Miyazaki Bank (FSE:8393) Beneish M-Score: -2.14 (As of Jun. 26, 2026)


FSE:8393 Miyazaki Bank Ltd FSE:8393
47 GF Score
Price 円421.80
GF Value 円150.57
! 5 Warning Signs
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What is Miyazaki Bank Beneish M-Score?

Miyazaki Bank FSE:8393 47 Beneish M-Score is -2.14 as of Jun. 26, 2026. GuruFocus rates FSE:8393 with a GF Score™ of 47/100 and a GF Value™ of 円150.57. The stock has 5 warning signs investors should review. Among 1,397 Banks companies, Miyazaki Bank ranks worse than 84.82% 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 -2.14 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FSE:8393' s Beneish M-Score Range Over the Past 10 Years
Min: -3.01   Med: -2.62   Max: -2.1
Current: -2.14

During the past 13 years, the highest Beneish M-Score of Miyazaki Bank was -2.10. The lowest was -3.01. And the median was -2.62.

FSE:8393
47GF Score
Miyazaki Bank Ltd FSE:8393
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Miyazaki 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 Miyazaki 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+0.892 * 1.1014+0.115 * 1.0237
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9302+4.679 * 0.03059-0.327 * 0.7281
=-2.14

* 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63,740 Mil.
Gross Profit was 円63,740 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円4,076,325 Mil.
Property, Plant and Equipment(Net PPE) was 円23,156 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,826 Mil.
Selling, General, & Admin. Expense(SGA) was 円25,710 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円276,277 Mil.
Net Income was 円14,094 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-110,602 Mil.
 Total Receivables was 円0 Mil.
Revenue was 円57,870 Mil.
Gross Profit was 円57,870 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円4,071,776 Mil.
Property, Plant and Equipment(Net PPE) was 円23,089 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,893 Mil.
Selling, General, & Admin. Expense(SGA) was 円25,095 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円379,012 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 / 63740) / (0 / 57870)
=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)
=(57870 / 57870) / (63740 / 63740)
=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 + 23156) / 4076325) / (1 - (0 + 23089) / 4071776)
=0.994319 / 0.99433
=1

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
=63740 / 57870
=1.1014

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))
=(2893 / (2893 + 23089)) / (2826 / (2826 + 23156))
=0.111346 / 0.108768
=1.0237

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)
=(25710 / 63740) / (25095 / 57870)
=0.403357 / 0.433644
=0.9302

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)
=((276277 + 0) / 4076325) / ((379012 + 0) / 4071776)
=0.067776 / 0.093083
=0.7281

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
=(14094 - 0 - -110602) / 4076325
=0.03059

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.

Miyazaki Bank has a M-score of -2.14 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 -2.14 mean?
Miyazaki Bank (FSE:8393) has a Beneish M-Score of -2.14 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Miyazaki Bank and its competitors. According to the industry distribution chart, Miyazaki Bank ranks #1185 out of 1397 companies in the Banks industry, placing it in the top 84.8%.
Is Miyazaki Bank's Beneish M-Score too high?
Miyazaki Bank's current Beneish M-Score is -2.14. Based on the distribution chart, Miyazaki Bank ranks #1185 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Miyazaki Bank has a GF Score™ of 47/100, reflecting its overall financial health beyond just this single metric.
How does Miyazaki Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Miyazaki Bank ranks #1185 out of 1397 companies for Beneish M-Score. This places Miyazaki 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 Miyazaki Bank and its competitors. Miyazaki Bank's current Beneish M-Score is -2.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Miyazaki Bank stock overvalued right now?
Miyazaki Bank (FSE:8393) has a current Beneish M-Score of -2.14. The stock's GF Value™ is 円150.57, compared to a current price of 円421.80 — trading 180.1% above its estimated fair value. The current Beneish M-Score is -2.14. Miyazaki Bank's overall GF Score™ is 47/100 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 Miyazaki Bank (FSE:8393), the current Beneish M-Score is -2.14 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 Miyazaki Bank (FSE:8393) Overvalued in 2026?

Based on GuruFocus' analysis, Miyazaki Bank stock appears to be overvalued. The current stock price of 円421.80 is trading 180.1% above its estimated GF Value™ of 円150.57.

Key valuation signals for FSE:8393:

  • Beneish M-Score: -2.14
  • GF Value™: 円150.57 vs. price of 円421.80 (180.1% above fair value)
  • GF Score™: 47/100 with 5 warning signs

No single metric tells the full story. See the FSE:8393 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Miyazaki Bank Business Description

Other Exchanges 8393:Japan
Address 4-3-5, Tachibanadori-Higashi, Miyazaki, JPN, 880-0805
Miyazaki Bank Ltd is a regional bank based in Miyazaki and Kagoshima engaged in general retail banking and related financial services, such as leasing, credit guarantee, and credit card businesses. It offers financial services such as deposit services, loan businesses, domestic exchange businesses, foreign exchange businesses, and other related services. The company also provides financial services such as leasing, letters of credit among others.
47GF Score

Get the complete analysis for FSE:8393

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

円421.80
Price
円150.57
GF Value