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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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Summit Power's Beneish M-Score or its related term are showing as below:
DHA:SUMITPOWER'
s Beneish M-Score Range Over the Past 10 Years
Min: -6.49 Med: -1.99 Max: -0.29
Current: -2.67
During the past 13 years, the highest Beneish M-Score of Summit Power was -0.29. The lowest was -6.49. And the median was -1.99.
Summit Power Beneish M-Score Related Terms
Summit Power Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Summit Power's Beneish M-Score can be seen below:
* 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:SUMITPOWER vs NEE, SO, DUK: Beneish M-Score Comparison
For the Utilities - Regulated Electric subindustry, Summit Power'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.
Summit Power Beneish M-Score vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Summit Power's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Summit Power's Beneish M-Score falls into.
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 Summit Power 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 * 1.5192
+
0.528 * 0.8456
+
0.404 * 1.0679
+
0.892 * 0.7051
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.5572
+
4.679 * -0.05502
-
0.327 * 0.9767
=
-2.67
* 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))
=
(0 / (0 + 44984.912))
/
(0 / (0 + 42597.815))
=
0
/
0
=
1
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
=
(421.514 - 0
-
6105.408)
/
103305.11
=
-0.05502
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.
Summit Power has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
Summit Power (DHA:SUMITPOWER) has a Beneish M-Score of -2.67 as of Jul. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Summit Power and its competitors. According to the industry distribution chart, Summit Power ranks #194 out of 486 companies in the Utilities - Regulated industry, placing it in the top 39.9%.
Is Summit Power's Beneish M-Score too high?
Summit Power's current Beneish M-Score is -2.67. Based on the distribution chart, Summit Power ranks #194 out of 486 companies in the Utilities - Regulated industry, which is above the industry midpoint. Overall, Summit Power has a GF Score™ of 74/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Summit Power's Beneish M-Score compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, Summit Power ranks #194 out of 486 companies for Beneish M-Score. This puts Summit Power 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 an Utilities - Regulated company?
A good Beneish M-Score depends on the Utilities - Regulated 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 Summit Power and its competitors. Summit Power's current Beneish M-Score is -2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Summit Power stock overvalued right now?
Based on GuruFocus' analysis, Summit Power (DHA:SUMITPOWER) is currently considered Significantly Overvalued. The stock's GF Value™ is BDT12.94, compared to a current price of BDT17.20 — trading 32.9% above its estimated fair value. The current Beneish M-Score is -2.67. Summit Power's overall GF Score™ is 74/100 with 11 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 Summit Power (DHA:SUMITPOWER), the current Beneish M-Score is -2.67 as of Jul. 29, 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 Summit Power (DHA:SUMITPOWER) Overvalued in 2026?
Based on GuruFocus' analysis, Summit Power stock appears to be overvalued.
The current stock price of BDT17.20 is trading 32.9% above its estimated GF Value™ of BDT12.94.
GuruFocus considers Summit Power to be Significantly Overvalued.
Key valuation signals for DHA:SUMITPOWER:
Beneish M-Score: -2.67
GF Value™: BDT12.94 vs. price of BDT17.20 (32.9% above fair value)
No single metric tells the full story. See the DHA:SUMITPOWER stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Summit Power Ltd is engaged in the generation and supply of electricity. It focuses on developing, owning, and operating power-generating assets. It owns and operates 15 power plants at different locations in Bangladesh with a total Installed capacity of 975.96 MW. The company supplies electricity to Bangladesh Power Development Board and Bangladesh Rural Electrification Board.
74GF Score
Get the complete analysis for DHA:SUMITPOWER
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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