Chikuho Bank (FSE:8398) Beneish M-Score: -2.61 (As of Jun. 27, 2026)


FSE:8398 Chikuho Bank Ltd FSE:8398
60 GF Score
Price 円1,977.00
GF Value 円2,029.97
Valuation Fairly Valued
! 2 Warning Signs
View Full Analysis

What is Chikuho Bank Beneish M-Score?

Chikuho Bank FSE:8398 -1.05% 60 Beneish M-Score is -2.61 as of Jun. 27, 2026. GuruFocus rates FSE:8398 with a GF Score™ of 60/100 and a GF Value™ of 円2,029.97 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,397 Banks companies, Chikuho Bank ranks better than 81.6% 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 -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FSE:8398' s Beneish M-Score Range Over the Past 10 Years
Min: -2.76   Med: -2.47   Max: -2.01
Current: -2.61

During the past 13 years, the highest Beneish M-Score of Chikuho Bank was -2.01. The lowest was -2.76. And the median was -2.47.

FSE:8398
60GF Score
Chikuho Bank Ltd FSE:8398
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Chikuho 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 Chikuho 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 * 1.0008+0.892 * 1.306+0.115 * 0.8367
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7981+4.679 * -0.018616-0.327 * 2.0301
=-2.61

* 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22,883 Mil.
Gross Profit was 円22,883 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円927,141 Mil.
Property, Plant and Equipment(Net PPE) was 円8,711 Mil.
Depreciation, Depletion and Amortization(DDA) was 円757 Mil.
Selling, General, & Admin. Expense(SGA) was 円9,095 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円26,355 Mil.
Net Income was 円1,151 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円18,411 Mil.
 Total Receivables was 円0 Mil.
Revenue was 円17,522 Mil.
Gross Profit was 円17,522 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円883,099 Mil.
Property, Plant and Equipment(Net PPE) was 円9,025 Mil.
Depreciation, Depletion and Amortization(DDA) was 円647 Mil.
Selling, General, & Admin. Expense(SGA) was 円8,726 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円12,365 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 / 22883) / (0 / 17522)
=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)
=(17522 / 17522) / (22883 / 22883)
=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 + 8711) / 927141) / (1 - (0 + 9025) / 883099)
=0.990604 / 0.98978
=1.0008

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
=22883 / 17522
=1.306

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))
=(647 / (647 + 9025)) / (757 / (757 + 8711))
=0.066894 / 0.079954
=0.8367

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)
=(9095 / 22883) / (8726 / 17522)
=0.397457 / 0.498003
=0.7981

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)
=((26355 + 0) / 927141) / ((12365 + 0) / 883099)
=0.028426 / 0.014002
=2.0301

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
=(1151 - 0 - 18411) / 927141
=-0.018616

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.

Chikuho Bank has a M-score of -2.61 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 -2.61 mean?
Chikuho Bank (FSE:8398) has a Beneish M-Score of -2.61 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Chikuho Bank and its competitors. According to the industry distribution chart, Chikuho Bank ranks #257 out of 1397 companies in the Banks industry, placing it in the top 18.4%.
Is Chikuho Bank's Beneish M-Score too high?
Chikuho Bank's current Beneish M-Score is -2.61. Based on the distribution chart, Chikuho Bank ranks #257 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Chikuho Bank has a GF Score™ of 60/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Chikuho Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Chikuho Bank ranks #257 out of 1397 companies for Beneish M-Score. This places Chikuho Bank in the top 18% of its industry — outperforming the majority of peers. 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 Chikuho Bank and its competitors. Chikuho Bank's current Beneish M-Score is -2.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Chikuho Bank stock overvalued right now?
Based on GuruFocus' analysis, Chikuho Bank (FSE:8398) is currently considered Fairly Valued. The stock's GF Value™ is 円2,029.97, compared to a current price of 円1,977.00 — trading 2.6% below its estimated fair value. The current Beneish M-Score is -2.61. Chikuho Bank's overall GF Score™ is 60/100 with 2 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 Chikuho Bank (FSE:8398), the current Beneish M-Score is -2.61 as of Jun. 27, 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 Chikuho Bank (FSE:8398) Overvalued in 2026?

Based on GuruFocus' analysis, Chikuho Bank stock appears to be undervalued. The current stock price of 円1,977.00 is trading 2.6% below its estimated GF Value™ of 円2,029.97. GuruFocus considers Chikuho Bank to be Fairly Valued.

Key valuation signals for FSE:8398:

  • Beneish M-Score: -2.61
  • GF Value™: 円2,029.97 vs. price of 円1,977.00 (2.6% below fair value)
  • GF Score™: 60/100 with 2 warning signs

No single metric tells the full story. See the FSE:8398 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Chikuho Bank Business Description

Address 2456-1 Suwano-machi, Kurume, Fukuoka, JPN, 830-0037
Chikuho Bank Ltd is operates as a banking service provider. The services provided by the bank include internet banking and mobile banking.
60GF Score

Get the complete analysis for FSE:8398

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

円1,977.00
Price
円2,029.97
GF Value