Nam Kim Steel JSC (STC:NKG) Beneish M-Score: -2.44 (As of Jun. 24, 2026)


STC:NKG Nam Kim Steel JSC STC:NKG
74 GF Score
Price ₫11,850.00
GF Value ₫9,333.28
Valuation Modestly Overvalued
! 7 Warning Signs
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What is Nam Kim Steel JSC Beneish M-Score?

Nam Kim Steel JSC STC:NKG -0.84% 74 Beneish M-Score is -2.44 as of Jun. 24, 2026. GuruFocus rates STC:NKG with a GF Score™ of 74/100 and a GF Value™ of ₫9,333.28 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 593 Steel companies, Nam Kim Steel JSC ranks worse than 56.83% on this metric.

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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:NKG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.44   Med: -1.89   Max: 1.6
Current: -2.44

During the past 8 years, the highest Beneish M-Score of Nam Kim Steel JSC was 1.60. The lowest was -2.44. And the median was -1.89.

Nam Kim Steel JSC Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Nam Kim Steel 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.

Nam Kim Steel JSC Beneish M-Score Chart

Nam Kim Steel JSC Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial -1.48 -1.72 -1.59 -2.23 -2.09

Nam Kim Steel JSC Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.37 -2.15 -1.81 -2.09 -2.44

STC:NKG vs NUE, STLD, RS: Beneish M-Score Comparison

For the Steel subindustry, Nam Kim Steel 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.

Nam Kim Steel JSC Beneish M-Score vs Steel Industry

For the Steel industry and Basic Materials sector, Nam Kim Steel JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Nam Kim Steel JSC's Beneish M-Score falls into.


STC:NKG
74GF Score
Nam Kim Steel JSC STC:NKG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Nam Kim Steel 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 Nam Kim Steel 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 * 1.2665+0.528 * 1.8125+0.404 * 0.565+0.892 * 0.7203+0.115 * 2.1464
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6905+4.679 * -0.075773-0.327 * 1.1106
=-2.44

* 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 ₫1,428,440 Mil.
Revenue was 3261407.519 + 3136450.577 + 3773050.024 + 3808494.902 = ₫13,979,403 Mil.
Gross Profit was 85186.455 + 71819.18 + 180077.452 + 270019.177 = ₫607,102 Mil.
Total Current Assets was ₫8,957,539 Mil.
Total Assets was ₫16,048,601 Mil.
Property, Plant and Equipment(Net PPE) was ₫6,255,725 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫366,106 Mil.
Selling, General, & Admin. Expense(SGA) was ₫488,463 Mil.
Total Current Liabilities was ₫6,042,680 Mil.
Long-Term Debt & Capital Lease Obligation was ₫2,325,452 Mil.
Net Income was 22331.993 + -9317.756 + 49532.399 + 91593.97 = ₫154,141 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 476808.466 + 794382.724 + 130219.417 + -31213.192 = ₫1,370,197 Mil.
 Total Receivables was ₫1,565,906 Mil.
Revenue was 4090149.514 + 4469124.451 + 5188268.64 + 5660534.281 = ₫19,408,077 Mil.
Gross Profit was 263257.778 + 300837.426 + 451653.702 + 511947.268 = ₫1,527,696 Mil.
Total Current Assets was ₫10,190,698 Mil.
Total Assets was ₫14,216,026 Mil.
Property, Plant and Equipment(Net PPE) was ₫2,715,739 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫365,667 Mil.
Selling, General, & Admin. Expense(SGA) was ₫982,136 Mil.
Total Current Liabilities was ₫6,518,010 Mil.
Long-Term Debt & Capital Lease Obligation was ₫156,195 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)
=(1428439.904 / 13979403.022) / (1565905.664 / 19408076.886)
=0.102182 / 0.080683
=1.2665

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)
=(1527696.174 / 19408076.886) / (607102.264 / 13979403.022)
=0.078714 / 0.043428
=1.8125

