Standard Chartered Bank (Pakistan) (KAR:SCBPL) Beneish M-Score: -4.30 (As of Jun. 24, 2026)


KAR:SCBPL Standard Chartered Bank (Pakistan) Ltd KAR:SCBPL
70 GF Score
Price ₨67.31
GF Value ₨35.84
Valuation Significantly Overvalued
! 7 Warning Signs
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What is Standard Chartered Bank (Pakistan) Beneish M-Score?

Standard Chartered Bank (Pakistan) KAR:SCBPL +1.37% 70 Beneish M-Score is -4.30 as of Jun. 24, 2026. GuruFocus rates KAR:SCBPL with a GF Score™ of 70/100 and a GF Value™ of ₨35.84 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,396 Banks companies, Standard Chartered Bank (Pakistan) ranks better than 98.57% 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 -4.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Standard Chartered Bank (Pakistan)'s Beneish M-Score or its related term are showing as below:

KAR:SCBPL' s Beneish M-Score Range Over the Past 10 Years
Min: -4.3   Med: -2.5   Max: -0.61
Current: -4.3

During the past 13 years, the highest Beneish M-Score of Standard Chartered Bank (Pakistan) was -0.61. The lowest was -4.30. And the median was -2.50.

KAR:SCBPL
70GF Score
Standard Chartered Bank (Pakistan) Ltd KAR:SCBPL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Standard Chartered Bank (Pakistan) 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 Standard Chartered Bank (Pakistan) 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 * 0.9984+0.892 * 0.6516+0.115 * 0.8535
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5205+4.679 * -0.056422-0.327 * 4.4823
=-4.30

* 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 ₨0 Mil.
Revenue was 16599.215 + 14230.372 + 18922.328 + 21235.301 = ₨70,987 Mil.
Gross Profit was 16599.215 + 14230.372 + 18922.328 + 21235.301 = ₨70,987 Mil.
Total Current Assets was ₨0 Mil.
Total Assets was ₨880,870 Mil.
Property, Plant and Equipment(Net PPE) was ₨12,550 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨1,483 Mil.
Selling, General, & Admin. Expense(SGA) was ₨944 Mil.
Total Current Liabilities was ₨0 Mil.
Long-Term Debt & Capital Lease Obligation was ₨6,582 Mil.
Net Income was 5596.374 + 6231.152 + 5986.868 + 8577.485 = ₨26,392 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was 25879.823 + 15349.858 + 27413.317 + 7449.426 = ₨76,092 Mil.
 Total Receivables was ₨0 Mil.
Revenue was 23093.713 + 25407.451 + 31702.06 + 28739.386 = ₨108,943 Mil.
Gross Profit was 23093.713 + 25407.451 + 31702.06 + 28739.386 = ₨108,943 Mil.
Total Current Assets was ₨0 Mil.
Total Assets was ₨989,580 Mil.
Property, Plant and Equipment(Net PPE) was ₨12,545 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨1,244 Mil.
Selling, General, & Admin. Expense(SGA) was ₨953 Mil.
Total Current Liabilities was ₨0 Mil.
Long-Term Debt & Capital Lease Obligation was ₨1,649 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 / 70987.216) / (0 / 108942.61)
=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)
=(108942.61 / 108942.61) / (70987.216 / 70987.216)
=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 + 12550.284) / 880870.084) / (1 - (0 + 12544.863) / 989579.714)
=0.985752 / 0.987323
=0.9984

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
=70987.216 / 108942.61
=0.6516

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))
=(1243.92 / (1243.92 + 12544.863)) / (1483.377 / (1483.377 + 12550.284))
=0.090212 / 0.105701
=0.8535

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)
=(944.155 / 70987.216) / (952.935 / 108942.61)
=0.0133 / 0.008747
=1.5205

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)
=((6581.676 + 0) / 880870.084) / ((1649.177 + 0) / 989579.714)
=0.007472 / 0.001667
=4.4823

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
=(26391.879 - 0 - 76092.424) / 880870.084
=-0.056422

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.

Standard Chartered Bank (Pakistan) has a M-score of -4.30 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 -4.30 mean?
Standard Chartered Bank (Pakistan) (KAR:SCBPL) has a Beneish M-Score of -4.30 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Standard Chartered Bank (Pakistan) and its competitors. According to the industry distribution chart, Standard Chartered Bank (Pakistan) ranks #20 out of 1396 companies in the Banks industry, placing it in the top 1.4%.
Is Standard Chartered Bank (Pakistan)'s Beneish M-Score too high?
Standard Chartered Bank (Pakistan)'s current Beneish M-Score is -4.30. Based on the distribution chart, Standard Chartered Bank (Pakistan) ranks #20 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Standard Chartered Bank (Pakistan) has a GF Score™ of 70/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Standard Chartered Bank (Pakistan)'s Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Standard Chartered Bank (Pakistan) ranks #20 out of 1396 companies for Beneish M-Score. This places Standard Chartered Bank (Pakistan) in the top 1% 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 Standard Chartered Bank (Pakistan) and its competitors. Standard Chartered Bank (Pakistan)'s current Beneish M-Score is -4.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Standard Chartered Bank (Pakistan) stock overvalued right now?
Based on GuruFocus' analysis, Standard Chartered Bank (Pakistan) (KAR:SCBPL) is currently considered Significantly Overvalued. The stock's GF Value™ is ₨35.84, compared to a current price of ₨67.31 — trading 87.8% above its estimated fair value. The current Beneish M-Score is -4.30. Standard Chartered Bank (Pakistan)'s overall GF Score™ is 70/100 with 7 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 Standard Chartered Bank (Pakistan) (KAR:SCBPL), the current Beneish M-Score is -4.30 as of Jun. 24, 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 Standard Chartered Bank (Pakistan) (KAR:SCBPL) Overvalued in 2026?

Based on GuruFocus' analysis, Standard Chartered Bank (Pakistan) stock appears to be overvalued. The current stock price of ₨67.31 is trading 87.8% above its estimated GF Value™ of ₨35.84. GuruFocus considers Standard Chartered Bank (Pakistan) to be Significantly Overvalued.

Key valuation signals for KAR:SCBPL:

  • Beneish M-Score: -4.30
  • GF Value™: ₨35.84 vs. price of ₨67.31 (87.8% above fair value)
  • GF Score™: 70/100 with 7 warning signs

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

Standard Chartered Bank (Pakistan) Business Description

Address I.I.Chundrigarh Road, P.O. Box No. 5556, Karachi, PAK, 74000
Standard Chartered Bank (Pakistan) Ltd is a banking corporation based in Pakistan. It provides retail and corporate banking services to customers. The products and services provided by the bank include credit cards, personal loans, mortgages, deposit taking and wealth management services to individuals and small to medium-sized enterprises as well as trade finance, cash management, lending, securities services, foreign exchange, debt capital markets and corporate finance. It also provides the complete suite of Islamic banking solutions under its Standard Chartered Saadiq brand. The company's revenue comprises of fees, commission and interest and dividend received from its products and services. The Bank operates only in Pakistan.
70GF Score

Get the complete analysis for KAR:SCBPL

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

₨67.31
Price
₨35.84
GF Value