Halyk Bank of Kazakhstan JSC (LSE:HSBK) Beneish M-Score: -2.48 (As of Jun. 26, 2026)


LSE:HSBK Halyk Bank of Kazakhstan JSC LSE:HSBK
83 GF Score
Price $29.70
GF Value $26.35
Valuation Modestly Overvalued
! 7 Warning Signs
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What is Halyk Bank of Kazakhstan JSC Beneish M-Score?

Halyk Bank of Kazakhstan JSC LSE:HSBK -1.98% 83 Beneish M-Score is -2.48 as of Jun. 26, 2026. GuruFocus rates LSE:HSBK with a GF Score™ of 83/100 and a GF Value™ of $26.35 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 1,397 Banks companies, Halyk Bank of Kazakhstan JSC ranks better than 66.21% 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 -2.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:HSBK' s Beneish M-Score Range Over the Past 10 Years
Min: -21.1   Med: -2.14   Max: 1.96
Current: -2.48

During the past 13 years, the highest Beneish M-Score of Halyk Bank of Kazakhstan JSC was 1.96. The lowest was -21.10. And the median was -2.14.

LSE:HSBK
83GF Score
Halyk Bank of Kazakhstan JSC LSE:HSBK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Halyk Bank of Kazakhstan JSC 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 Halyk Bank of Kazakhstan JSC 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 * 0.9985+0.892 * 1.0363+0.115 * 1.1179
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0898+4.679 * 0.002026-0.327 * 1.2742
=-2.53

* 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 859.784 + 893.817 + 826.232 + 845.449 = $3,425 Mil.
Gross Profit was 859.784 + 893.817 + 826.232 + 845.449 = $3,425 Mil.
Total Current Assets was $0 Mil.
Total Assets was $44,190 Mil.
Property, Plant and Equipment(Net PPE) was $742 Mil.
Depreciation, Depletion and Amortization(DDA) was $48 Mil.
Selling, General, & Admin. Expense(SGA) was $25 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $5,088 Mil.
Net Income was 489.542 + 497.357 + 514.987 + 490.211 = $1,992 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 1702.616 + -11.755 + -675.392 + 887.092 = $1,903 Mil.
 Total Receivables was $0 Mil.
Revenue was 844.186 + 876.324 + 821.366 + 763.421 = $3,305 Mil.
Gross Profit was 844.186 + 876.324 + 821.366 + 763.421 = $3,305 Mil.
Total Current Assets was $0 Mil.
Total Assets was $38,027 Mil.
Property, Plant and Equipment(Net PPE) was $583 Mil.
Depreciation, Depletion and Amortization(DDA) was $42 Mil.
Selling, General, & Admin. Expense(SGA) was $22 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $3,436 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 / 3425.282) / (0 / 3305.297)
=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)
=(3305.297 / 3305.297) / (3425.282 / 3425.282)
=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 + 742.038) / 44189.683) / (1 - (0 + 582.724) / 38026.515)
=0.983208 / 0.984676
=0.9985

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
=3425.282 / 3305.297
=1.0363

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))
=(42.435 / (42.435 + 582.724)) / (47.97 / (47.97 + 742.038))
=0.067879 / 0.060721
=1.1179

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)
=(25.273 / 3425.282) / (22.377 / 3305.297)
=0.007378 / 0.00677
=1.0898

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)
=((5087.96 + 0) / 44189.683) / ((3436.148 + 0) / 38026.515)
=0.115139 / 0.090362
=1.2742

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
=(1992.097 - 0 - 1902.561) / 44189.683
=0.002026

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.

Halyk Bank of Kazakhstan JSC has a M-score of -2.53 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 -2.48 mean?
Halyk Bank of Kazakhstan JSC (LSE:HSBK) has a Beneish M-Score of -2.48 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Halyk Bank of Kazakhstan JSC and its competitors. According to the industry distribution chart, Halyk Bank of Kazakhstan JSC ranks #472 out of 1397 companies in the Banks industry, placing it in the top 33.8%.
Is Halyk Bank of Kazakhstan JSC's Beneish M-Score too high?
Halyk Bank of Kazakhstan JSC's current Beneish M-Score is -2.48. Based on the distribution chart, Halyk Bank of Kazakhstan JSC ranks #472 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, Halyk Bank of Kazakhstan JSC has a GF Score™ of 83/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Halyk Bank of Kazakhstan JSC's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Halyk Bank of Kazakhstan JSC ranks #472 out of 1397 companies for Beneish M-Score. This puts Halyk Bank of Kazakhstan JSC 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 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 Halyk Bank of Kazakhstan JSC and its competitors. Halyk Bank of Kazakhstan JSC's current Beneish M-Score is -2.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Halyk Bank of Kazakhstan JSC stock overvalued right now?
Based on GuruFocus' analysis, Halyk Bank of Kazakhstan JSC (LSE:HSBK) is currently considered Modestly Overvalued. The stock's GF Value™ is $26.35, compared to a current price of $29.70 — trading 12.7% above its estimated fair value. The current Beneish M-Score is -2.48. Halyk Bank of Kazakhstan JSC's overall GF Score™ is 83/100 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 Halyk Bank of Kazakhstan JSC (LSE:HSBK), the current Beneish M-Score is -2.48 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 Halyk Bank of Kazakhstan JSC (LSE:HSBK) Overvalued in 2026?

Based on GuruFocus' analysis, Halyk Bank of Kazakhstan JSC stock appears to be overvalued. The current stock price of $29.70 is trading 12.7% above its estimated GF Value™ of $26.35. GuruFocus considers Halyk Bank of Kazakhstan JSC to be Modestly Overvalued.

Key valuation signals for LSE:HSBK:

  • Beneish M-Score: -2.48
  • GF Value™: $26.35 vs. price of $29.70 (12.7% above fair value)
  • GF Score™: 83/100 with 7 warning signs

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

Halyk Bank of Kazakhstan JSC Business Description

Address 40, Al-Farabi Avenue, Almaty, KAZ, A26M3K5
Halyk Bank of Kazakhstan JSC is engaged in retail, corporate, and SME banking services. It also provides insurance, cash collection, asset management, brokerage, telecommunication, and leasing services. The group has four main business segments: Corporate Banking, SME Banking, Retail Banking, and Investment Banking. The majority of revenue derives from the corporate banking segment, which includes banking services to corporate clients and financial institutions, including current accounts and correspondent accounts, deposits, custody, overdrafts, loans and other credit facilities, documentary operations, including guarantees and letters of credit, trade finance products, as well as cash services and foreign exchange transactions.
83GF Score

Get the complete analysis for LSE:HSBK

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

$29.70
Price
$26.35
GF Value