LankaBangla Finance (DHA:LANKABAFIN) Beneish M-Score: 0.00 (As of Jul. 22, 2026)

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DHA:LANKABAFIN LankaBangla Finance PLC DHA:LANKABAFIN
58 GF Score
Price BDT18.70
GF Value BDT22.57
Valuation Modestly Undervalued
! 5 Warning Signs
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What is LankaBangla Finance Beneish M-Score?

LankaBangla Finance DHA:LANKABAFIN -1.06% 58 Beneish M-Score is 0.00 as of Jul. 22, 2026. GuruFocus rates DHA:LANKABAFIN with a GF Score™ of 58/100 and a GF Value™ of BDT22.57 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 487 Credit Services companies, LankaBangla Finance ranks worse than 205338.6% 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 LankaBangla Finance's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of LankaBangla Finance was -1.97. The lowest was -2.90. And the median was -2.30.

DHA:LANKABAFIN
58GF Score
LankaBangla Finance PLC DHA:LANKABAFIN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

LankaBangla Finance 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 LankaBangla Finance 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 Mil.
Revenue was 1299.679 + 932.015 + 1412.349 + 614.041 = BDT4,258 Mil.
Gross Profit was 1299.679 + 932.015 + 1412.349 + 614.041 = BDT4,258 Mil.
Total Current Assets was BDT0 Mil.
Total Assets was BDT91,963 Mil.
Property, Plant and Equipment(Net PPE) was BDT1,078 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT220 Mil.
Selling, General, & Admin. Expense(SGA) was BDT407 Mil.
Total Current Liabilities was BDT0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT0 Mil.
Net Income was 181.878 + 95.759 + 15.952 + -85.288 = BDT208 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 1790.986 + -584.416 + 630.772 + -1799.41 = BDT38 Mil.
 Total Receivables was BDT0 Mil.
Revenue was 1709.475 + 1099.44 + 764.297 + 353.909 = BDT3,927 Mil.
Gross Profit was 1709.475 + 1099.44 + 764.297 + 353.909 = BDT3,927 Mil.
Total Current Assets was BDT0 Mil.
Total Assets was BDT87,479 Mil.
Property, Plant and Equipment(Net PPE) was BDT1,342 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT212 Mil.
Selling, General, & Admin. Expense(SGA) was BDT409 Mil.
Total Current Liabilities was BDT0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT0 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 / 4258.084) / (0 / 3927.121)
=0 / 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)
=(3927.121 / 3927.121) / (4258.084 / 4258.084)
=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 + 1078.388) / 91963.349) / (1 - (0 + 1341.649) / 87478.592)
=0.988274 / 0.984663
=

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
=4258.084 / 3927.121
=

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))
=(212.407 / (212.407 + 1341.649)) / (220.289 / (220.289 + 1078.388))
=0.136679 / 0.169626
=

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)
=(407.118 / 4258.084) / (408.928 / 3927.121)
=0.095611 / 0.104129
=

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)
=((0 + 0) / 91963.349) / ((0 + 0) / 87478.592)
=0 / 0
=

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
=(208.301 - 0 - 37.932) / 91963.349
=0.001853

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?
LankaBangla Finance (DHA:LANKABAFIN) has a Beneish M-Score of 0.00 as of Jul. 22, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on LankaBangla Finance and its competitors. According to the industry distribution chart, LankaBangla Finance ranks #999999 out of 487 companies in the Credit Services industry.
Is LankaBangla Finance's Beneish M-Score too high?
LankaBangla Finance's current Beneish M-Score is 0.00. Based on the distribution chart, LankaBangla Finance ranks #999999 out of 487 companies in the Credit Services industry, which is in the bottom quartile relative to peers. Overall, LankaBangla Finance has a GF Score™ of 58/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does LankaBangla Finance's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, LankaBangla Finance ranks #999999 out of 487 companies for Beneish M-Score. This places LankaBangla Finance 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 Credit Services company?
A good Beneish M-Score depends on the Credit 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 LankaBangla Finance and its competitors. LankaBangla Finance'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 LankaBangla Finance stock overvalued right now?
Based on GuruFocus' analysis, LankaBangla Finance (DHA:LANKABAFIN) is currently considered Modestly Undervalued. The stock's GF Value™ is BDT22.57, compared to a current price of BDT18.70 — trading 17.1% below its estimated fair value. The current Beneish M-Score is 0.00. LankaBangla Finance'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 LankaBangla Finance (DHA:LANKABAFIN), the current Beneish M-Score is 0.00 as of Jul. 22, 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 LankaBangla Finance (DHA:LANKABAFIN) Overvalued in 2026?

Based on GuruFocus' analysis, LankaBangla Finance stock appears to be undervalued. The current stock price of BDT18.70 is trading 17.1% below its estimated GF Value™ of BDT22.57. GuruFocus considers LankaBangla Finance to be Modestly Undervalued.

Key valuation signals for DHA:LANKABAFIN:

  • Beneish M-Score: 0.00
  • GF Value™: BDT22.57 vs. price of BDT18.70 (17.1% below fair value)
  • GF Score™: 58/100 with 5 warning signs

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

LankaBangla Finance Business Description

Address 20, Kemal Ataturk Avenue, Level 11, Safura Tower, Banani, Dhaka, BGD, 1213
LankaBangla Finance PLC is engaged in providing financial services. The company offers corporate financial services, personal financial services, SME financial services, stock broking, corporate advisory and wealth management services. It is a financial institution to operate credit card and provide third-party card processing services to different banks in Bangladesh. The company has four reportable segments being Core Financing Business; Brokerage; Investment Business, and Asset Management Business. It derives majority of its revenues from the Core Financing Business segment.
58GF Score

Get the complete analysis for DHA:LANKABAFIN

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

BDT18.70
Price
BDT22.57
GF Value