Vietnam International Commercial Joint Stock Bank (STC:VIB) Beneish M-Score: -2.36 (As of Jun. 30, 2026)


STC:VIB Vietnam International Commercial Joint Stock Bank STC:VIB
78 GF Score
Price ₫16,500.00
GF Value ₫17,243.94
Valuation Fairly Valued
! 2 Warning Signs
View Full Analysis

What is Vietnam International Commercial Joint Stock Bank Beneish M-Score?

Vietnam International Commercial Joint Stock Bank STC:VIB -0.30% 78 Beneish M-Score is -2.36 as of Jun. 30, 2026. GuruFocus rates STC:VIB with a GF Score™ of 78/100 and a GF Value™ of ₫17,243.94 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,399 Banks companies, Vietnam International Commercial Joint Stock Bank ranks worse than 56.83% 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 -2.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:VIB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.81   Med: -2.36   Max: -2.12
Current: -2.36

During the past 7 years, the highest Beneish M-Score of Vietnam International Commercial Joint Stock Bank was -2.12. The lowest was -2.81. And the median was -2.36.

STC:VIB
78GF Score
Vietnam International Commercial Joint Stock Bank STC:VIB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Vietnam International 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 Vietnam International 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 * 0.9987+0.892 * 1.053+0.115 * 2.2266
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.029491-0.327 * 1.3217
=-2.36

* 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 5547262 + 5392177 + 4588704 + 5236913 = ₫20,765,056 Mil.
Gross Profit was 5547262 + 5392177 + 4588704 + 5236913 = ₫20,765,056 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫564,145,938 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,307,414 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫177,038 Mil.
Selling, General, & Admin. Expense(SGA) was ₫0 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫72,055,177 Mil.
Net Income was 2241191 + 1647984 + 1624513 + 2076469 = ₫7,590,157 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 327269 + 22375816 + 1098775 + 425252 = ₫24,227,112 Mil.
 Total Receivables was ₫0 Mil.
Revenue was 4264271 + 5392349 + 4992878 + 5071298 = ₫19,720,796 Mil.
Gross Profit was 4264271 + 5392349 + 4992878 + 5071298 = ₫19,720,796 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫495,727,377 Mil.
Property, Plant and Equipment(Net PPE) was ₫500,345 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫180,903 Mil.
Selling, General, & Admin. Expense(SGA) was ₫410,703 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫47,906,407 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 / 20765056) / (0 / 19720796)
=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)
=(19720796 / 19720796) / (20765056 / 20765056)
=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 + 1307414) / 564145938) / (1 - (0 + 500345) / 495727377)
=0.997682 / 0.998991
=0.9987

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
=20765056 / 19720796
=1.053

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))
=(180903 / (180903 + 500345)) / (177038 / (177038 + 1307414))
=0.265546 / 0.119262
=2.2266

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 / 20765056) / (410703 / 19720796)
=0 / 0.020826
=0

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)
=((72055177 + 0) / 564145938) / ((47906407 + 0) / 495727377)
=0.127724 / 0.096639
=1.3217

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
=(7590157 - 0 - 24227112) / 564145938
=-0.029491

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.

Vietnam International Commercial Joint Stock Bank has a M-score of -2.36 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 -2.36 mean?
Vietnam International Commercial Joint Stock Bank (STC:VIB) has a Beneish M-Score of -2.36 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Vietnam International Commercial Joint Stock Bank and its competitors. According to the industry distribution chart, Vietnam International Commercial Joint Stock Bank ranks #795 out of 1399 companies in the Banks industry, placing it in the top 56.8%.
Is Vietnam International Commercial Joint Stock Bank's Beneish M-Score too high?
Vietnam International Commercial Joint Stock Bank's current Beneish M-Score is -2.36. Based on the distribution chart, Vietnam International Commercial Joint Stock Bank ranks #795 out of 1399 companies in the Banks industry, which is below the industry midpoint. Overall, Vietnam International Commercial Joint Stock Bank has a GF Score™ of 78/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Vietnam International Commercial Joint Stock Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Vietnam International Commercial Joint Stock Bank ranks #795 out of 1399 companies for Beneish M-Score. This places Vietnam International Commercial Joint Stock Bank 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 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 Vietnam International Commercial Joint Stock Bank and its competitors. Vietnam International Commercial Joint Stock Bank's current Beneish M-Score is -2.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vietnam International Commercial Joint Stock Bank stock overvalued right now?
Based on GuruFocus' analysis, Vietnam International Commercial Joint Stock Bank (STC:VIB) is currently considered Fairly Valued. The stock's GF Value™ is ₫17,243.94, compared to a current price of ₫16,500.00 — trading 4.3% below its estimated fair value. The current Beneish M-Score is -2.36. Vietnam International Commercial Joint Stock Bank's overall GF Score™ is 78/100 with 2 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 Vietnam International Commercial Joint Stock Bank (STC:VIB), the current Beneish M-Score is -2.36 as of Jun. 30, 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 Vietnam International Commercial Joint Stock Bank (STC:VIB) Overvalued in 2026?

Based on GuruFocus' analysis, Vietnam International Commercial Joint Stock Bank stock appears to be undervalued. The current stock price of ₫16,500.00 is trading 4.3% below its estimated GF Value™ of ₫17,243.94. GuruFocus considers Vietnam International Commercial Joint Stock Bank to be Fairly Valued.

Key valuation signals for STC:VIB:

  • Beneish M-Score: -2.36
  • GF Value™: ₫17,243.94 vs. price of ₫16,500.00 (4.3% below fair value)
  • GF Score™: 78/100 with 2 warning signs

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

Vietnam International Commercial Joint Stock Bank Business Description

Address No. 111A Pasteur Street, 1st floor (ground floor) and 2nd floor - Sailing Tower Building, Ben Nghe Ward, District 1, Ho Chi Minh, VNM
Vietnam International Commercial Joint Stock Bank is a joint stock commercial banks in Vietnam. The company's services includes credits, payment card, savings, car loans, home loans, consumer loans, insurance, digital banking, payment accounts, among others. It operates Domestically and Internationally as well.
78GF Score

Get the complete analysis for STC:VIB

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

₫16,500.00
Price
₫17,243.94
GF Value