Dutch-Bangla Bank (DHA:DUTCHBANGL) Beneish M-Score: -2.32 (As of Sep. 11, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

DHA:DUTCHBANGL Dutch-Bangla Bank PLC DHA:DUTCHBANGL
79 GF Score
Price BDT43.40
GF Value BDT53.17
Valuation Modestly Undervalued
! 2 Warning Signs
View Full Analysis

What is Dutch-Bangla Bank Beneish M-Score?

Dutch-Bangla Bank DHA:DUTCHBANGL 79 Beneish M-Score is -2.32 as of Sep. 11, 2026. GuruFocus rates DHA:DUTCHBANGL with a GF Score™ of 79/100 and a GF Value™ of BDT53.17 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 1,388 Banks companies, Dutch-Bangla Bank ranks worse than 65.2% 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 Dutch-Bangla Bank's Beneish M-Score or its related term are showing as below:

DHA:DUTCHBANGL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.11   Med: -2.28   Max: 0.1
Current: -2.32

During the past 13 years, the highest Beneish M-Score of Dutch-Bangla Bank was 0.10. The lowest was -3.11. And the median was -2.28.

DHA:DUTCHBANGL
79GF Score
Dutch-Bangla Bank PLC DHA:DUTCHBANGL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Dutch-Bangla 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 Dutch-Bangla 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 * 1.0041+0.892 * 1.0307+0.115 * 0.9493
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7868+4.679 * 0.011674-0.327 * 0.8605
=-2.32

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was BDT0 Mil.
Revenue was 13863.452 + 12755.366 + 12726.623 + 13296.327 = BDT52,642 Mil.
Gross Profit was 13863.452 + 12755.366 + 12726.623 + 13296.327 = BDT52,642 Mil.
Total Current Assets was BDT0 Mil.
Total Assets was BDT900,565 Mil.
Property, Plant and Equipment(Net PPE) was BDT11,944 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT2,507 Mil.
Selling, General, & Admin. Expense(SGA) was BDT123 Mil.
Total Current Liabilities was BDT0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT36,539 Mil.
Net Income was 1811.746 + 2607.873 + 7090.681 + 1503.302 = BDT13,014 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 10191.535 + 3908.94 + 1629.225 + -13229.56 = BDT2,500 Mil.
 Total Receivables was BDT0 Mil.
Revenue was 13394.512 + 11316.107 + 14271.619 + 12090.913 = BDT51,073 Mil.
Gross Profit was 13394.512 + 11316.107 + 14271.619 + 12090.913 = BDT51,073 Mil.
Total Current Assets was BDT0 Mil.
Total Assets was BDT743,030 Mil.
Property, Plant and Equipment(Net PPE) was BDT12,817 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT2,527 Mil.
Selling, General, & Admin. Expense(SGA) was BDT151 Mil.
Total Current Liabilities was BDT0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT35,033 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 / 52641.768) / (0 / 51073.151)
=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)
=(51073.151 / 51073.151) / (52641.768 / 52641.768)
=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 + 11943.953) / 900564.58) / (1 - (0 + 12817.395) / 743030.451)
=0.986737 / 0.98275
=1.0041

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
=52641.768 / 51073.151
=1.0307

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))
=(2527.392 / (2527.392 + 12817.395)) / (2507.23 / (2507.23 + 11943.953))
=0.164707 / 0.173497
=0.9493

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)
=(122.779 / 52641.768) / (151.398 / 51073.151)
=0.002332 / 0.002964
=0.7868

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)
=((36538.739 + 0) / 900564.58) / ((35033.378 + 0) / 743030.451)
=0.040573 / 0.047149
=0.8605

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
=(13013.602 - 0 - 2500.14) / 900564.58
=0.011674

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.

Dutch-Bangla Bank has a M-score of -2.32 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?
Dutch-Bangla Bank (DHA:DUTCHBANGL) has a Beneish M-Score of -2.32 as of Sep. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dutch-Bangla Bank and its competitors. According to the industry distribution chart, Dutch-Bangla Bank ranks #905 out of 1388 companies in the Banks industry, placing it in the top 65.2%.
Is Dutch-Bangla Bank's Beneish M-Score too high?
Dutch-Bangla Bank's current Beneish M-Score is -2.32. Based on the distribution chart, Dutch-Bangla Bank ranks #905 out of 1388 companies in the Banks industry, which is below the industry midpoint. Overall, Dutch-Bangla Bank has a GF Score™ of 79/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Dutch-Bangla Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Dutch-Bangla Bank ranks #905 out of 1388 companies for Beneish M-Score. This places Dutch-Bangla Bank 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 Dutch-Bangla Bank and its competitors. Dutch-Bangla Bank'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 Dutch-Bangla Bank stock overvalued right now?
Based on GuruFocus' analysis, Dutch-Bangla Bank (DHA:DUTCHBANGL) is currently considered Modestly Undervalued. The stock's GF Value™ is BDT53.17, compared to a current price of BDT43.40 — trading 18.4% below its estimated fair value. The current Beneish M-Score is -2.32. Dutch-Bangla Bank's overall GF Score™ is 79/100 with 2 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 Dutch-Bangla Bank (DHA:DUTCHBANGL), the current Beneish M-Score is -2.32 as of Sep. 11, 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 Dutch-Bangla Bank (DHA:DUTCHBANGL) Overvalued in 2026?

Based on GuruFocus' analysis, Dutch-Bangla Bank stock appears to be undervalued. The current stock price of BDT43.40 is trading 18.4% below its estimated GF Value™ of BDT53.17. GuruFocus considers Dutch-Bangla Bank to be Modestly Undervalued.

Key valuation signals for DHA:DUTCHBANGL:

  • Beneish M-Score: -2.32
  • GF Value™: BDT53.17 vs. price of BDT43.40 (18.4% below fair value)
  • GF Score™: 79/100 with 2 warning signs

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

Dutch-Bangla Bank Business Description

Address 47 Motijheel Commercial Area, Dhaka, BGD, 1000
Dutch-Bangla Bank PLC offers a range of banking and investment services for personal and corporate customers. The principal activity of the Bank is to carry on all kinds of commercial banking business in Bangladesh. It provides a full range of real-time online banking services such as retail loan products, business loans, LC trade, and deposits, through all Branches, Internet Payment Gateway, ATMs, ADMs, and Internet Banking Channels. The company's business segments are; Corporate Banking which generates maximum revenue, Retail Banking, SME Banking, Financial Inclusion, Treasury, and Off-shore Banking Unit.
79GF Score

Get the complete analysis for DHA:DUTCHBANGL

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

BDT43.40
Price
BDT53.17
GF Value