GSP Finance Co (Bangladesh) (DHA:GSPFINANCE) Beneish M-Score: 0.00 (As of Jun. 28, 2026)


DHA:GSPFINANCE GSP Finance Co (Bangladesh) Ltd DHA:GSPFINANCE
25 GF Score
Price BDT3.40
! 3 Warning Signs
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What is GSP Finance Co (Bangladesh) Beneish M-Score?

GSP Finance Co (Bangladesh) DHA:GSPFINANCE -2.86% 25 Beneish M-Score is 0.00 as of Jun. 28, 2026. GuruFocus rates DHA:GSPFINANCE with a GF Score™ of 25/100. The stock has 3 warning signs investors should review. Among 86 Diversified Financial Services companies, GSP Finance Co (Bangladesh) ranks worse than 1162789.53% 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 GSP Finance Co (Bangladesh)'s Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of GSP Finance Co (Bangladesh) was -1.30. The lowest was -5.70. And the median was -2.39.

DHA:GSPFINANCE
25GF Score
GSP Finance Co (Bangladesh) Ltd DHA:GSPFINANCE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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GSP Finance Co (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 GSP Finance Co (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 * +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 (Sep25) TTM:Last Year (Sep24) TTM:
Total Receivables was BDT0.00 Mil.
Revenue was -466.407 + -174.695 + -185.325 + -214.442 = BDT-1,040.87 Mil.
Gross Profit was -466.407 + -174.695 + -185.325 + -214.442 = BDT-1,040.87 Mil.
Total Current Assets was BDT0.00 Mil.
Total Assets was BDT12,883.87 Mil.
Property, Plant and Equipment(Net PPE) was BDT2,129.76 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT4.59 Mil.
Selling, General, & Admin. Expense(SGA) was BDT3.63 Mil.
Total Current Liabilities was BDT0.00 Mil.
Long-Term Debt & Capital Lease Obligation was BDT2,247.96 Mil.
Net Income was -585.449 + -444.164 + -309.78 + -1067.067 = BDT-2,406.46 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0.00 Mil.
Cash Flow from Operations was 192.329 + -127.021 + -124.924 + -195.613 = BDT-255.23 Mil.
 Total Receivables was BDT0.00 Mil.
Revenue was -163.479 + -95.836 + -32.738 + -161.583 = BDT-453.64 Mil.
Gross Profit was -163.479 + -95.836 + -32.738 + -161.583 = BDT-453.64 Mil.
Total Current Assets was BDT0.00 Mil.
Total Assets was BDT12,638.89 Mil.
Property, Plant and Equipment(Net PPE) was BDT2,185.11 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT6.21 Mil.
Selling, General, & Admin. Expense(SGA) was BDT2.49 Mil.
Total Current Liabilities was BDT0.00 Mil.
Long-Term Debt & Capital Lease Obligation was BDT1,754.26 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 / -1040.869) / (0 / -453.636)
= /
=

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)
=(-453.636 / -453.636) / (-1040.869 / -1040.869)
= /
=

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 + 2129.764) / 12883.872) / (1 - (0 + 2185.112) / 12638.885)
=0.834695 / 0.827112
=

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
=-1040.869 / -453.636
=

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))
=(6.205 / (6.205 + 2185.112)) / (4.591 / (4.591 + 2129.764))
=0.002832 / 0.002151
=

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)
=(3.63 / -1040.869) / (2.487 / -453.636)
= /
=

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)
=((2247.959 + 0) / 12883.872) / ((1754.262 + 0) / 12638.885)
=0.174479 / 0.138799
=

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
=(-2406.46 - 0 - -255.229) / 12883.872
=-0.166971

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?
GSP Finance Co (Bangladesh) (DHA:GSPFINANCE) has a Beneish M-Score of 0.00 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on GSP Finance Co (Bangladesh) and its competitors. According to the industry distribution chart, GSP Finance Co (Bangladesh) ranks #999999 out of 86 companies in the Diversified Financial Services industry.
Is GSP Finance Co (Bangladesh)'s Beneish M-Score too high?
GSP Finance Co (Bangladesh)'s current Beneish M-Score is 0.00. Based on the distribution chart, GSP Finance Co (Bangladesh) ranks #999999 out of 86 companies in the Diversified Financial Services industry, which is in the bottom quartile relative to peers. Overall, GSP Finance Co (Bangladesh) has a GF Score™ of 25/100, reflecting its overall financial health beyond just this single metric.
How does GSP Finance Co (Bangladesh)'s Beneish M-Score compare to FRHC and VOYA?
According to the Diversified Financial Services industry distribution chart, GSP Finance Co (Bangladesh) ranks #999999 out of 86 companies for Beneish M-Score. This places GSP Finance Co (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 Diversified Financial Services company?
A good Beneish M-Score depends on the Diversified Financial Services 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 GSP Finance Co (Bangladesh) and its competitors. GSP Finance Co (Bangladesh)'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 GSP Finance Co (Bangladesh) stock overvalued right now?
GSP Finance Co (Bangladesh) (DHA:GSPFINANCE) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. GSP Finance Co (Bangladesh)'s overall GF Score™ is 25/100 with 3 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 GSP Finance Co (Bangladesh) (DHA:GSPFINANCE), the current Beneish M-Score is 0.00 as of Jun. 28, 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.

GSP Finance Co (Bangladesh) Business Description

Address Mymensingh Road, 1, Paribagh, Dhaka, BGD, 1000
GSP Finance Co (Bangladesh) Ltd provides financial products and services. The company activities include lease finance, term finance, working capital finance, bridge/equity finance, syndication finance, SME finance, and term deposits, among others. It is also engaged in providing merchant banking services.
25GF Score

Get the complete analysis for DHA:GSPFINANCE

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

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