BCMXY (Bank of Communications Co) Beneish M-Score: -2.32 (As of Jun. 25, 2026)


BCMXY Bank of Communications Co Ltd BCMXY
52 GF Score
Price $24.10
GF Value $24.39
Valuation Fairly Valued
! 5 Warning Signs
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What is Bank of Communications Co Beneish M-Score?

Bank of Communications Co BCMXY 52 Beneish M-Score is -2.32 as of Jun. 25, 2026. GuruFocus rates BCMXY with a GF Score™ of 52/100 and a GF Value™ of $24.39 (Fairly Valued). The stock has 5 warning signs investors should review. Among 1,396 Banks companies, Bank of Communications Co ranks worse than 64.76% 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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Bank of Communications Co's Beneish M-Score or its related term are showing as below:

BCMXY' s Beneish M-Score Range Over the Past 10 Years
Min: -2.88   Med: -2.47   Max: -2.28
Current: -2.32

During the past 13 years, the highest Beneish M-Score of Bank of Communications Co was -2.28. The lowest was -2.88. And the median was -2.47.

BCMXY
52GF Score
Bank of Communications Co Ltd BCMXY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bank of Communications Co 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 Bank of Communications Co 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 * 1.0006+0.892 * 1.0593+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.3324+4.679 * -0.0028-0.327 * 0.9166
=-2.30

* 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 10062.535 + 9256.304 + 9268.056 + 9233.051 = $37,820 Mil.
Gross Profit was 10062.535 + 9256.304 + 9268.056 + 9233.051 = $37,820 Mil.
Total Current Assets was $0 Mil.
Total Assets was $2,361,103 Mil.
Property, Plant and Equipment(Net PPE) was $36,061 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $910 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $168,850 Mil.
Net Income was 3795.94 + 3638.687 + 3366.042 + 2875.049 = $13,676 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 17295.889 + 139.709 + 10946.585 + -8094.396 = $20,288 Mil.
 Total Receivables was $0 Mil.
Revenue was 9119.087 + 8678.012 + 8986.574 + 8919.183 = $35,703 Mil.
Gross Profit was 9119.087 + 8678.012 + 8986.574 + 8919.183 = $35,703 Mil.
Total Current Assets was $0 Mil.
Total Assets was $2,109,017 Mil.
Property, Plant and Equipment(Net PPE) was $33,357 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $2,583 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $164,539 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 / 37819.946) / (0 / 35702.856)
=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)
=(35702.856 / 35702.856) / (37819.946 / 37819.946)
=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 + 36061.142) / 2361103.292) / (1 - (0 + 33356.876) / 2109016.733)
=0.984727 / 0.984184
=1.0006

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
=37819.946 / 35702.856
=1.0593

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))
=(0 / (0 + 33356.876)) / (0 / (0 + 36061.142))
=0 / 0
=1

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)
=(909.577 / 37819.946) / (2583.262 / 35702.856)
=0.02405 / 0.072354
=0.3324

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)
=((168850.133 + 0) / 2361103.292) / ((164539.197 + 0) / 2109016.733)
=0.071513 / 0.078017
=0.9166

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
=(13675.718 - 0 - 20287.787) / 2361103.292
=-0.0028

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.

Bank of Communications Co has a M-score of -2.30 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 -2.32 mean?
Bank of Communications Co (BCMXY) has a Beneish M-Score of -2.32 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bank of Communications Co and its competitors. According to the industry distribution chart, Bank of Communications Co ranks #904 out of 1396 companies in the Banks industry, placing it in the top 64.8%.
Is Bank of Communications Co's Beneish M-Score too high?
Bank of Communications Co's current Beneish M-Score is -2.32. Based on the distribution chart, Bank of Communications Co ranks #904 out of 1396 companies in the Banks industry, which is below the industry midpoint. Overall, Bank of Communications Co has a GF Score™ of 52/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Bank of Communications Co's Beneish M-Score compare to JPM and BAC?
According to the Banks industry distribution chart, Bank of Communications Co ranks #904 out of 1396 companies for Beneish M-Score. This places Bank of Communications Co 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 Bank of Communications Co and its competitors. Bank of Communications Co's current Beneish M-Score is -2.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bank of Communications Co stock overvalued right now?
Based on GuruFocus' analysis, Bank of Communications Co (BCMXY) is currently considered Fairly Valued. The stock's GF Value™ is $24.39, compared to a current price of $24.10 — trading 1.2% below its estimated fair value. The current Beneish M-Score is -2.32. Bank of Communications Co's overall GF Score™ is 52/100 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 Bank of Communications Co (BCMXY), the current Beneish M-Score is -2.32 as of Jun. 25, 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 Bank of Communications Co (BCMXY) Overvalued in 2026?

Based on GuruFocus' analysis, Bank of Communications Co stock appears to be undervalued. The current stock price of $24.10 is trading 1.2% below its estimated GF Value™ of $24.39. GuruFocus considers Bank of Communications Co to be Fairly Valued.

Key valuation signals for BCMXY:

  • Beneish M-Score: -2.32
  • GF Value™: $24.39 vs. price of $24.10 (1.2% below fair value)
  • GF Score™: 52/100 with 5 warning signs

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

Bank of Communications Co Business Description

Address No.188, Yin Cheng Zhong Lu, Pilot Free Trade Zone, Pudong New District, Shanghai, CHN, 200120
Bank of Communications stands as the only nationwide state-owned commercial bank headquartered in Shanghai and ranks among China's four oldest financial institutions. Following its 1987 restructuring as the nation's first state-owned shareholding commercial bank, Bocom is now executing a strategic pivot toward becoming a global wealth management institution with integrated operations spanning insurance, brokerage, trust, and asset management.The bank operates a comprehensive financial services platform encompassing corporate finance, personal banking, and money market activities. Bocom plays a strategic role in RMB internationalization as one of the inaugural participants in the Cross-Border Interbank Payment System.
52GF Score

Get the complete analysis for BCMXY

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

$24.10
Price
$24.39
GF Value