Bank of Commerce (PHS:BNCOM) Beneish M-Score: -2.69 (As of Jun. 26, 2026)


PHS:BNCOM Bank of Commerce PHS:BNCOM
65 GF Score
Price ₱11.20
GF Value ₱9.24
Valuation Modestly Overvalued
! 6 Warning Signs
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What is Bank of Commerce Beneish M-Score?

Bank of Commerce PHS:BNCOM +0.36% 65 Beneish M-Score is -2.69 as of Jun. 26, 2026. GuruFocus rates PHS:BNCOM with a GF Score™ of 65/100 and a GF Value™ of ₱9.24 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 1,397 Banks companies, Bank of Commerce ranks better than 86.26% 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 -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:BNCOM' s Beneish M-Score Range Over the Past 10 Years
Min: -4.38   Med: -2.57   Max: -2.13
Current: -2.69

During the past 12 years, the highest Beneish M-Score of Bank of Commerce was -2.13. The lowest was -4.38. And the median was -2.57.

PHS:BNCOM
65GF Score
Bank of Commerce PHS:BNCOM
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bank of Commerce 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 Bank of Commerce 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 * 1.0013+0.892 * 1.1776+0.115 * 0.9133
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7746+4.679 * -0.113379-0.327 * 0.5956
=-2.69

* 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 3205.531 + 3122.852 + 3126.243 + 2961.495 = ₱12,416 Mil.
Gross Profit was 3205.531 + 3122.852 + 3126.243 + 2961.495 = ₱12,416 Mil.
Total Current Assets was ₱0 Mil.
Total Assets was ₱306,111 Mil.
Property, Plant and Equipment(Net PPE) was ₱1,941 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱841 Mil.
Selling, General, & Admin. Expense(SGA) was ₱182 Mil.
Total Current Liabilities was ₱0 Mil.
Long-Term Debt & Capital Lease Obligation was ₱17,896 Mil.
Net Income was 976.193 + 794.791 + 884.386 + 993.906 = ₱3,649 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 22486.573 + 4441.776 + -374.54 + 11801.973 = ₱38,356 Mil.
 Total Receivables was ₱0 Mil.
Revenue was 2904.185 + 2455.45 + 2686.713 + 2496.79 = ₱10,543 Mil.
Gross Profit was 2904.185 + 2455.45 + 2686.713 + 2496.79 = ₱10,543 Mil.
Total Current Assets was ₱0 Mil.
Total Assets was ₱257,079 Mil.
Property, Plant and Equipment(Net PPE) was ₱1,972 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱752 Mil.
Selling, General, & Admin. Expense(SGA) was ₱199 Mil.
Total Current Liabilities was ₱0 Mil.
Long-Term Debt & Capital Lease Obligation was ₱25,233 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 / 12416.121) / (0 / 10543.138)
=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)
=(10543.138 / 10543.138) / (12416.121 / 12416.121)
=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 + 1941.417) / 306110.882) / (1 - (0 + 1971.709) / 257078.942)
=0.993658 / 0.99233
=1.0013

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
=12416.121 / 10543.138
=1.1776

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))
=(751.677 / (751.677 + 1971.709)) / (840.804 / (840.804 + 1941.417))
=0.276008 / 0.302206
=0.9133

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)
=(181.637 / 12416.121) / (199.122 / 10543.138)
=0.014629 / 0.018886
=0.7746

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)
=((17895.906 + 0) / 306110.882) / ((25232.798 + 0) / 257078.942)
=0.058462 / 0.098152
=0.5956

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
=(3649.276 - 0 - 38355.782) / 306110.882
=-0.113379

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.

Bank of Commerce has a M-score of -2.69 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 -2.69 mean?
Bank of Commerce (PHS:BNCOM) has a Beneish M-Score of -2.69 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bank of Commerce and its competitors. According to the industry distribution chart, Bank of Commerce ranks #192 out of 1397 companies in the Banks industry, placing it in the top 13.7%.
Is Bank of Commerce's Beneish M-Score too high?
Bank of Commerce's current Beneish M-Score is -2.69. Based on the distribution chart, Bank of Commerce ranks #192 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Bank of Commerce has a GF Score™ of 65/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Bank of Commerce's Beneish M-Score compare to JPM and BAC?
According to the Banks industry distribution chart, Bank of Commerce ranks #192 out of 1397 companies for Beneish M-Score. This places Bank of Commerce in the top 14% 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 Bank of Commerce and its competitors. Bank of Commerce's current Beneish M-Score is -2.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bank of Commerce stock overvalued right now?
Based on GuruFocus' analysis, Bank of Commerce (PHS:BNCOM) is currently considered Modestly Overvalued. The stock's GF Value™ is ₱9.24, compared to a current price of ₱11.20 — trading 21.2% above its estimated fair value. The current Beneish M-Score is -2.69. Bank of Commerce's overall GF Score™ is 65/100 with 6 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 Bank of Commerce (PHS:BNCOM), the current Beneish M-Score is -2.69 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 Bank of Commerce (PHS:BNCOM) Overvalued in 2026?

Based on GuruFocus' analysis, Bank of Commerce stock appears to be overvalued. The current stock price of ₱11.20 is trading 21.2% above its estimated GF Value™ of ₱9.24. GuruFocus considers Bank of Commerce to be Modestly Overvalued.

Key valuation signals for PHS:BNCOM:

  • Beneish M-Score: -2.69
  • GF Value™: ₱9.24 vs. price of ₱11.20 (21.2% above fair value)
  • GF Score™: 65/100 with 6 warning signs

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

Bank of Commerce Business Description

Address 7 St. Francis Street, San Miguel Properties Centre, P.O. Box 002, Mandaluyong, PHL, 1550
Bank of Commerce is a universal bank focused on helping its clients, communities, and conglomerate partners by delivering financial services. It provides banking solutions and a complete products and services in deposit, commercial loans, credit card services, consumer banking, transaction banking, corporate banking, investment banking, treasury, asset management, trust, and investments. Its segments include Treasury Management Group, Corporate Banking Group, Branch Banking Group, Consumer Group, and Others, with the majority of the revenue deriving from Corporate Banking Group, which principally handles loans and other credit facilities for corporate, institutional, and middle market clients.
65GF Score

Get the complete analysis for PHS:BNCOM

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

₱11.20
Price
₱9.24
GF Value