Central Insurance (DHA:CENTRALINS) Beneish M-Score: -2.67 (As of Jun. 26, 2026)


DHA:CENTRALINS Central Insurance PLC DHA:CENTRALINS
81 GF Score
Price BDT42.50
GF Value BDT42.49
Valuation Fairly Valued
! 5 Warning Signs
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What is Central Insurance Beneish M-Score?

Central Insurance DHA:CENTRALINS +2.91% 81 Beneish M-Score is -2.67 as of Jun. 26, 2026. GuruFocus rates DHA:CENTRALINS with a GF Score™ of 81/100 and a GF Value™ of BDT42.49 (Fairly Valued). The stock has 5 warning signs investors should review. Among 397 Insurance companies, Central Insurance ranks better than 69.77% 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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Central Insurance's Beneish M-Score or its related term are showing as below:

DHA:CENTRALINS' s Beneish M-Score Range Over the Past 10 Years
Min: -2.67   Med: -2.54   Max: -2.26
Current: -2.67

During the past 13 years, the highest Beneish M-Score of Central Insurance was -2.26. The lowest was -2.67. And the median was -2.54.

DHA:CENTRALINS
81GF Score
Central Insurance PLC DHA:CENTRALINS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Central Insurance 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 Central Insurance 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 * 0.9943+0.528 * 1+0.404 * 1.0005+0.892 * 1.061+0.115 * 1.0719
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.4173+4.679 * -0.038741-0.327 * 0.9825
=-2.67

* 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 BDT406.8 Mil.
Revenue was BDT713.1 Mil.
Gross Profit was BDT713.1 Mil.
Total Current Assets was BDT0.0 Mil.
Total Assets was BDT3,836.6 Mil.
Property, Plant and Equipment(Net PPE) was BDT653.2 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT16.4 Mil.
Selling, General, & Admin. Expense(SGA) was BDT3.0 Mil.
Total Current Liabilities was BDT0.0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT100.1 Mil.
Net Income was BDT99.5 Mil.
Gross Profit was BDT160.9 Mil.
Cash Flow from Operations was BDT87.2 Mil.
 Total Receivables was BDT385.6 Mil.
Revenue was BDT672.1 Mil.
Gross Profit was BDT672.1 Mil.
Total Current Assets was BDT0.0 Mil.
Total Assets was BDT3,793.3 Mil.
Property, Plant and Equipment(Net PPE) was BDT647.4 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT17.5 Mil.
Selling, General, & Admin. Expense(SGA) was BDT2.0 Mil.
Total Current Liabilities was BDT0.0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT100.7 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)
=(406.812 / 713.084) / (385.648 / 672.101)
=0.570497 / 0.573795
=0.9943

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)
=(672.101 / 672.101) / (713.084 / 713.084)
=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 + 653.16) / 3836.557) / (1 - (0 + 647.393) / 3793.346)
=0.829754 / 0.829335
=1.0005

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
=713.084 / 672.101
=1.061

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))
=(17.484 / (17.484 + 647.393)) / (16.427 / (16.427 + 653.16))
=0.026297 / 0.024533
=1.0719

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)
=(3.032 / 713.084) / (2.016 / 672.101)
=0.004252 / 0.003
=1.4173

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)
=((100.091 + 0) / 3836.557) / ((100.724 + 0) / 3793.346)
=0.026089 / 0.026553
=0.9825

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
=(99.472 - 160.878 - 87.225) / 3836.557
=-0.038741

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.

Central Insurance has a M-score of -2.67 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 -2.67 mean?
Central Insurance (DHA:CENTRALINS) has a Beneish M-Score of -2.67 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Central Insurance and its competitors. According to the industry distribution chart, Central Insurance ranks #120 out of 397 companies in the Insurance industry, placing it in the top 30.2%.
Is Central Insurance's Beneish M-Score too high?
Central Insurance's current Beneish M-Score is -2.67. Based on the distribution chart, Central Insurance ranks #120 out of 397 companies in the Insurance industry, which is above the industry midpoint. Overall, Central Insurance has a GF Score™ of 81/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Central Insurance's Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, Central Insurance ranks #120 out of 397 companies for Beneish M-Score. This puts Central Insurance in the upper 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 Central Insurance and its competitors. Central Insurance's current Beneish M-Score is -2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Central Insurance stock overvalued right now?
Based on GuruFocus' analysis, Central Insurance (DHA:CENTRALINS) is currently considered Fairly Valued. The stock's GF Value™ is BDT42.49, compared to a current price of BDT42.50 — trading 0% above its estimated fair value. The current Beneish M-Score is -2.67. Central Insurance's overall GF Score™ is 81/100 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 Central Insurance (DHA:CENTRALINS), the current Beneish M-Score is -2.67 as of Jun. 26, 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 Central Insurance (DHA:CENTRALINS) Overvalued in 2026?

Based on GuruFocus' analysis, Central Insurance stock appears to be overvalued. The current stock price of BDT42.50 is trading 0% above its estimated GF Value™ of BDT42.49. GuruFocus considers Central Insurance to be Fairly Valued.

Key valuation signals for DHA:CENTRALINS:

  • Beneish M-Score: -2.67
  • GF Value™: BDT42.49 vs. price of BDT42.50 (0% above fair value)
  • GF Score™: 81/100 with 5 warning signs

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

Central Insurance Business Description

Address No. 7-8 Motijheel C/A, Central Insurance Bhaban, CIC Tower, 3rd and 4th Floor, Dhaka, BGD, 1000
Central Insurance PLC is a Non-life Insurance Company, engaged in the business of providing all kinds of non-life insurance products and services in Bangladesh. Its products and services include: Fire Insurance, Marine Cargo, Marine Hull, Engineering, Overseas Mediclaim and Holiday, Motor, Various Liability, Aviation Hull and Liability and Miscellaneous Insurances.
81GF Score

Get the complete analysis for DHA:CENTRALINS

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

BDT42.50
Price
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GF Value