BNKHF (BOC Hong Kong Holdings) Beneish M-Score: -2.10 (As of Jun. 25, 2026)


BNKHF BOC Hong Kong Holdings Ltd BNKHF
53 GF Score
Price $6.15
GF Value $4.28
Valuation Significantly Overvalued
! 7 Warning Signs
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What is BOC Hong Kong Holdings Beneish M-Score?

BOC Hong Kong Holdings BNKHF 53 Beneish M-Score is -2.10 as of Jun. 25, 2026. GuruFocus rates BNKHF with a GF Score™ of 53/100 and a GF Value™ of $4.28 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,396 Banks companies, BOC Hong Kong Holdings ranks worse than 86.89% 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 -2.1 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for BOC Hong Kong Holdings's Beneish M-Score or its related term are showing as below:

BNKHF' s Beneish M-Score Range Over the Past 10 Years
Min: -9.38   Med: -2.46   Max: -1.61
Current: -2.1

During the past 13 years, the highest Beneish M-Score of BOC Hong Kong Holdings was -1.61. The lowest was -9.38. And the median was -2.46.

BNKHF
53GF Score
BOC Hong Kong Holdings Ltd BNKHF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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BOC Hong Kong Holdings 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 BOC Hong Kong Holdings 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 * 1.0016+0.892 * 1.2365+0.115 * 0.929
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6645+4.679 * 0.028332-0.327 * 1.052
=-2.10

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $0 Mil.
Revenue was $11,428 Mil.
Gross Profit was $11,428 Mil.
Total Current Assets was $0 Mil.
Total Assets was $577,037 Mil.
Property, Plant and Equipment(Net PPE) was $4,340 Mil.
Depreciation, Depletion and Amortization(DDA) was $352 Mil.
Selling, General, & Admin. Expense(SGA) was $5 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $11,387 Mil.
Net Income was $5,156 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $-11,192 Mil.
 Total Receivables was $0 Mil.
Revenue was $9,242 Mil.
Gross Profit was $9,242 Mil.
Total Current Assets was $0 Mil.
Total Assets was $539,585 Mil.
Property, Plant and Equipment(Net PPE) was $4,920 Mil.
Depreciation, Depletion and Amortization(DDA) was $369 Mil.
Selling, General, & Admin. Expense(SGA) was $6 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $10,122 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 / 11428.259) / (0 / 9242.159)
=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)
=(9242.159 / 9242.159) / (11428.259 / 11428.259)
=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 + 4340.171) / 577036.937) / (1 - (0 + 4919.598) / 539584.738)
=0.992479 / 0.990883
=1.0016

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
=11428.259 / 9242.159
=1.2365

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))
=(368.822 / (368.822 + 4919.598)) / (352.277 / (352.277 + 4340.171))
=0.069741 / 0.075073
=0.929

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)
=(4.755 / 11428.259) / (5.789 / 9242.159)
=0.000416 / 0.000626
=0.6645

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)
=((11387.261 + 0) / 577036.937) / ((10121.697 + 0) / 539584.738)
=0.019734 / 0.018758
=1.052

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
=(5156.411 - 0 - -11192.037) / 577036.937
=0.028332

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.

BOC Hong Kong Holdings has a M-score of -2.10 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 -2.10 mean?
BOC Hong Kong Holdings (BNKHF) has a Beneish M-Score of -2.10 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BOC Hong Kong Holdings and its competitors. According to the industry distribution chart, BOC Hong Kong Holdings ranks #1213 out of 1396 companies in the Banks industry, placing it in the top 86.9%.
Is BOC Hong Kong Holdings' Beneish M-Score too high?
BOC Hong Kong Holdings' current Beneish M-Score is -2.10. Based on the distribution chart, BOC Hong Kong Holdings ranks #1213 out of 1396 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, BOC Hong Kong Holdings has a GF Score™ of 53/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does BOC Hong Kong Holdings' Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, BOC Hong Kong Holdings ranks #1213 out of 1396 companies for Beneish M-Score. This places BOC Hong Kong Holdings 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 BOC Hong Kong Holdings and its competitors. BOC Hong Kong Holdings's current Beneish M-Score is -2.10. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BOC Hong Kong Holdings stock overvalued right now?
Based on GuruFocus' analysis, BOC Hong Kong Holdings (BNKHF) is currently considered Significantly Overvalued. The stock's GF Value™ is $4.28, compared to a current price of $6.15 — trading 43.7% above its estimated fair value. The current Beneish M-Score is -2.10. BOC Hong Kong Holdings' overall GF Score™ is 53/100 with 7 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 BOC Hong Kong Holdings (BNKHF), the current Beneish M-Score is -2.10 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 BOC Hong Kong Holdings (BNKHF) Overvalued in 2026?

Based on GuruFocus' analysis, BOC Hong Kong Holdings stock appears to be overvalued. The current stock price of $6.15 is trading 43.7% above its estimated GF Value™ of $4.28. GuruFocus considers BOC Hong Kong Holdings to be Significantly Overvalued.

Key valuation signals for BNKHF:

  • Beneish M-Score: -2.10
  • GF Value™: $4.28 vs. price of $6.15 (43.7% above fair value)
  • GF Score™: 53/100 with 7 warning signs

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

BOC Hong Kong Holdings Business Description

Address 1 Garden Road, 53rd Floor, Bank of China Tower, Hong Kong, HKG
BOC Hong Kong is a subsidiary of Bank of China. It is the second-largest bank in Hong Kong in terms of loan and deposit market shares. Although BOC Hong Kong is legally separate from its parent, it maintains close relationships with it in management, administration, and business relations. The two companies also cooperate in several areas, including the reselling of Bank of China's insurance and securities services. Bank of China holds a 66% stake in BOC Hong Kong.
53GF Score

Get the complete analysis for BNKHF

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

$6.15
Price
$4.28
GF Value