Export Import Bank of Bangladesh (DHA:EXIMBANK) Beneish M-Score: -1.63 (As of Jun. 26, 2026)


DHA:EXIMBANK Export Import Bank of Bangladesh PLC DHA:EXIMBANK
61 GF Score
Price BDT9.10
GF Value BDT8.23
Valuation Modestly Overvalued
! 5 Warning Signs
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What is Export Import Bank of Bangladesh Beneish M-Score?

Export Import Bank of Bangladesh DHA:EXIMBANK 61 Beneish M-Score is -1.63 as of Jun. 26, 2026. GuruFocus rates DHA:EXIMBANK with a GF Score™ of 61/100 and a GF Value™ of BDT8.23 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 1,397 Banks companies, Export Import Bank of Bangladesh ranks worse than 95.56% 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.

Warning Sign:

Beneish M-Score -1.63 higher than -1.78, which implies that the company might have manipulated its financial results.

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

DHA:EXIMBANK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.18   Med: -2.56   Max: -1.63
Current: -1.63

During the past 13 years, the highest Beneish M-Score of Export Import Bank of Bangladesh was -1.63. The lowest was -3.18. And the median was -2.56.

DHA:EXIMBANK
61GF Score
Export Import Bank of Bangladesh PLC DHA:EXIMBANK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Export Import Bank of Bangladesh 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 Export Import Bank of Bangladesh 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 * 1.0007+0.892 * 1.7449+0.115 * 1.4828
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4482+4.679 * 0.010444-0.327 * 1.0544
=-1.63

* 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 (Sep25) TTM:Last Year (Sep24) TTM:
Total Receivables was BDT0 Mil.
Revenue was -668.542 + 2160.993 + 2378.474 + 7720.539 = BDT11,591 Mil.
Gross Profit was -668.542 + 2160.993 + 2378.474 + 7720.539 = BDT11,591 Mil.
Total Current Assets was BDT0 Mil.
Total Assets was BDT609,909 Mil.
Property, Plant and Equipment(Net PPE) was BDT5,518 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT343 Mil.
Selling, General, & Admin. Expense(SGA) was BDT17 Mil.
Total Current Liabilities was BDT0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT18,900 Mil.
Net Income was -3323.604 + -114.21 + 297.819 + 4268.933 = BDT1,129 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was -11719.475 + -19438.61 + 1044.26 + 24872.843 = BDT-5,241 Mil.
 Total Receivables was BDT0 Mil.
Revenue was -4159.197 + 4080.985 + 2709.206 + 4012.144 = BDT6,643 Mil.
Gross Profit was -4159.197 + 4080.985 + 2709.206 + 4012.144 = BDT6,643 Mil.
Total Current Assets was BDT0 Mil.
Total Assets was BDT598,865 Mil.
Property, Plant and Equipment(Net PPE) was BDT5,840 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT554 Mil.
Selling, General, & Admin. Expense(SGA) was BDT22 Mil.
Total Current Liabilities was BDT0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT17,600 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 / 11591.464) / (0 / 6643.138)
=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)
=(6643.138 / 6643.138) / (11591.464 / 11591.464)
=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 + 5517.699) / 609908.544) / (1 - (0 + 5839.885) / 598865.078)
=0.990953 / 0.990248
=1.0007

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
=11591.464 / 6643.138
=1.7449

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))
=(554.386 / (554.386 + 5839.885)) / (342.661 / (342.661 + 5517.699))
=0.0867 / 0.058471
=1.4828

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)
=(16.883 / 11591.464) / (21.594 / 6643.138)
=0.001457 / 0.003251
=0.4482

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)
=((18900 + 0) / 609908.544) / ((17600 + 0) / 598865.078)
=0.030988 / 0.029389
=1.0544

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
=(1128.938 - 0 - -5240.982) / 609908.544
=0.010444

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.

Export Import Bank of Bangladesh has a M-score of -1.63 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 -1.63 mean?
Export Import Bank of Bangladesh (DHA:EXIMBANK) has a Beneish M-Score of -1.63 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Export Import Bank of Bangladesh and its competitors. According to the industry distribution chart, Export Import Bank of Bangladesh ranks #1335 out of 1397 companies in the Banks industry, placing it in the top 95.6%.
Is Export Import Bank of Bangladesh's Beneish M-Score too high?
Export Import Bank of Bangladesh's current Beneish M-Score is -1.63. Based on the distribution chart, Export Import Bank of Bangladesh ranks #1335 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Export Import Bank of Bangladesh has a GF Score™ of 61/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Export Import Bank of Bangladesh's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Export Import Bank of Bangladesh ranks #1335 out of 1397 companies for Beneish M-Score. This places Export Import Bank of Bangladesh 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 Export Import Bank of Bangladesh and its competitors. Export Import Bank of Bangladesh's current Beneish M-Score is -1.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Export Import Bank of Bangladesh stock overvalued right now?
Based on GuruFocus' analysis, Export Import Bank of Bangladesh (DHA:EXIMBANK) is currently considered Modestly Overvalued. The stock's GF Value™ is BDT8.23, compared to a current price of BDT9.10 — trading 10.6% above its estimated fair value. The current Beneish M-Score is -1.63. Export Import Bank of Bangladesh's overall GF Score™ is 61/100 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 Export Import Bank of Bangladesh (DHA:EXIMBANK), the current Beneish M-Score is -1.63 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 Export Import Bank of Bangladesh (DHA:EXIMBANK) Overvalued in 2026?

Based on GuruFocus' analysis, Export Import Bank of Bangladesh stock appears to be overvalued. The current stock price of BDT9.10 is trading 10.6% above its estimated GF Value™ of BDT8.23. GuruFocus considers Export Import Bank of Bangladesh to be Modestly Overvalued.

Key valuation signals for DHA:EXIMBANK:

  • Beneish M-Score: -1.63
  • GF Value™: BDT8.23 vs. price of BDT9.10 (10.6% above fair value)
  • GF Score™: 61/100 with 5 warning signs

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

Export Import Bank of Bangladesh Business Description

Address Bir Uttam A. K. Khondokar Road, Road No.15, Plot No. 15, Block No. CWS C, Gulshan-1, Dhaka, BGD, 1212
Export Import Bank of Bangladesh PLC provides commercial banking. Its services include mobilizing deposits, providing investment facilities, discounting bills, conducting money transfers, and conducting foreign exchange transactions. It also provides services like safekeeping, issuing guarantees, acceptances, letters of credit, etc.
61GF Score

Get the complete analysis for DHA:EXIMBANK

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

BDT9.10
Price
BDT8.23
GF Value