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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 -2.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for RAK Ceramics (Bangladesh)'s Beneish M-Score or its related term are showing as below:
DHA:RAKCERAMIC'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.73 Med: -2.27 Max: 0.07
Current: -2.3
During the past 13 years, the highest Beneish M-Score of RAK Ceramics (Bangladesh) was 0.07. The lowest was -3.73. And the median was -2.27.
RAK Ceramics (Bangladesh) Beneish M-Score Related Terms
RAK Ceramics (Bangladesh) Beneish M-Score Historical Data
* 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.
DHA:RAKCERAMIC vs TT, JCI, CARR: Beneish M-Score Comparison
For the Building Products & Equipment subindustry, RAK Ceramics (Bangladesh)'s Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
RAK Ceramics (Bangladesh) Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, RAK Ceramics (Bangladesh)'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where RAK Ceramics (Bangladesh)'s Beneish M-Score falls into.
RAK Ceramics (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 RAK Ceramics (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 * 0.8588
+
0.528 * 1.3272
+
0.404 * 1.6195
+
0.892 * 1.2015
+
0.115 * 1.3271
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9911
+
4.679 * -0.084604
-
0.327 * 0.7911
=
-2.30
* 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.
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.
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))
=
(402.184 / (402.184 + 3937.485))
/
(285.962 / (285.962 + 3808.87))
=
0.092676
/
0.069835
=
1.3271
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
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
=
(-426.283 - 0
-
558.393)
/
11638.594
=
-0.084604
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.
RAK Ceramics (Bangladesh) has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.
RAK Ceramics (Bangladesh) (DHA:RAKCERAMIC) has a Beneish M-Score of -2.30 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on RAK Ceramics (Bangladesh) and its competitors. According to the industry distribution chart, RAK Ceramics (Bangladesh) ranks #1074 out of 1700 companies in the Construction industry, placing it in the top 63.2%.
Is RAK Ceramics (Bangladesh)'s Beneish M-Score too high?
RAK Ceramics (Bangladesh)'s current Beneish M-Score is -2.30. Based on the distribution chart, RAK Ceramics (Bangladesh) ranks #1074 out of 1700 companies in the Construction industry, which is below the industry midpoint. Overall, RAK Ceramics (Bangladesh) has a GF Score™ of 67/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does RAK Ceramics (Bangladesh)'s Beneish M-Score compare to TT and JCI?
According to the Construction industry distribution chart, RAK Ceramics (Bangladesh) ranks #1074 out of 1700 companies for Beneish M-Score. This places RAK Ceramics (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 Construction company?
A good Beneish M-Score depends on the Construction 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 RAK Ceramics (Bangladesh) and its competitors. RAK Ceramics (Bangladesh)'s current Beneish M-Score is -2.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is RAK Ceramics (Bangladesh) stock overvalued right now?
Based on GuruFocus' analysis, RAK Ceramics (Bangladesh) (DHA:RAKCERAMIC) is currently considered Modestly Overvalued. The stock's GF Value™ is BDT26.77, compared to a current price of BDT31.40 — trading 17.3% above its estimated fair value. The current Beneish M-Score is -2.30. RAK Ceramics (Bangladesh)'s overall GF Score™ is 67/100 with 8 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 RAK Ceramics (Bangladesh) (DHA:RAKCERAMIC), the current Beneish M-Score is -2.30 as of Jul. 17, 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 RAK Ceramics (Bangladesh) (DHA:RAKCERAMIC) Overvalued in 2026?
Based on GuruFocus' analysis, RAK Ceramics (Bangladesh) stock appears to be overvalued.
The current stock price of BDT31.40 is trading 17.3% above its estimated GF Value™ of BDT26.77.
GuruFocus considers RAK Ceramics (Bangladesh) to be Modestly Overvalued.
Key valuation signals for DHA:RAKCERAMIC:
Beneish M-Score: -2.30
GF Value™: BDT26.77 vs. price of BDT31.40 (17.3% above fair value)
No single metric tells the full story. See the DHA:RAKCERAMIC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
RAK Ceramics (Bangladesh) Ltd is a tile and sanitary ware brand in Bangladesh. The core business of RAK Ceramics is to manufacture and sell ceramics and gres porcellanato (porcelain/ fully vitrified) tiles, bathroom sets, and all types of sanitary ware. The operating segments of the group are Ceramic and sanitary ware, Power and Security, and services. Substantial revenue for the group is derived from the Ceramics and sanitary ware segment that engages in manufacturing and marketing of ceramic tiles, bathroom sets, and all types of sanitary ware.
67GF Score
Get the complete analysis for DHA:RAKCERAMIC
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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