Southeast Bank (DHA:SOUTHEASTB) Beneish M-Score: -2.45 (As of Jul. 17, 2026)

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DHA:SOUTHEASTB Southeast Bank PLC DHA:SOUTHEASTB
73 GF Score
Price BDT10.20
GF Value BDT10.51
Valuation Fairly Valued
! 4 Warning Signs
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What is Southeast Bank Beneish M-Score?

Southeast Bank DHA:SOUTHEASTB -1.92% 73 Beneish M-Score is -2.45 as of Jul. 17, 2026. GuruFocus rates DHA:SOUTHEASTB with a GF Score™ of 73/100 and a GF Value™ of BDT10.51 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,396 Banks companies, Southeast Bank ranks better than 60.96% 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DHA:SOUTHEASTB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.83   Med: -2.56   Max: -2.05
Current: -2.45

During the past 13 years, the highest Beneish M-Score of Southeast Bank was -2.05. The lowest was -2.83. And the median was -2.56.

DHA:SOUTHEASTB
73GF Score
Southeast Bank PLC DHA:SOUTHEASTB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Southeast 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 Southeast 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 * 1.0011+0.892 * 1.119+0.115 * 1.1028
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0117+4.679 * -0.044151-0.327 * 0.6422
=-2.45

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was BDT0 Mil.
Revenue was 4733.534 + 3984.502 + 5947.983 + 5022.274 = BDT19,688 Mil.
Gross Profit was 4733.534 + 3984.502 + 5947.983 + 5022.274 = BDT19,688 Mil.
Total Current Assets was BDT0 Mil.
Total Assets was BDT585,316 Mil.
Property, Plant and Equipment(Net PPE) was BDT10,220 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT776 Mil.
Selling, General, & Admin. Expense(SGA) was BDT369 Mil.
Total Current Liabilities was BDT0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT21,784 Mil.
Net Income was 1318.65 + 1394.761 + 621.797 + 795.266 = BDT4,130 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 21587.86 + -2352.089 + 5473.84 + 5263.193 = BDT29,973 Mil.
 Total Receivables was BDT0 Mil.
Revenue was 4096.571 + 4038.437 + 4760.763 + 4698.007 = BDT17,594 Mil.
Gross Profit was 4096.571 + 4038.437 + 4760.763 + 4698.007 = BDT17,594 Mil.
Total Current Assets was BDT0 Mil.
Total Assets was BDT552,761 Mil.
Property, Plant and Equipment(Net PPE) was BDT10,238 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT864 Mil.
Selling, General, & Admin. Expense(SGA) was BDT326 Mil.
Total Current Liabilities was BDT0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT32,035 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 / 19688.293) / (0 / 17593.778)
=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)
=(17593.778 / 17593.778) / (19688.293 / 19688.293)
=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 + 10219.639) / 585315.616) / (1 - (0 + 10238.115) / 552761.094)
=0.98254 / 0.981478
=1.0011

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
=19688.293 / 17593.778
=1.119

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))
=(863.674 / (863.674 + 10238.115)) / (775.615 / (775.615 + 10219.639))
=0.077796 / 0.070541
=1.1028

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)
=(368.519 / 19688.293) / (325.51 / 17593.778)
=0.018718 / 0.018501
=1.0117

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)
=((21784.351 + 0) / 585315.616) / ((32034.844 + 0) / 552761.094)
=0.037218 / 0.057954
=0.6422

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
=(4130.474 - 0 - 29972.804) / 585315.616
=-0.044151

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.

Southeast Bank has a M-score of -2.45 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 -2.45 mean?
Southeast Bank (DHA:SOUTHEASTB) has a Beneish M-Score of -2.45 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Southeast Bank and its competitors. According to the industry distribution chart, Southeast Bank ranks #545 out of 1396 companies in the Banks industry, placing it in the top 39%.
Is Southeast Bank's Beneish M-Score too high?
Southeast Bank's current Beneish M-Score is -2.45. Based on the distribution chart, Southeast Bank ranks #545 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, Southeast Bank has a GF Score™ of 73/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Southeast Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Southeast Bank ranks #545 out of 1396 companies for Beneish M-Score. This puts Southeast 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 Southeast Bank and its competitors. Southeast Bank's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Southeast Bank stock overvalued right now?
Based on GuruFocus' analysis, Southeast Bank (DHA:SOUTHEASTB) is currently considered Fairly Valued. The stock's GF Value™ is BDT10.51, compared to a current price of BDT10.20 — trading 2.9% below its estimated fair value. The current Beneish M-Score is -2.45. Southeast Bank's overall GF Score™ is 73/100 with 4 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 Southeast Bank (DHA:SOUTHEASTB), the current Beneish M-Score is -2.45 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 Southeast Bank (DHA:SOUTHEASTB) Overvalued in 2026?

Based on GuruFocus' analysis, Southeast Bank stock appears to be undervalued. The current stock price of BDT10.20 is trading 2.9% below its estimated GF Value™ of BDT10.51. GuruFocus considers Southeast Bank to be Fairly Valued.

Key valuation signals for DHA:SOUTHEASTB:

  • Beneish M-Score: -2.45
  • GF Value™: BDT10.51 vs. price of BDT10.20 (2.9% below fair value)
  • GF Score™: 73/100 with 4 warning signs

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

Southeast Bank Business Description

Address Eunoos Trade Centre, Level 2,3,4,6,16 & 17, 52-53, Dilkusha Commercial Area, Dhaka, BGD, 1000
Southeast Bank PLC is a commercial bank. The company provides services for all commercial banking needs of the customers, which includes deposit banking, loans, and advances, export-import financing, inland, and international remittance facility, etc.
73GF Score

Get the complete analysis for DHA:SOUTHEASTB

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

BDT10.20
Price
BDT10.51
GF Value