Citystatevings Bank (PHS:CSB) Beneish M-Score: -2.64 (As of Jun. 24, 2026)


PHS:CSB Citystate Savings Bank Inc PHS:CSB
38 GF Score
Price ₱14.50
GF Value ₱6.82
Valuation Significantly Overvalued
! 3 Warning Signs
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What is Citystatevings Bank Beneish M-Score?

Citystatevings Bank PHS:CSB 38 Beneish M-Score is -2.64 as of Jun. 24, 2026. GuruFocus rates PHS:CSB with a GF Score™ of 38/100 and a GF Value™ of ₱6.82 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 1,396 Banks companies, Citystatevings Bank ranks better than 83.52% 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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:CSB' s Beneish M-Score Range Over the Past 10 Years
Min: -5.24   Med: -2.51   Max: 0.34
Current: -2.64

During the past 13 years, the highest Beneish M-Score of Citystatevings Bank was 0.34. The lowest was -5.24. And the median was -2.51.

PHS:CSB
38GF Score
Citystate Savings Bank Inc PHS:CSB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Citystatevings 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 Citystatevings 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 * 1.018+0.892 * 0.9742+0.115 * 0.8435
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1276+4.679 * -0.042409-0.327 * 0.7195
=-2.64

* 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 ₱0.0 Mil.
Revenue was ₱432.7 Mil.
Gross Profit was ₱432.7 Mil.
Total Current Assets was ₱0.0 Mil.
Total Assets was ₱7,417.8 Mil.
Property, Plant and Equipment(Net PPE) was ₱213.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱83.5 Mil.
Selling, General, & Admin. Expense(SGA) was ₱24.2 Mil.
Total Current Liabilities was ₱0.0 Mil.
Long-Term Debt & Capital Lease Obligation was ₱87.1 Mil.
Net Income was ₱99.2 Mil.
Gross Profit was ₱0.0 Mil.
Cash Flow from Operations was ₱413.8 Mil.
 Total Receivables was ₱0.0 Mil.
Revenue was ₱444.2 Mil.
Gross Profit was ₱444.2 Mil.
Total Current Assets was ₱0.0 Mil.
Total Assets was ₱6,395.0 Mil.
Property, Plant and Equipment(Net PPE) was ₱293.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱91.4 Mil.
Selling, General, & Admin. Expense(SGA) was ₱22.1 Mil.
Total Current Liabilities was ₱0.0 Mil.
Long-Term Debt & Capital Lease Obligation was ₱104.4 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 / 432.745) / (0 / 444.203)
=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)
=(444.203 / 444.203) / (432.745 / 432.745)
=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 + 213.355) / 7417.807) / (1 - (0 + 293.699) / 6395.026)
=0.971237 / 0.954074
=1.018

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
=432.745 / 444.203
=0.9742

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))
=(91.35 / (91.35 + 293.699)) / (83.485 / (83.485 + 213.355))
=0.237243 / 0.281246
=0.8435

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)
=(24.241 / 432.745) / (22.067 / 444.203)
=0.056017 / 0.049678
=1.1276

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)
=((87.12 + 0) / 7417.807) / ((104.384 + 0) / 6395.026)
=0.011745 / 0.016323
=0.7195

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
=(99.222 - 0 - 413.806) / 7417.807
=-0.042409

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.

Citystatevings Bank has a M-score of -2.64 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 -2.64 mean?
Citystatevings Bank (PHS:CSB) has a Beneish M-Score of -2.64 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Citystatevings Bank and its competitors. According to the industry distribution chart, Citystatevings Bank ranks #230 out of 1396 companies in the Banks industry, placing it in the top 16.5%.
Is Citystatevings Bank's Beneish M-Score too high?
Citystatevings Bank's current Beneish M-Score is -2.64. Based on the distribution chart, Citystatevings Bank ranks #230 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Citystatevings Bank has a GF Score™ of 38/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Citystatevings Bank's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Citystatevings Bank ranks #230 out of 1396 companies for Beneish M-Score. This places Citystatevings Bank in the top 17% 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 Citystatevings Bank and its competitors. Citystatevings Bank's current Beneish M-Score is -2.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Citystatevings Bank stock overvalued right now?
Based on GuruFocus' analysis, Citystatevings Bank (PHS:CSB) is currently considered Significantly Overvalued. The stock's GF Value™ is ₱6.82, compared to a current price of ₱14.50 — trading 112.6% above its estimated fair value. The current Beneish M-Score is -2.64. Citystatevings Bank's overall GF Score™ is 38/100 with 3 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 Citystatevings Bank (PHS:CSB), the current Beneish M-Score is -2.64 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 Citystatevings Bank (PHS:CSB) Overvalued in 2026?

Based on GuruFocus' analysis, Citystatevings Bank stock appears to be overvalued. The current stock price of ₱14.50 is trading 112.6% above its estimated GF Value™ of ₱6.82. GuruFocus considers Citystatevings Bank to be Significantly Overvalued.

Key valuation signals for PHS:CSB:

  • Beneish M-Score: -2.64
  • GF Value™: ₱6.82 vs. price of ₱14.50 (112.6% above fair value)
  • GF Score™: 38/100 with 3 warning signs

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

Citystatevings Bank Business Description

Address 709 Shaw Boulevard, 2nd Floor, Citystate Centre Building, Metro Manila, Pasig, PHL, 1600
Citystate Savings Bank Inc operations include commercial banking, retail banking and treasury services. Aside from the traditional products and services offered by a thrift bank, bank offers a wide range of banking services, such as but not limited to deposit products and services, cash management, onsite/offsite ATM facilities, corporate and retail banking, and treasury services. The Bank provides a venue for consumer/personal loans by accepting jewelry for instant cash loans, aside from its own lending activities of servicing commercial loans, real estate and development loans, auto loan financing, salary loans (APDS, accredited company loans, etc.) agricultural loans and a host of other financial services.
38GF Score

Get the complete analysis for PHS:CSB

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

₱14.50
Price
₱6.82
GF Value