Nam A Commercial Joint Stock Bank (STC:NAB) Beneish M-Score: -3.18 (As of Jul. 04, 2026)


STC:NAB Nam A Commercial Joint Stock Bank STC:NAB
56 GF Score
Price ₫13,100.00
! 3 Warning Signs
View Full Analysis

What is Nam A Commercial Joint Stock Bank Beneish M-Score?

Nam A Commercial Joint Stock Bank STC:NAB 56 Beneish M-Score is -3.18 as of Jul. 04, 2026. GuruFocus rates STC:NAB with a GF Score™ of 56/100. The stock has 3 warning signs investors should review. Among 1,397 Banks companies, Nam A Commercial Joint Stock Bank ranks better than 95.28% 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 -3.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Nam A Commercial Joint Stock Bank's Beneish M-Score or its related term are showing as below:

STC:NAB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.47   Med: -2.55   Max: -2.04
Current: -3.18

During the past 9 years, the highest Beneish M-Score of Nam A Commercial Joint Stock Bank was -2.04. The lowest was -3.47. And the median was -2.55.

STC:NAB
56GF Score
Nam A Commercial Joint Stock Bank STC:NAB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Nam A Commercial Joint Stock 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 Nam A Commercial Joint Stock 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 * 1.0018+0.892 * 1.2349+0.115 * 0.9021
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9051+4.679 * -0.192769-0.327 * 1.036
=-3.18

* 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 2315752 + 3979047 + 2602564 + 2715478 = ₫11,612,841 Mil.
Gross Profit was 2315752 + 3979047 + 2602564 + 2715478 = ₫11,612,841 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫409,207,229 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,765,847 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫234,236 Mil.
Selling, General, & Admin. Expense(SGA) was ₫846,587 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫46,668,170 Mil.
Net Income was 1310870 + 1140093 + 1031350 + 1034671 = ₫4,516,984 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -33099374 + 37163273 + 44428462 + 34906926 = ₫83,399,287 Mil.
 Total Receivables was ₫0 Mil.
Revenue was 2282173 + 2525479 + 2276293 + 2320172 = ₫9,404,117 Mil.
Gross Profit was 2282173 + 2525479 + 2276293 + 2320172 = ₫9,404,117 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫262,251,025 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,593,303 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫188,213 Mil.
Selling, General, & Admin. Expense(SGA) was ₫757,491 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫28,870,310 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 / 11612841) / (0 / 9404117)
=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)
=(9404117 / 9404117) / (11612841 / 11612841)
=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 + 1765847) / 409207229) / (1 - (0 + 1593303) / 262251025)
=0.995685 / 0.993925
=1.0018

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
=11612841 / 9404117
=1.2349

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))
=(188213 / (188213 + 1593303)) / (234236 / (234236 + 1765847))
=0.105648 / 0.117113
=0.9021

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)
=(846587 / 11612841) / (757491 / 9404117)
=0.072901 / 0.080549
=0.9051

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)
=((46668170 + 0) / 409207229) / ((28870310 + 0) / 262251025)
=0.114045 / 0.110087
=1.036

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
=(4516984 - 0 - 83399287) / 409207229
=-0.192769

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.

Nam A Commercial Joint Stock Bank has a M-score of -3.18 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 -3.18 mean?
Nam A Commercial Joint Stock Bank (STC:NAB) has a Beneish M-Score of -3.18 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nam A Commercial Joint Stock Bank and its competitors. According to the industry distribution chart, Nam A Commercial Joint Stock Bank ranks #66 out of 1397 companies in the Banks industry, placing it in the top 4.7%.
Is Nam A Commercial Joint Stock Bank's Beneish M-Score too high?
Nam A Commercial Joint Stock Bank's current Beneish M-Score is -3.18. Based on the distribution chart, Nam A Commercial Joint Stock Bank ranks #66 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Nam A Commercial Joint Stock Bank has a GF Score™ of 56/100, reflecting its overall financial health beyond just this single metric.
How does Nam A Commercial Joint Stock Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Nam A Commercial Joint Stock Bank ranks #66 out of 1397 companies for Beneish M-Score. This places Nam A Commercial Joint Stock Bank in the top 5% of its industry — outperforming the majority of peers. 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 Nam A Commercial Joint Stock Bank and its competitors. Nam A Commercial Joint Stock Bank's current Beneish M-Score is -3.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nam A Commercial Joint Stock Bank stock overvalued right now?
Nam A Commercial Joint Stock Bank (STC:NAB) has a current Beneish M-Score of -3.18. The current Beneish M-Score is -3.18. Nam A Commercial Joint Stock Bank's overall GF Score™ is 56/100 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 Nam A Commercial Joint Stock Bank (STC:NAB), the current Beneish M-Score is -3.18 as of Jul. 04, 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.

Nam A Commercial Joint Stock Bank Business Description

Address 201-203 Cach Mang Thang Tam, Ward 4, District 3, Ho Chi Minh, VNM
Nam A Commercial Joint Stock Bank is engaged in providing banking services such as mobilizing short, medium and long-term funds in the form of term deposits, demand deposits, cod; receiving entrusted investment and development funds, borrowings from other financial institutions; granting short, medium and long-term loans; discounting of commercial notes, bonds and valuable papers; contributing capital and investing in joint-ventures, settlement services to customers, trading foreign currencies, gold, international payment, mobilizing overseas funds and other banking services to overseas counterparties; preserving assets, leasing cabinets and safes; insurance agency; credit granting; debt purchasing; trading and providing forex services on domestic and international market and others.
56GF Score

Get the complete analysis for STC:NAB

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

₫13,100.00
Price