Pubali Bank (DHA:PUBALIBANK) Beneish M-Score: -2.52 (As of Aug. 14, 2026)

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DHA:PUBALIBANK Pubali Bank PLC DHA:PUBALIBANK
88 GF Score
Price BDT39.30
GF Value BDT30.39
Valuation Modestly Overvalued
! 5 Warning Signs
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What is Pubali Bank Beneish M-Score?

Pubali Bank DHA:PUBALIBANK 88 Beneish M-Score is -2.52 as of Aug. 14, 2026. GuruFocus rates DHA:PUBALIBANK with a GF Score™ of 88/100 and a GF Value™ of BDT30.39 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 1,392 Banks companies, Pubali Bank ranks better than 60.34% 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 -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DHA:PUBALIBANK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08   Med: -2.41   Max: -2.24
Current: -2.52

During the past 12 years, the highest Beneish M-Score of Pubali Bank was -2.24. The lowest was -3.08. And the median was -2.41.

DHA:PUBALIBANK
88GF Score
Pubali Bank PLC DHA:PUBALIBANK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Pubali 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 Pubali 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 * 1.0001+0.892 * 1.2165+0.115 * 0.8939
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0209+4.679 * -0.042663-0.327 * 1.0675
=-2.52

* 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 16317.238 + 14070.403 + 13680.266 + 12993.678 = BDT57,062 Mil.
Gross Profit was 16317.238 + 14070.403 + 13680.266 + 12993.678 = BDT57,062 Mil.
Total Current Assets was BDT0 Mil.
Total Assets was BDT1,300,852 Mil.
Property, Plant and Equipment(Net PPE) was BDT8,109 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT3,653 Mil.
Selling, General, & Admin. Expense(SGA) was BDT669 Mil.
Total Current Liabilities was BDT0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT95,833 Mil.
Net Income was 4606.354 + 2242.258 + 1789.54 + 3333.226 = BDT11,971 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 54042.741 + 22130.683 + -47628.44 + 38924.933 = BDT67,470 Mil.
 Total Receivables was BDT0 Mil.
Revenue was 13453.347 + 11839.139 + 11103.093 + 10511.935 = BDT46,908 Mil.
Gross Profit was 13453.347 + 11839.139 + 11103.093 + 10511.935 = BDT46,908 Mil.
Total Current Assets was BDT0 Mil.
Total Assets was BDT1,061,573 Mil.
Property, Plant and Equipment(Net PPE) was BDT6,690 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT2,571 Mil.
Selling, General, & Admin. Expense(SGA) was BDT539 Mil.
Total Current Liabilities was BDT0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT73,263 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 / 57061.585) / (0 / 46907.514)
=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)
=(46907.514 / 46907.514) / (57061.585 / 57061.585)
=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 + 8108.745) / 1300851.814) / (1 - (0 + 6690.115) / 1061573.031)
=0.993767 / 0.993698
=1.0001

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
=57061.585 / 46907.514
=1.2165

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))
=(2571.342 / (2571.342 + 6690.115)) / (3653.427 / (3653.427 + 8108.745))
=0.277639 / 0.310608
=0.8939

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)
=(669.251 / 57061.585) / (538.918 / 46907.514)
=0.011729 / 0.011489
=1.0209

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)
=((95832.745 + 0) / 1300851.814) / ((73263.074 + 0) / 1061573.031)
=0.073669 / 0.069014
=1.0675

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
=(11971.378 - 0 - 67469.917) / 1300851.814
=-0.042663

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.

Pubali Bank has a M-score of -2.52 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 -2.52 mean?
Pubali Bank (DHA:PUBALIBANK) has a Beneish M-Score of -2.52 as of Aug. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pubali Bank and its competitors. According to the industry distribution chart, Pubali Bank ranks #552 out of 1392 companies in the Banks industry, placing it in the top 39.7%.
Is Pubali Bank's Beneish M-Score too high?
Pubali Bank's current Beneish M-Score is -2.52. Based on the distribution chart, Pubali Bank ranks #552 out of 1392 companies in the Banks industry, which is above the industry midpoint. Overall, Pubali Bank has a GF Score™ of 88/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Pubali Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Pubali Bank ranks #552 out of 1392 companies for Beneish M-Score. This puts Pubali Bank in the upper 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 Pubali Bank and its competitors. Pubali Bank's current Beneish M-Score is -2.52. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pubali Bank stock overvalued right now?
Based on GuruFocus' analysis, Pubali Bank (DHA:PUBALIBANK) is currently considered Modestly Overvalued. The stock's GF Value™ is BDT30.39, compared to a current price of BDT39.30 — trading 29.3% above its estimated fair value. The current Beneish M-Score is -2.52. Pubali Bank's overall GF Score™ is 88/100 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 Pubali Bank (DHA:PUBALIBANK), the current Beneish M-Score is -2.52 as of Aug. 14, 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 Pubali Bank (DHA:PUBALIBANK) Overvalued in 2026?

Based on GuruFocus' analysis, Pubali Bank stock appears to be overvalued. The current stock price of BDT39.30 is trading 29.3% above its estimated GF Value™ of BDT30.39. GuruFocus considers Pubali Bank to be Modestly Overvalued.

Key valuation signals for DHA:PUBALIBANK:

  • Beneish M-Score: -2.52
  • GF Value™: BDT30.39 vs. price of BDT39.30 (29.3% above fair value)
  • GF Score™: 88/100 with 5 warning signs

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

Pubali Bank Business Description

Address 26, Dilkusha Commercial Area, G.P.O. Box Number 853, Dhaka, BGD, 1000
Pubali Bank PLC provides commercial banking services in Bangladesh. The bank offers deposit products that include savings bank accounts, fixed deposit accounts, short-term deposit accounts, current accounts, pension accounts, and foreign currency accounts. Its business segments are comprised of Conventional Banking, Islamic Banking, Off-shore Banking and Pubali Bank Securities Limited.
88GF Score

Get the complete analysis for DHA:PUBALIBANK

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

BDT39.30
Price
BDT30.39
GF Value