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Vietnam International Commercial Joint Stock Bank (STC:VIB) Beneish M-Score : -2.38 (As of Jun. 17, 2025)


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

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 -2.38 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: -2.46   Max: -2.11
Current: -2.38

During the past 5 years, the highest Beneish M-Score of Vietnam International Commercial Joint Stock Bank was -2.11. The lowest was -2.81. And the median was -2.46.


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 * 1.0002+0.892 * 0.8806+0.115 * 1.0115
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1774+4.679 * 0.037919-0.327 * 0.8098
=-2.38

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
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 ₫86,703 Mil.
Selling, General, & Admin. Expense(SGA) was ₫779,806 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫47,906,407 Mil.
Net Income was 1936464 + 1921190 + 1599173 + 1682962 = ₫7,139,789 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -10964452 + 15455596 + -23541526 + 7392681 = ₫-11,657,701 Mil.
Total Receivables was ₫0 Mil.
Revenue was 5122281 + 5872919 + 6026110 + 5373037 = ₫22,394,347 Mil.
Gross Profit was 5122281 + 5872919 + 6026110 + 5373037 = ₫22,394,347 Mil.
Total Current Assets was ₫0 Mil.
Total Assets was ₫413,887,815 Mil.
Property, Plant and Equipment(Net PPE) was ₫485,627 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫85,289 Mil.
Selling, General, & Admin. Expense(SGA) was ₫752,100 Mil.
Total Current Liabilities was ₫0 Mil.
Long-Term Debt & Capital Lease Obligation was ₫49,393,587 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 / 19720796) / (0 / 22394347)
=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)
=(22394347 / 22394347) / (19720796 / 19720796)
=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 + 500345) / 495727377) / (1 - (0 + 485627) / 413887815)
=0.998991 / 0.998827
=1.0002

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
=19720796 / 22394347
=0.8806

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))
=(85289 / (85289 + 485627)) / (86703 / (86703 + 500345))
=0.14939 / 0.147693
=1.0115

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)
=(779806 / 19720796) / (752100 / 22394347)
=0.039542 / 0.033584
=1.1774

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)
=((47906407 + 0) / 495727377) / ((49393587 + 0) / 413887815)
=0.096639 / 0.119341
=0.8098

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
=(7139789 - 0 - -11657701) / 495727377
=0.037919

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 -2.38 suggests that the company is unlikely to be a manipulator.


Vietnam International Commercial Joint Stock Bank Beneish M-Score Related Terms

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Vietnam International Commercial Joint Stock Bank Business Description

Traded in Other Exchanges
N/A
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.