Viet Nam Ocean Shipping JSC (STC:VOS) Beneish M-Score: -1.50 (As of Jul. 14, 2026)

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STC:VOS Viet Nam Ocean Shipping JSC STC:VOS
80 GF Score
Price ₫11,850.00
GF Value ₫12,749.31
Valuation Fairly Valued
! 4 Warning Signs
View Full Analysis

What is Viet Nam Ocean Shipping JSC Beneish M-Score?

Viet Nam Ocean Shipping JSC STC:VOS -0.42% 80 Beneish M-Score is -1.50 as of Jul. 14, 2026. GuruFocus rates STC:VOS with a GF Score™ of 80/100 and a GF Value™ of ₫12,749.31 (Fairly Valued). The stock has 4 warning signs investors should review. Among 964 Transportation companies, Viet Nam Ocean Shipping JSC ranks worse than 87.55% 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.

Warning Sign:

Beneish M-Score -1.5 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Viet Nam Ocean Shipping JSC's Beneish M-Score or its related term are showing as below:

STC:VOS' s Beneish M-Score Range Over the Past 10 Years
Min: -18.87   Med: -2.33   Max: 1.32
Current: -1.5

During the past 13 years, the highest Beneish M-Score of Viet Nam Ocean Shipping JSC was 1.32. The lowest was -18.87. And the median was -2.33.

Viet Nam Ocean Shipping JSC Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Viet Nam Ocean Shipping 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.

Viet Nam Ocean Shipping JSC Beneish M-Score Chart

Viet Nam Ocean Shipping JSC Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.44 -1.75 -0.70 -0.63 -0.45

Viet Nam Ocean Shipping 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -13.88 -2.34 -1.02 -0.45 -1.50

Viet Nam Ocean Shipping JSC Beneish M-Score Competitor Comparison

For the Marine Shipping subindustry, Viet Nam Ocean Shipping 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.

Viet Nam Ocean Shipping JSC Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Viet Nam Ocean Shipping JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Viet Nam Ocean Shipping JSC's Beneish M-Score falls into.


STC:VOS
80GF Score
Viet Nam Ocean Shipping JSC STC:VOS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Viet Nam Ocean Shipping 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 Viet Nam Ocean Shipping JSC 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 * 1.885+0.528 * -0.0296+0.404 * 2.1618+0.892 * 0.6781+0.115 * 2.1859
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5242+4.679 * 0.141586-0.327 * 1.551
=-1.50

* 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 ₫284,080 Mil.
Revenue was 709038.747 + 955893.365 + 849712.764 + 835822.677 = ₫3,350,468 Mil.
Gross Profit was 39383.592 + 110222.603 + 82482.514 + 33088.394 = ₫265,177 Mil.
Total Current Assets was ₫1,609,136 Mil.
Total Assets was ₫3,869,230 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,405,791 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫304,320 Mil.
Selling, General, & Admin. Expense(SGA) was ₫148,065 Mil.
Total Current Liabilities was ₫663,674 Mil.
Long-Term Debt & Capital Lease Obligation was ₫596,192 Mil.
Net Income was 4328.203 + 216611.147 + 131699.736 + 10284.949 = ₫362,924 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 22122.295 + -171379.459 + -79950.59 + 44301.587 = ₫-184,906 Mil.
 Total Receivables was ₫222,238 Mil.
Revenue was 462106.873 + 1336782.9 + 1269851.061 + 1872035.564 = ₫4,940,776 Mil.
Gross Profit was -34762.165 + 22122.197 + 24130.101 + -23079.487 = ₫-11,589 Mil.
Total Current Assets was ₫1,964,187 Mil.
Total Assets was ₫3,072,929 Mil.
Property, Plant and Equipment(Net PPE) was ₫794,899 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫506,062 Mil.
Selling, General, & Admin. Expense(SGA) was ₫143,251 Mil.
Total Current Liabilities was ₫430,801 Mil.
Long-Term Debt & Capital Lease Obligation was ₫214,336 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)
=(284080.16 / 3350467.553) / (222237.772 / 4940776.398)
=0.084788 / 0.04498
=1.885

