Standard Chartered Bank Kenya (NAI:SCBK) Beneish M-Score: -2.49 (As of Jun. 26, 2026)


NAI:SCBK Standard Chartered Bank Kenya Ltd NAI:SCBK
82 GF Score
Price KES334.75
GF Value KES201.97
Valuation Significantly Overvalued
! 7 Warning Signs
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What is Standard Chartered Bank Kenya Beneish M-Score?

Standard Chartered Bank Kenya NAI:SCBK +0.15% 82 Beneish M-Score is -2.49 as of Jun. 26, 2026. GuruFocus rates NAI:SCBK with a GF Score™ of 82/100 and a GF Value™ of KES201.97 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,397 Banks companies, Standard Chartered Bank Kenya ranks better than 68.07% 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 -2.49 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 Kenya's Beneish M-Score or its related term are showing as below:

NAI:SCBK' s Beneish M-Score Range Over the Past 10 Years
Min: -5.38   Med: -2.53   Max: -1.44
Current: -2.49

During the past 13 years, the highest Beneish M-Score of Standard Chartered Bank Kenya was -1.44. The lowest was -5.38. And the median was -2.53.

NAI:SCBK
82GF Score
Standard Chartered Bank Kenya Ltd NAI:SCBK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Standard Chartered Bank Kenya 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 Kenya 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 * 1.003+0.892 * 0.8274+0.115 * 0.7058
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3655+4.679 * 0.085256-0.327 * 1.4874
=-2.49

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was KES0 Mil.
Revenue was KES41,822 Mil.
Gross Profit was KES41,822 Mil.
Total Current Assets was KES0 Mil.
Total Assets was KES363,492 Mil.
Property, Plant and Equipment(Net PPE) was KES1,998 Mil.
Depreciation, Depletion and Amortization(DDA) was KES1,509 Mil.
Selling, General, & Admin. Expense(SGA) was KES9,347 Mil.
Total Current Liabilities was KES0 Mil.
Long-Term Debt & Capital Lease Obligation was KES926 Mil.
Net Income was KES12,437 Mil.
Gross Profit was KES0 Mil.
Cash Flow from Operations was KES-18,553 Mil.
 Total Receivables was KES0 Mil.
Revenue was KES50,548 Mil.
Gross Profit was KES50,548 Mil.
Total Current Assets was KES0 Mil.
Total Assets was KES384,574 Mil.
Property, Plant and Equipment(Net PPE) was KES3,256 Mil.
Depreciation, Depletion and Amortization(DDA) was KES1,421 Mil.
Selling, General, & Admin. Expense(SGA) was KES8,274 Mil.
Total Current Liabilities was KES0 Mil.
Long-Term Debt & Capital Lease Obligation was KES659 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 / 41821.811) / (0 / 50547.735)
=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)
=(50547.735 / 50547.735) / (41821.811 / 41821.811)
=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 + 1997.689) / 363491.556) / (1 - (0 + 3256.272) / 384574.089)
=0.994504 / 0.991533
=1.003

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
=41821.811 / 50547.735
=0.8274

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))
=(1420.626 / (1420.626 + 3256.272)) / (1509.123 / (1509.123 + 1997.689))
=0.303754 / 0.43034
=0.7058

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)
=(9347.482 / 41821.811) / (8273.718 / 50547.735)
=0.223507 / 0.163681
=1.3655

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)
=((926.137 + 0) / 363491.556) / ((658.706 + 0) / 384574.089)
=0.002548 / 0.001713
=1.4874

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
=(12436.571 - 0 - -18553.309) / 363491.556
=0.085256

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 Kenya has a M-score of -2.49 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 -2.49 mean?
Standard Chartered Bank Kenya (NAI:SCBK) has a Beneish M-Score of -2.49 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Standard Chartered Bank Kenya and its competitors. According to the industry distribution chart, Standard Chartered Bank Kenya ranks #446 out of 1397 companies in the Banks industry, placing it in the top 31.9%.
Is Standard Chartered Bank Kenya's Beneish M-Score too high?
Standard Chartered Bank Kenya's current Beneish M-Score is -2.49. Based on the distribution chart, Standard Chartered Bank Kenya ranks #446 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, Standard Chartered Bank Kenya has a GF Score™ of 82/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Standard Chartered Bank Kenya's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Standard Chartered Bank Kenya ranks #446 out of 1397 companies for Beneish M-Score. This puts Standard Chartered Bank Kenya 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 Standard Chartered Bank Kenya and its competitors. Standard Chartered Bank Kenya's current Beneish M-Score is -2.49. 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 Kenya stock overvalued right now?
Based on GuruFocus' analysis, Standard Chartered Bank Kenya (NAI:SCBK) is currently considered Significantly Overvalued. The stock's GF Value™ is KES201.97, compared to a current price of KES334.75 — trading 65.7% above its estimated fair value. The current Beneish M-Score is -2.49. Standard Chartered Bank Kenya's overall GF Score™ is 82/100 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 Kenya (NAI:SCBK), the current Beneish M-Score is -2.49 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 Standard Chartered Bank Kenya (NAI:SCBK) Overvalued in 2026?

Based on GuruFocus' analysis, Standard Chartered Bank Kenya stock appears to be overvalued. The current stock price of KES334.75 is trading 65.7% above its estimated GF Value™ of KES201.97. GuruFocus considers Standard Chartered Bank Kenya to be Significantly Overvalued.

Key valuation signals for NAI:SCBK:

  • Beneish M-Score: -2.49
  • GF Value™: KES201.97 vs. price of KES334.75 (65.7% above fair value)
  • GF Score™: 82/100 with 7 warning signs

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

Standard Chartered Bank Kenya Business Description

Address 48 Westlands Road, P.O. Box 30003, Nairobi, KEN, 00100
Standard Chartered Bank Kenya Ltd offers a variety of local and foreign currency banking solutions to meet its clients' transactional, borrowing, and investment needs. It has a diversified portfolio cutting across select sectors that include business services, manufacturing, wholesale and retail trade, transport and communication, real estate, agriculture, energy, and water. The company's segments are mainly Corporate and Investment Banking; Wealth and Retail Banking; Central and Other items.
82GF Score

Get the complete analysis for NAI:SCBK

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

KES334.75
Price
KES201.97
GF Value