First Security Islami Bank (DHA:FIRSTSBANK) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


DHA:FIRSTSBANK First Security Islami Bank PLC DHA:FIRSTSBANK
58 GF Score
Price BDT8.20
GF Value BDT9.45
Valuation Modestly Undervalued
! 5 Warning Signs
View Full Analysis

What is First Security Islami Bank Beneish M-Score?

First Security Islami Bank DHA:FIRSTSBANK 58 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates DHA:FIRSTSBANK with a GF Score™ of 58/100 and a GF Value™ of BDT9.45 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 1,397 Banks companies, First Security Islami Bank ranks worse than 71581.89% 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.

The historical rank and industry rank for First Security Islami Bank's Beneish M-Score or its related term are showing as below:

During the past 11 years, the highest Beneish M-Score of First Security Islami Bank was -2.14. The lowest was -3.12. And the median was -2.43.

DHA:FIRSTSBANK
58GF Score
First Security Islami Bank PLC DHA:FIRSTSBANK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

First Security Islami 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 First Security Islami 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was BDT0.00 Mil.
Revenue was -8962.784 + -3588.183 + -3533.892 + 2555 = BDT-13,529.86 Mil.
Gross Profit was -8962.784 + -3588.183 + -3533.892 + 2555 = BDT-13,529.86 Mil.
Total Current Assets was BDT0.00 Mil.
Total Assets was BDT678,590.45 Mil.
Property, Plant and Equipment(Net PPE) was BDT6,871.76 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT559.84 Mil.
Selling, General, & Admin. Expense(SGA) was BDT108.79 Mil.
Total Current Liabilities was BDT0.00 Mil.
Long-Term Debt & Capital Lease Obligation was BDT10,890.53 Mil.
Net Income was -11168.067 + -5753.308 + -4628.937 + -313.941 = BDT-21,864.25 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0.00 Mil.
Cash Flow from Operations was -5162.076 + -21503.068 + 30144.512 + -42747.548 = BDT-39,268.18 Mil.
 Total Receivables was BDT0.00 Mil.
Revenue was 4189.429 + 4089.741 + 6891.727 + 3657.615 = BDT18,828.51 Mil.
Gross Profit was 4189.429 + 4089.741 + 6891.727 + 3657.615 = BDT18,828.51 Mil.
Total Current Assets was BDT0.00 Mil.
Total Assets was BDT691,760.71 Mil.
Property, Plant and Equipment(Net PPE) was BDT7,098.73 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT402.12 Mil.
Selling, General, & Admin. Expense(SGA) was BDT203.54 Mil.
Total Current Liabilities was BDT0.00 Mil.
Long-Term Debt & Capital Lease Obligation was BDT12,771.43 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 / -13529.859) / (0 / 18828.512)
= / 0
=

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)
=(18828.512 / 18828.512) / (-13529.859 / -13529.859)
=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 + 6871.762) / 678590.453) / (1 - (0 + 7098.734) / 691760.707)
=0.989873 / 0.989738
=

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
=-13529.859 / 18828.512
=

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))
=(402.116 / (402.116 + 7098.734)) / (559.84 / (559.84 + 6871.762))
=0.053609 / 0.075332
=

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)
=(108.792 / -13529.859) / (203.542 / 18828.512)
= / 0.01081
=

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)
=((10890.527 + 0) / 678590.453) / ((12771.426 + 0) / 691760.707)
=0.016049 / 0.018462
=

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
=(-21864.253 - 0 - -39268.18) / 678590.453
=0.025647

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
First Security Islami Bank (DHA:FIRSTSBANK) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on First Security Islami Bank and its competitors. According to the industry distribution chart, First Security Islami Bank ranks #999999 out of 1397 companies in the Banks industry.
Is First Security Islami Bank's Beneish M-Score too high?
First Security Islami Bank's current Beneish M-Score is 0.00. Based on the distribution chart, First Security Islami Bank ranks #999999 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, First Security Islami Bank has a GF Score™ of 58/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does First Security Islami Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, First Security Islami Bank ranks #999999 out of 1397 companies for Beneish M-Score. This places First Security Islami 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 First Security Islami Bank and its competitors. First Security Islami Bank's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Security Islami Bank stock overvalued right now?
Based on GuruFocus' analysis, First Security Islami Bank (DHA:FIRSTSBANK) is currently considered Modestly Undervalued. The stock's GF Value™ is BDT9.45, compared to a current price of BDT8.20 — trading 13.2% below its estimated fair value. The current Beneish M-Score is 0.00. First Security Islami Bank's overall GF Score™ is 58/100 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 First Security Islami Bank (DHA:FIRSTSBANK), the current Beneish M-Score is 0.00 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 First Security Islami Bank (DHA:FIRSTSBANK) Overvalued in 2026?

Based on GuruFocus' analysis, First Security Islami Bank stock appears to be undervalued. The current stock price of BDT8.20 is trading 13.2% below its estimated GF Value™ of BDT9.45. GuruFocus considers First Security Islami Bank to be Modestly Undervalued.

Key valuation signals for DHA:FIRSTSBANK:

  • Beneish M-Score: 0.00
  • GF Value™: BDT9.45 vs. price of BDT8.20 (13.2% below fair value)
  • GF Score™: 58/100 with 5 warning signs

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

First Security Islami Bank Business Description

Address Rangs RD Center, Block: SE (F), Plot:03, Gulshan Avenue, Gulshan - 1, Dhaka, BGD, 1212
First Security Islami Bank PLC is a commercial bank. The bank's activities include accepting deposits, making loans, discounting bills, conducting money transfers and foreign exchange transactions, and performing other services. The company mainly focuses on deposit mobilization and investing activities comprising short-term, long-term, import, and export financing. The company invests in rural and agriculture, garments, jute, cement and bricks, tannery, steel and engineering, food and beverage, chemical and pharmaceuticals, printing and packaging, glass, and ceramics.
58GF Score

Get the complete analysis for DHA:FIRSTSBANK

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

BDT8.20
Price
BDT9.45
GF Value