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)
=(-11589.354 / 4940776.398) / (265177.103 / 3350467.553)
=-0.002346 / 0.079146
=-0.0296

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 - (1609136.152 + 1405790.593) / 3869230.195) / (1 - (1964187.076 + 794898.661) / 3072929.28)
=0.220794 / 0.102132
=2.1618

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
=3350467.553 / 4940776.398
=0.6781

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))
=(506061.962 / (506061.962 + 794898.661)) / (304319.55 / (304319.55 + 1405790.593))
=0.388991 / 0.177953
=2.1859

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)
=(148064.567 / 3350467.553) / (143251.244 / 4940776.398)
=0.044192 / 0.028994
=1.5242

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)
=((596191.73 + 663673.552) / 3869230.195) / ((214336 + 430800.568) / 3072929.28)
=0.325611 / 0.209942
=1.551

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
=(362924.035 - 0 - -184906.167) / 3869230.195
=0.141586

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.

Viet Nam Ocean Shipping JSC has a M-score of -1.50 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.50 mean?
Viet Nam Ocean Shipping JSC (STC:VOS) has a Beneish M-Score of -1.50 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Viet Nam Ocean Shipping JSC and its competitors. According to the industry distribution chart, Viet Nam Ocean Shipping JSC ranks #844 out of 964 companies in the Transportation industry, placing it in the top 87.6%.
Is Viet Nam Ocean Shipping JSC's Beneish M-Score too high?
Viet Nam Ocean Shipping JSC's current Beneish M-Score is -1.50. Based on the distribution chart, Viet Nam Ocean Shipping JSC ranks #844 out of 964 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Viet Nam Ocean Shipping JSC has a GF Score™ of 80/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Viet Nam Ocean Shipping JSC's Beneish M-Score compare to competitors?
According to the Transportation industry distribution chart, Viet Nam Ocean Shipping JSC ranks #844 out of 964 companies for Beneish M-Score. This places Viet Nam Ocean Shipping 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 Viet Nam Ocean Shipping JSC and its competitors. Viet Nam Ocean Shipping JSC's current Beneish M-Score is -1.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Viet Nam Ocean Shipping JSC stock overvalued right now?
Based on GuruFocus' analysis, Viet Nam Ocean Shipping JSC (STC:VOS) is currently considered Fairly Valued. The stock's GF Value™ is ₫12,749.31, compared to a current price of ₫11,850.00 — trading 7.1% below its estimated fair value. The current Beneish M-Score is -1.50. Viet Nam Ocean Shipping JSC's overall GF Score™ is 80/100 with 4 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 Viet Nam Ocean Shipping JSC (STC:VOS), the current Beneish M-Score is -1.50 as of Jul. 14, 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 Viet Nam Ocean Shipping JSC (STC:VOS) Overvalued in 2026?

Based on GuruFocus' analysis, Viet Nam Ocean Shipping JSC stock appears to be undervalued. The current stock price of ₫11,850.00 is trading 7.1% below its estimated GF Value™ of ₫12,749.31. GuruFocus considers Viet Nam Ocean Shipping JSC to be Fairly Valued.

Key valuation signals for STC:VOS:

  • Beneish M-Score: -1.50
  • GF Value™: ₫12,749.31 vs. price of ₫11,850.00 (7.1% below fair value)
  • GF Score™: 80/100 with 4 warning signs

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

Viet Nam Ocean Shipping JSC Business Description

Address No. 215 Lach Tray Street, Dang Giang, Ngo Quyen, Hai Phong, VNM
Viet Nam Ocean Shipping JSC is a Vietnam based company engaged in the shipping business. It offers marine freight transportation services. The services offered by the entity include trading water transportation, dry goods transportation, product tankers, container transportation, shipping agency and others. The company has a diverse fleet of modern ships comprising general cargo, bulk carriers, product tankers and container vessels trading.
80GF Score

Get the complete analysis for STC:VOS

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

₫11,850.00
Price
₫12,749.31
GF Value