Ho Chi Minh City Development Joint Stock Commercial Bank (STC:HDB) Beneish M-Score: -2.53 (As of Jun. 29, 2026)


STC:HDB Ho Chi Minh City Development Joint Stock Commercial Bank STC:HDB
77 GF Score
Price ₫25,400.00
GF Value ₫23,863.51
Valuation Fairly Valued
! 2 Warning Signs
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What is Ho Chi Minh City Development Joint Stock Commercial Bank Beneish M-Score?

Ho Chi Minh City Development Joint Stock Commercial Bank STC:HDB -0.78% 77 Beneish M-Score is -2.53 as of Jun. 29, 2026. GuruFocus rates STC:HDB with a GF Score™ of 77/100 and a GF Value™ of ₫23,863.51 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,399 Banks companies, Ho Chi Minh City Development Joint Stock Commercial Bank ranks better than 74.41% 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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Ho Chi Minh City Development Joint Stock Commercial Bank's Beneish M-Score or its related term are showing as below:

STC:HDB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.75   Med: -2.41   Max: -1.99
Current: -2.53

During the past 8 years, the highest Beneish M-Score of Ho Chi Minh City Development Joint Stock Commercial Bank was -1.99. The lowest was -2.75. And the median was -2.41.

STC:HDB
77GF Score
Ho Chi Minh City Development Joint Stock Commercial Bank STC:HDB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Ho Chi Minh City Development Joint Stock Commercial Bank 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 Ho Chi Minh City Development Joint Stock Commercial Bank 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 * 1.2159+0.115 * 0.9329
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7663+4.679 * -0.061458-0.327 * 0.9673
=-2.53

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₫0 Mil.
Revenue was 9883925 + 12246113 + 9533885 + 11623948 = ₫43,287,871 Mil.
Gross Profit was 9883925 + 12246113 + 9533885 + 11623948 = ₫43,287,871 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫984,216,210 Mil.
Property, Plant and Equipment(Net PPE) was ₫992,531 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫265,384 Mil.
Selling, General, & Admin. Expense(SGA) was ₫3,126,507 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫147,171,267 Mil.
Net Income was 4766642 + 5107218 + 3646638 + 3514860 = ₫17,035,358 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -268851 + 48695947 + 25833197 + 3262966 = ₫77,523,259 Mil.
 Total Receivables was ₫0 Mil.
Revenue was 9262328 + 9467023 + 8525727 + 8345047 = ₫35,600,125 Mil.
Gross Profit was 9262328 + 9467023 + 8525727 + 8345047 = ₫35,600,125 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫711,310,758 Mil.
Property, Plant and Equipment(Net PPE) was ₫865,919 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫212,195 Mil.
Selling, General, & Admin. Expense(SGA) was ₫3,355,317 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫109,961,164 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 / 43287871) / (0 / 35600125)
=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)
=(35600125 / 35600125) / (43287871 / 43287871)
=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 + 992531) / 984216210) / (1 - (0 + 865919) / 711310758)
=0.998992 / 0.998783
=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
=43287871 / 35600125
=1.2159

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))
=(212195 / (212195 + 865919)) / (265384 / (265384 + 992531))
=0.196821 / 0.210971
=0.9329

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)
=(3126507 / 43287871) / (3355317 / 35600125)
=0.072226 / 0.09425
=0.7663

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)
=((147171267 + 0) / 984216210) / ((109961164 + 0) / 711310758)
=0.149531 / 0.154589
=0.9673

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
=(17035358 - 0 - 77523259) / 984216210
=-0.061458

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.

Ho Chi Minh City Development Joint Stock Commercial Bank has a M-score of -2.53 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 -2.53 mean?
Ho Chi Minh City Development Joint Stock Commercial Bank (STC:HDB) has a Beneish M-Score of -2.53 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ho Chi Minh City Development Joint Stock Commercial Bank and its competitors. According to the industry distribution chart, Ho Chi Minh City Development Joint Stock Commercial Bank ranks #358 out of 1399 companies in the Banks industry, placing it in the top 25.6%.
Is Ho Chi Minh City Development Joint Stock Commercial Bank's Beneish M-Score too high?
Ho Chi Minh City Development Joint Stock Commercial Bank's current Beneish M-Score is -2.53. Based on the distribution chart, Ho Chi Minh City Development Joint Stock Commercial Bank ranks #358 out of 1399 companies in the Banks industry, which is above the industry midpoint. Overall, Ho Chi Minh City Development Joint Stock Commercial Bank has a GF Score™ of 77/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Ho Chi Minh City Development Joint Stock Commercial Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Ho Chi Minh City Development Joint Stock Commercial Bank ranks #358 out of 1399 companies for Beneish M-Score. This puts Ho Chi Minh City Development Joint Stock Commercial Bank 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 Ho Chi Minh City Development Joint Stock Commercial Bank and its competitors. Ho Chi Minh City Development Joint Stock Commercial Bank's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ho Chi Minh City Development Joint Stock Commercial Bank stock overvalued right now?
Based on GuruFocus' analysis, Ho Chi Minh City Development Joint Stock Commercial Bank (STC:HDB) is currently considered Fairly Valued. The stock's GF Value™ is ₫23,863.51, compared to a current price of ₫25,400.00 — trading 6.4% above its estimated fair value. The current Beneish M-Score is -2.53. Ho Chi Minh City Development Joint Stock Commercial Bank's overall GF Score™ is 77/100 with 2 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 Ho Chi Minh City Development Joint Stock Commercial Bank (STC:HDB), the current Beneish M-Score is -2.53 as of Jun. 29, 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 Ho Chi Minh City Development Joint Stock Commercial Bank (STC:HDB) Overvalued in 2026?

Based on GuruFocus' analysis, Ho Chi Minh City Development Joint Stock Commercial Bank stock appears to be overvalued. The current stock price of ₫25,400.00 is trading 6.4% above its estimated GF Value™ of ₫23,863.51. GuruFocus considers Ho Chi Minh City Development Joint Stock Commercial Bank to be Fairly Valued.

Key valuation signals for STC:HDB:

  • Beneish M-Score: -2.53
  • GF Value™: ₫23,863.51 vs. price of ₫25,400.00 (6.4% above fair value)
  • GF Score™: 77/100 with 2 warning signs

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

Ho Chi Minh City Development Joint Stock Commercial Bank Business Description

Address No. 25 Bis Nguyen Thi Minh Khai Street, Ben Nghe Ward, District 1, Ho Chi Minh, VNM
Ho Chi Minh City Development Joint Stock Commercial Bank is a Vietnamese commercial bank providing personal and commercial banking services to retail customers, corporations, and investors.
77GF Score

Get the complete analysis for STC:HDB

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

₫25,400.00
Price
₫23,863.51
GF Value