Oita Bank (FSE:8392) Beneish M-Score: -1.98 (As of Jun. 26, 2026)


FSE:8392 Oita Bank Ltd FSE:8392
49 GF Score
Price 円1,016.00
GF Value 円384.53
! 5 Warning Signs
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What is Oita Bank Beneish M-Score?

Oita Bank FSE:8392 49 Beneish M-Score is -1.98 as of Jun. 26, 2026. GuruFocus rates FSE:8392 with a GF Score™ of 49/100 and a GF Value™ of 円384.53. The stock has 5 warning signs investors should review. Among 1,397 Banks companies, Oita Bank ranks worse than 91.41% 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 -1.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FSE:8392' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28   Med: -2.65   Max: -1.98
Current: -1.98

During the past 13 years, the highest Beneish M-Score of Oita Bank was -1.98. The lowest was -3.28. And the median was -2.65.

FSE:8392
49GF Score
Oita Bank Ltd FSE:8392
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Oita 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 Oita 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 * 0.9999+0.892 * 1.1999+0.115 * 1.1125
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8554+4.679 * 0.05085-0.327 * 0.8505
=-1.98

* 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 円0 Mil.
Revenue was 円83,387 Mil.
Gross Profit was 円83,387 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円4,492,353 Mil.
Property, Plant and Equipment(Net PPE) was 円29,908 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,511 Mil.
Selling, General, & Admin. Expense(SGA) was 円27,534 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円327,992 Mil.
Net Income was 円10,595 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-217,843 Mil.
 Total Receivables was 円0 Mil.
Revenue was 円69,493 Mil.
Gross Profit was 円69,493 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円4,506,698 Mil.
Property, Plant and Equipment(Net PPE) was 円29,368 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,660 Mil.
Selling, General, & Admin. Expense(SGA) was 円26,826 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円386,883 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 / 83387) / (0 / 69493)
=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)
=(69493 / 69493) / (83387 / 83387)
=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 + 29908) / 4492353) / (1 - (0 + 29368) / 4506698)
=0.993342 / 0.993483
=0.9999

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
=83387 / 69493
=1.1999

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))
=(1660 / (1660 + 29368)) / (1511 / (1511 + 29908))
=0.0535 / 0.048092
=1.1125

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)
=(27534 / 83387) / (26826 / 69493)
=0.330195 / 0.386024
=0.8554

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)
=((327992 + 0) / 4492353) / ((386883 + 0) / 4506698)
=0.073011 / 0.085846
=0.8505

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
=(10595 - 0 - -217843) / 4492353
=0.05085

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.

Oita Bank has a M-score of -1.98 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 -1.98 mean?
Oita Bank (FSE:8392) has a Beneish M-Score of -1.98 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Oita Bank and its competitors. According to the industry distribution chart, Oita Bank ranks #1277 out of 1397 companies in the Banks industry, placing it in the top 91.4%.
Is Oita Bank's Beneish M-Score too high?
Oita Bank's current Beneish M-Score is -1.98. Based on the distribution chart, Oita Bank ranks #1277 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Oita Bank has a GF Score™ of 49/100, reflecting its overall financial health beyond just this single metric.
How does Oita Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Oita Bank ranks #1277 out of 1397 companies for Beneish M-Score. This places Oita Bank 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 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 Oita Bank and its competitors. Oita Bank's current Beneish M-Score is -1.98. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Oita Bank stock overvalued right now?
Oita Bank (FSE:8392) has a current Beneish M-Score of -1.98. The stock's GF Value™ is 円384.53, compared to a current price of 円1,016.00 — trading 164.2% above its estimated fair value. The current Beneish M-Score is -1.98. Oita Bank's overall GF Score™ is 49/100 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 Oita Bank (FSE:8392), the current Beneish M-Score is -1.98 as of Jun. 26, 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 Oita Bank (FSE:8392) Overvalued in 2026?

Based on GuruFocus' analysis, Oita Bank stock appears to be overvalued. The current stock price of 円1,016.00 is trading 164.2% above its estimated GF Value™ of 円384.53.

Key valuation signals for FSE:8392:

  • Beneish M-Score: -1.98
  • GF Value™: 円384.53 vs. price of 円1,016.00 (164.2% above fair value)
  • GF Score™: 49/100 with 5 warning signs

No single metric tells the full story. See the FSE:8392 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Oita Bank Business Description

Other Exchanges 8392:Japan
Address 3-4-1, Funai-cho, Oita, JPN, 870-8601
Oita Bank Ltd is a Japanese regional bank operating primarily in the Oita prefecture, located in the southwest of the nation's archipelago. The bank emphasizes a community-based strategy to create value alongside its operating region. It provides financial services to businesses and individuals, including banking, leasing, and credit cards. A majority of the bank's earning assets are in loans and bills discounted, followed by investment securities. Most of the bank's income is overwhelmingly net interest income, followed by fees and commissions.
49GF Score

Get the complete analysis for FSE:8392

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

円1,016.00
Price
円384.53
GF Value