PC1 Group JSC (STC:PC1) Beneish M-Score: -2.28 (As of Jun. 27, 2026)

What is PC1 Group JSC Beneish M-Score?

PC1 Group JSC STC:PC1 -2.27% 99 Beneish M-Score is -2.28 as of Jun. 27, 2026. GuruFocus rates STC:PC1 with a GF Score™ of 99/100 and a GF Value™ of ₫30,250.28 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,704 Construction companies, PC1 Group JSC ranks worse than 64.26% 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 -2.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PC1 Group JSC's Beneish M-Score or its related term are showing as below:

STC:PC1' s Beneish M-Score Range Over the Past 10 Years
Min: -3 Med: -2.38 Max: -1.19
Current: -2.28

During the past 11 years, the highest Beneish M-Score of PC1 Group JSC was -1.19. The lowest was -3.00. And the median was -2.38.

PC1 Group JSC Beneish M-Score Related Terms

PC1 Group JSC Beneish M-Score Historical Data

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The historical data trend for PC1 Group 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.

PC1 Group JSC Beneish M-Score Chart

PC1 Group JSC Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.35

-2.61

-2.92

-2.62

-2.34

PC1 Group 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															-2.85	-2.93	-3.00	-2.34	-2.28

STC:PC1 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, PC1 Group 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.

PC1 Group JSC Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, PC1 Group JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PC1 Group JSC's Beneish M-Score falls into.

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99GF Score

PC1 Group JSC STC:PC1

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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PC1 Group 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 PC1 Group JSC for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9927

0.528 * 1.0616

0.404 * 0.7804

0.892 * 1.3688

0.115 * 1.0913

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8693

4.679 * -0.022661

0.327 * 0.9913

-2.28

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₫3,097,187 Mil.
Revenue was 2167795.216 + 5011766.952 + 3278075.111 + 2934930.769 = ₫13,392,568 Mil.
Gross Profit was 467291.155 + 1065810.761 + 681518.754 + 509592.226 = ₫2,724,213 Mil.
Total Current Assets was ₫11,583,272 Mil.
Total Assets was ₫24,840,037 Mil.
Property, Plant and Equipment(Net PPE) was ₫10,077,819 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫879,436 Mil.
Selling, General, & Admin. Expense(SGA) was ₫192,105 Mil.
Total Current Liabilities was ₫8,396,103 Mil.
Long-Term Debt & Capital Lease Obligation was ₫6,910,755 Mil.
Net Income was 181063.47 + 552126.686 + 300870.158 + 138315.794 = ₫1,172,376 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -527829.77 + 1441520.033 + 539865.295 + 281723.321 = ₫1,735,279 Mil.

Total Receivables was ₫2,279,426 Mil.
Revenue was 1860366.3 + 2550893.266 + 2232107.021 + 3141079.156 = ₫9,784,446 Mil.
Gross Profit was 459130.104 + 602073.857 + 482092.37 + 569646.511 = ₫2,112,943 Mil.
Total Current Assets was ₫8,787,255 Mil.
Total Assets was ₫21,544,470 Mil.
Property, Plant and Equipment(Net PPE) was ₫9,223,993 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫885,447 Mil.
Selling, General, & Admin. Expense(SGA) was ₫161,457 Mil.
Total Current Liabilities was ₫5,661,952 Mil.
Long-Term Debt & Capital Lease Obligation was ₫7,731,254 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)
	=	(3097187.207 / 13392568.048)	/	(2279426.286 / 9784445.743)
	=	0.231262	/	0.232964
	=	0.9927

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)
	=	(2112942.842 / 9784445.743)	/	(2724212.896 / 13392568.048)
	=	0.215949	/	0.203412
	=	1.0616

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 - (11583272.426 + 10077819.065) / 24840036.701)	/	(1 - (8787255.287 + 9223992.98) / 21544470.023)
	=	0.127977	/	0.163997
	=	0.7804

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
	=	13392568.048	/	9784445.743
	=	1.3688

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))
	=	(885446.553 / (885446.553 + 9223992.98))	/	(879435.857 / (879435.857 + 10077819.065))
	=	0.087586	/	0.080261
	=	1.0913

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)
	=	(192105.144 / 13392568.048)	/	(161456.917 / 9784445.743)
	=	0.014344	/	0.016501
	=	0.8693

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)
	=	((6910755.459 + 8396102.785) / 24840036.701)	/	((7731253.794 + 5661952.21) / 21544470.023)
	=	0.616217	/	0.621654
	=	0.9913

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
	=	(1172376.108 - 0	-	1735278.879)	/	24840036.701
	=	-0.022661

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.

PC1 Group JSC has a M-score of -2.28 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 -2.28 mean?

PC1 Group JSC (STC:PC1) has a Beneish M-Score of -2.28 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PC1 Group JSC and its competitors. According to the industry distribution chart, PC1 Group JSC ranks #1095 out of 1704 companies in the Construction industry, placing it in the top 64.3%.

Is PC1 Group JSC's Beneish M-Score too high?

PC1 Group JSC's current Beneish M-Score is -2.28. Based on the distribution chart, PC1 Group JSC ranks #1095 out of 1704 companies in the Construction industry, which is below the industry midpoint. Overall, PC1 Group JSC has a GF Score™ of 99/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does PC1 Group JSC's Beneish M-Score compare to PWR and FIX?

According to the Construction industry distribution chart, PC1 Group JSC ranks #1095 out of 1704 companies for Beneish M-Score. This places PC1 Group 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 Construction company?

A good Beneish M-Score depends on the Construction 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 PC1 Group JSC and its competitors. PC1 Group JSC's current Beneish M-Score is -2.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PC1 Group JSC stock overvalued right now?

Based on GuruFocus' analysis, PC1 Group JSC (STC:PC1) is currently considered Modestly Undervalued. The stock's GF Value™ is ₫30,250.28, compared to a current price of ₫21,500.00 — trading 28.9% below its estimated fair value. The current Beneish M-Score is -2.28. PC1 Group JSC's overall GF Score™ is 99/100 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 PC1 Group JSC (STC:PC1), the current Beneish M-Score is -2.28 as of Jun. 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 PC1 Group JSC (STC:PC1) Overvalued in 2026?

Based on GuruFocus' analysis, PC1 Group JSC stock appears to be undervalued. The current stock price of ₫21,500.00 is trading 28.9% below its estimated GF Value™ of ₫30,250.28. GuruFocus considers PC1 Group JSC to be Modestly Undervalued.

Key valuation signals for STC:PC1:

Beneish M-Score: -2.28
GF Value™: ₫30,250.28 vs. price of ₫21,500.00 (28.9% below fair value)
GF Score™: 99/100 with 3 warning signs

No single metric tells the full story. See the STC:PC1 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

PC1 Group JSC Business Description

Industry Industrials Construction

Comparable Companies STC:CTD STC:IJC STC:CTR HSTC:SCG STC:DPG STC:CII STC:NTC HSTC:CC1 STC:LGC STC:FCN PWR XPAR:DG FIX NSE:LT XAMS:FER XKRX:028260 XTER:HOT XMAD:ACS EME MTZ

Address No. 583 Nguyen Trai street, CT2 Building, Thanh Xuan ward, Ha Noi, VNM

Website http://www.pcc1.vn

PC1 Group JSC is engaged in the construction of the national power transmission and power plants, the production of electrical materials and equipment. The company designs and produces zinc galvanized steel structures, equipped with modern technology. It also provides consultancy services.

99GF Score

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

₫21,500.00

Price

₫30,250.28

GF Value

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