Saigon Treasure Commercial Joint Stock Bank (STC:STB) Beneish M-Score: -2.61 (As of Jun. 24, 2026)


STC:STB Saigon Treasure Commercial Joint Stock Bank STC:STB
78 GF Score
Price ₫71,700.00
GF Value ₫51,690.06
Valuation Significantly Overvalued
! 5 Warning Signs
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What is Saigon Treasure Commercial Joint Stock Bank Beneish M-Score?

Saigon Treasure Commercial Joint Stock Bank STC:STB 78 Beneish M-Score is -2.61 as of Jun. 24, 2026. GuruFocus rates STC:STB with a GF Score™ of 78/100 and a GF Value™ of ₫51,690.06 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 1,396 Banks companies, Saigon Treasure Commercial Joint Stock Bank ranks better than 81.52% 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 -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:STB' s Beneish M-Score Range Over the Past 10 Years
Min: -14.74   Med: -2.4   Max: -1.69
Current: -2.61

During the past 13 years, the highest Beneish M-Score of Saigon Treasure Commercial Joint Stock Bank was -1.69. The lowest was -14.74. And the median was -2.40.

STC:STB
78GF Score
Saigon Treasure Commercial Joint Stock Bank STC:STB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Saigon Treasure 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 Saigon Treasure 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 * 1.001+0.892 * 1.0634+0.115 * 1.3253
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9412+4.679 * -0.039332-0.327 * 1.1691
=-2.61

* 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 7566044 + 7772939 + 8864057 + 7863102 = ₫32,066,142 Mil.
Gross Profit was 7566044 + 7772939 + 8864057 + 7863102 = ₫32,066,142 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫859,571,527 Mil.
Property, Plant and Equipment(Net PPE) was ₫4,100,735 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫160,908 Mil.
Selling, General, & Admin. Expense(SGA) was ₫-589,427 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫49,773,131 Mil.
Net Income was 1584404 + -2752462 + 2901283 + 2893598 = ₫4,626,823 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -58545352 + 57606771 + 11877928 + 27495787 = ₫38,435,134 Mil.
 Total Receivables was ₫0 Mil.
Revenue was 8037625 + 7518896 + 7407317 + 7190737 = ₫30,154,575 Mil.
Gross Profit was 8037625 + 7518896 + 7407317 + 7190737 = ₫30,154,575 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫757,093,326 Mil.
Property, Plant and Equipment(Net PPE) was ₫4,373,022 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫230,345 Mil.
Selling, General, & Admin. Expense(SGA) was ₫-588,923 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫37,498,331 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 / 32066142) / (0 / 30154575)
=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)
=(30154575 / 30154575) / (32066142 / 32066142)
=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 + 4100735) / 859571527) / (1 - (0 + 4373022) / 757093326)
=0.995229 / 0.994224
=1.001

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
=32066142 / 30154575
=1.0634

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))
=(230345 / (230345 + 4373022)) / (160908 / (160908 + 4100735))
=0.050038 / 0.037757
=1.3253

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)
=(-589427 / 32066142) / (-588923 / 30154575)
=-0.018382 / -0.01953
=0.9412

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)
=((49773131 + 0) / 859571527) / ((37498331 + 0) / 757093326)
=0.057905 / 0.049529
=1.1691

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
=(4626823 - 0 - 38435134) / 859571527
=-0.039332

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.

Saigon Treasure Commercial Joint Stock Bank has a M-score of -2.61 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 -2.61 mean?
Saigon Treasure Commercial Joint Stock Bank (STC:STB) has a Beneish M-Score of -2.61 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Saigon Treasure Commercial Joint Stock Bank and its competitors. According to the industry distribution chart, Saigon Treasure Commercial Joint Stock Bank ranks #258 out of 1396 companies in the Banks industry, placing it in the top 18.5%.
Is Saigon Treasure Commercial Joint Stock Bank's Beneish M-Score too high?
Saigon Treasure Commercial Joint Stock Bank's current Beneish M-Score is -2.61. Based on the distribution chart, Saigon Treasure Commercial Joint Stock Bank ranks #258 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Saigon Treasure Commercial Joint Stock Bank has a GF Score™ of 78/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Saigon Treasure Commercial Joint Stock Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Saigon Treasure Commercial Joint Stock Bank ranks #258 out of 1396 companies for Beneish M-Score. This places Saigon Treasure Commercial Joint Stock Bank in the top 19% 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 Saigon Treasure Commercial Joint Stock Bank and its competitors. Saigon Treasure Commercial Joint Stock Bank's current Beneish M-Score is -2.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Saigon Treasure Commercial Joint Stock Bank stock overvalued right now?
Based on GuruFocus' analysis, Saigon Treasure Commercial Joint Stock Bank (STC:STB) is currently considered Significantly Overvalued. The stock's GF Value™ is ₫51,690.06, compared to a current price of ₫71,700.00 — trading 38.7% above its estimated fair value. The current Beneish M-Score is -2.61. Saigon Treasure Commercial Joint Stock Bank's overall GF Score™ is 78/100 with 5 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 Saigon Treasure Commercial Joint Stock Bank (STC:STB), the current Beneish M-Score is -2.61 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 Saigon Treasure Commercial Joint Stock Bank (STC:STB) Overvalued in 2026?

Based on GuruFocus' analysis, Saigon Treasure Commercial Joint Stock Bank stock appears to be overvalued. The current stock price of ₫71,700.00 is trading 38.7% above its estimated GF Value™ of ₫51,690.06. GuruFocus considers Saigon Treasure Commercial Joint Stock Bank to be Significantly Overvalued.

Key valuation signals for STC:STB:

  • Beneish M-Score: -2.61
  • GF Value™: ₫51,690.06 vs. price of ₫71,700.00 (38.7% above fair value)
  • GF Score™: 78/100 with 5 warning signs

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

Saigon Treasure Commercial Joint Stock Bank Business Description

Address 266-268 Nam Ky Khoi Nghia Street, Xuan Hoa Ward, Ho Chi Minh City, VNM
Saigon Treasure Commercial Joint Stock Bank is a Vietnam-based company that provides commercial banking services. Its principal activities are to mobilize short, medium, and long-term capital in the form of time deposits, demand deposits, certificates of deposit, receive capital from local and overseas financial institutions, grant short, medium, and long-term loans, investments in associate, joint-ventures, and other companies. The company also provides settlement services to customers, deals in foreign exchange & gold, provides international settlements services, invests in bonds, & offers other banking services. Geographically, the company operates in the Northern Region, the Central Region, and the Southern Region, & the majority of its revenue is generated from the Southern Region.
78GF Score

Get the complete analysis for STC:STB

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

₫71,700.00
Price
₫51,690.06
GF Value