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 - (8957538.915 + 6255725.076) / 16048601.398) / (1 - (10190697.992 + 2715738.914) / 14216025.687)
=0.05205 / 0.092121
=0.565

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
=13979403.022 / 19408076.886
=0.7203

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))
=(365667.117 / (365667.117 + 2715738.914)) / (366105.876 / (366105.876 + 6255725.076))
=0.118669 / 0.055288
=2.1464

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)
=(488462.564 / 13979403.022) / (982136.444 / 19408076.886)
=0.034942 / 0.050605
=0.6905

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)
=((2325451.778 + 6042679.894) / 16048601.398) / ((156194.526 + 6518009.904) / 14216025.687)
=0.521424 / 0.469485
=1.1106

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
=(154140.606 - 0 - 1370197.415) / 16048601.398
=-0.075773

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 Kim Steel JSC has a M-score of -2.44 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 -2.44 mean?
Nam Kim Steel JSC (STC:NKG) has a Beneish M-Score of -2.44 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nam Kim Steel JSC and its competitors. According to the industry distribution chart, Nam Kim Steel JSC ranks #337 out of 593 companies in the Steel industry, placing it in the top 56.8%.
Is Nam Kim Steel JSC's Beneish M-Score too high?
Nam Kim Steel JSC's current Beneish M-Score is -2.44. Based on the distribution chart, Nam Kim Steel JSC ranks #337 out of 593 companies in the Steel industry, which is below the industry midpoint. Overall, Nam Kim Steel JSC has a GF Score™ of 74/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nam Kim Steel JSC's Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Nam Kim Steel JSC ranks #337 out of 593 companies for Beneish M-Score. This places Nam Kim Steel 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 Steel company?
A good Beneish M-Score depends on the Steel 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 Kim Steel JSC and its competitors. Nam Kim Steel JSC's current Beneish M-Score is -2.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nam Kim Steel JSC stock overvalued right now?
Based on GuruFocus' analysis, Nam Kim Steel JSC (STC:NKG) is currently considered Modestly Overvalued. The stock's GF Value™ is ₫9,333.28, compared to a current price of ₫11,850.00 — trading 27% above its estimated fair value. The current Beneish M-Score is -2.44. Nam Kim Steel JSC's overall GF Score™ is 74/100 with 7 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 Kim Steel JSC (STC:NKG), the current Beneish M-Score is -2.44 as of Jun. 24, 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 Nam Kim Steel JSC (STC:NKG) Overvalued in 2026?

Based on GuruFocus' analysis, Nam Kim Steel JSC stock appears to be overvalued. The current stock price of ₫11,850.00 is trading 27% above its estimated GF Value™ of ₫9,333.28. GuruFocus considers Nam Kim Steel JSC to be Modestly Overvalued.

Key valuation signals for STC:NKG:

  • Beneish M-Score: -2.44
  • GF Value™: ₫9,333.28 vs. price of ₫11,850.00 (27% above fair value)
  • GF Score™: 74/100 with 7 warning signs

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

Nam Kim Steel JSC Business Description

Address Lot A1, Street D2, Dong An 2 Industrial Park, Binh Duong Ward, Ho Chi Minh, Binh Duong Province, VNM
Nam Kim Steel JSC through its subsidiaries manufactures of other metal products, production of steel tole: galvanized, aluminium-zinc alloy coated, steel sheets (galvalume), steel sheets coated, galvanized coating; Production of iron, steel, cast iron, production of steel pipes, steel and rolled steel products, cold rolled steel, galvanized steel, black steel tape, galvanized steel tape; Wholesale of metals and metals ores, details: wholesale iron and steel; Mechanical processing, handling and metal coating; Trading scrap; and Road transportation services; logistics services, cargo handling services; leasing of transport vehicles and other transport-related support services.
74GF Score

Get the complete analysis for STC:NKG

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

₫11,850.00
Price
₫9,333.28
GF Value