beneish M-Score is -2.64. Based on the distribution chart, Hoang Anh Gia Lai JSC ranks #535 out of 1678 companies in the Real Estate industry, which is above the industry midpoint. Overall, Hoang Anh Gia Lai 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 Hoang Anh Gia Lai JSC's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Hoang Anh Gia Lai JSC ranks #535 out of 1678 companies for Beneish M-Score. This puts Hoang Anh Gia Lai JSC 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Hoang Anh Gia Lai JSC and its competitors. Hoang Anh Gia Lai JSC's current Beneish M-Score is -2.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hoang Anh Gia Lai JSC stock overvalued right now?
Based on GuruFocus' analysis, Hoang Anh Gia Lai JSC (STC:HAG) is currently considered Fairly Valued. The stock's GF Value™ is ₫13,155.67, compared to a current price of ₫14,250.00 — trading 8.3% above its estimated fair value. The current Beneish M-Score is -2.64. Hoang Anh Gia Lai JSC's overall GF Score™ is 70/100 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 Hoang Anh Gia Lai JSC (STC:HAG), the current Beneish M-Score is -2.64 as of Aug. 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 Hoang Anh Gia Lai JSC (STC:HAG) Overvalued in 2026?
Based on GuruFocus' analysis, Hoang Anh Gia Lai JSC stock appears to be overvalued.
The current stock price of ₫14,250.00 is trading 8.3% above its estimated GF Value™ of ₫13,155.67.
GuruFocus considers Hoang Anh Gia Lai JSC to be Fairly Valued.
Key valuation signals for STC:HAG:
Beneish M-Score: -2.64
GF Value™: ₫13,155.67 vs. price of ₫14,250.00 (8.3% above fair value)
No single metric tells the full story. See the STC:HAG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hoang Anh Gia Lai JSC is a Vietnam-based company engaged in the development, sale, and lease of residential and commercial properties. It develops, rents, and trades in real estate, including the construction of headquarters, office buildings, amongst others. The group is organised into seven business segments namely, Real Estate, Production, Trading and Services, Construction, Power, Mining, and Agriculture. It also has presence in sport and entertainment industries. Other activities include forestation, rubber cultivation and latex processing, electricity generation and distribution, as well as the provision of hotel and resort services.
70GF Score
Get the complete analysis for STC:HAG
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
STC:HAG has been successfully added to your 
