Sai Gon - Hanoi Commercial Joint Stock Bank (STC:SHB) Beneish M-Score: -2.67 (As of Jun. 24, 2026)


STC:SHB Sai Gon - Hanoi Commercial Joint Stock Bank STC:SHB
65 GF Score
Price ₫13,650.00
GF Value ₫14,301.11
Valuation Fairly Valued
! 1 Warning Sign
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What is Sai Gon - Hanoi Commercial Joint Stock Bank Beneish M-Score?

Sai Gon - Hanoi Commercial Joint Stock Bank STC:SHB -0.36% 65 Beneish M-Score is -2.67 as of Jun. 24, 2026. GuruFocus rates STC:SHB with a GF Score™ of 65/100 and a GF Value™ of ₫14,301.11 (Fairly Valued). The stock has 1 warning sign investors should review. Among 1,396 Banks companies, Sai Gon - Hanoi Commercial Joint Stock Bank ranks better than 85.1% 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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:SHB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.68   Med: -2.37   Max: -1.93
Current: -2.67

During the past 13 years, the highest Beneish M-Score of Sai Gon - Hanoi Commercial Joint Stock Bank was -1.93. The lowest was -2.68. And the median was -2.37.

STC:SHB
65GF Score
Sai Gon - Hanoi Commercial Joint Stock Bank STC:SHB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Sai Gon - Hanoi 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 Sai Gon - Hanoi 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 * 1.0005+0.892 * 1.0649+0.115 * 0.7999
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.025737-0.327 * 1.3117
=-2.67

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was ₫0 Mil.
Revenue was ₫24,759,063 Mil.
Gross Profit was ₫24,759,063 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫892,008,709 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,675,761 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫133,712 Mil.
Selling, General, & Admin. Expense(SGA) was ₫0 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫79,897,418 Mil.
Net Income was ₫11,960,295 Mil.
Gross Profit was ₫0 Mil.
Cash Flow from Operations was ₫34,917,817 Mil.
 Total Receivables was ₫0 Mil.
Revenue was ₫23,250,953 Mil.
Gross Profit was ₫23,250,953 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫747,478,069 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,770,976 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫111,262 Mil.
Selling, General, & Admin. Expense(SGA) was ₫0 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫51,042,764 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 / 24759063) / (0 / 23250953)
=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)
=(23250953 / 23250953) / (24759063 / 24759063)
=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 + 1675761) / 892008709) / (1 - (0 + 1770976) / 747478069)
=0.998121 / 0.997631
=1.0005

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
=24759063 / 23250953
=1.0649

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))
=(111262 / (111262 + 1770976)) / (133712 / (133712 + 1675761))
=0.059112 / 0.073896
=0.7999

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)
=(0 / 24759063) / (0 / 23250953)
=0 / 0
=1

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)
=((79897418 + 0) / 892008709) / ((51042764 + 0) / 747478069)
=0.08957 / 0.068287
=1.3117

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
=(11960295 - 0 - 34917817) / 892008709
=-0.025737

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.

Sai Gon - Hanoi Commercial Joint Stock Bank has a M-score of -2.67 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 -2.67 mean?
Sai Gon - Hanoi Commercial Joint Stock Bank (STC:SHB) has a Beneish M-Score of -2.67 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sai Gon - Hanoi Commercial Joint Stock Bank and its competitors. According to the industry distribution chart, Sai Gon - Hanoi Commercial Joint Stock Bank ranks #208 out of 1396 companies in the Banks industry, placing it in the top 14.9%.
Is Sai Gon - Hanoi Commercial Joint Stock Bank's Beneish M-Score too high?
Sai Gon - Hanoi Commercial Joint Stock Bank's current Beneish M-Score is -2.67. Based on the distribution chart, Sai Gon - Hanoi Commercial Joint Stock Bank ranks #208 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Sai Gon - Hanoi Commercial Joint Stock Bank has a GF Score™ of 65/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Sai Gon - Hanoi Commercial Joint Stock Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Sai Gon - Hanoi Commercial Joint Stock Bank ranks #208 out of 1396 companies for Beneish M-Score. This places Sai Gon - Hanoi Commercial Joint Stock Bank in the top 15% 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 Sai Gon - Hanoi Commercial Joint Stock Bank and its competitors. Sai Gon - Hanoi Commercial Joint Stock Bank's current Beneish M-Score is -2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sai Gon - Hanoi Commercial Joint Stock Bank stock overvalued right now?
Based on GuruFocus' analysis, Sai Gon - Hanoi Commercial Joint Stock Bank (STC:SHB) is currently considered Fairly Valued. The stock's GF Value™ is ₫14,301.11, compared to a current price of ₫13,650.00 — trading 4.6% below its estimated fair value. The current Beneish M-Score is -2.67. Sai Gon - Hanoi Commercial Joint Stock Bank's overall GF Score™ is 65/100 with 1 warning sign 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 Sai Gon - Hanoi Commercial Joint Stock Bank (STC:SHB), the current Beneish M-Score is -2.67 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 Sai Gon - Hanoi Commercial Joint Stock Bank (STC:SHB) Overvalued in 2026?

Based on GuruFocus' analysis, Sai Gon - Hanoi Commercial Joint Stock Bank stock appears to be undervalued. The current stock price of ₫13,650.00 is trading 4.6% below its estimated GF Value™ of ₫14,301.11. GuruFocus considers Sai Gon - Hanoi Commercial Joint Stock Bank to be Fairly Valued.

Key valuation signals for STC:SHB:

  • Beneish M-Score: -2.67
  • GF Value™: ₫14,301.11 vs. price of ₫13,650.00 (4.6% below fair value)
  • GF Score™: 65/100 with 1 warning sign

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

Sai Gon - Hanoi Commercial Joint Stock Bank Business Description

Address 77 Tran Hung Dao Street, Hoan Kiem District, Cua Nam Ward, Hanoi, VNM
Sai Gon - Hanoi Commercial Joint Stock Bank is a Vietnam-based banking corporation. It offers various banking services to its customers, including retail banking, corporate banking, and other banking-related services. Its products and services include savings, current accounts, money transfer services, E-banking, guarantee service, and forex trading and treasury services. It also provides credit in the form of car loans, rubber loans, agricultural product loans, business overdrafts, and medium and long-term loans and credit facilities. The company operates in four reportable segments: credit, investment, services, and treasury. The primary source of its revenue is interest income, commission, and fees received by providing advisory and financial services to the customer.
65GF Score

Get the complete analysis for STC:SHB

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

₫13,650.00
Price
₫14,301.11
GF Value