Philippine Bank of Communications (PHS:PBC) Beneish M-Score: -2.82 (As of Jun. 25, 2026)


PHS:PBC Philippine Bank of Communications PHS:PBC
62 GF Score
Price ₱15.42
GF Value ₱19.93
Valuation Modestly Undervalued
! 3 Warning Signs
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What is Philippine Bank of Communications Beneish M-Score?

Philippine Bank of Communications PHS:PBC +0.92% 62 Beneish M-Score is -2.82 as of Jun. 25, 2026. GuruFocus rates PHS:PBC with a GF Score™ of 62/100 and a GF Value™ of ₱19.93 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,396 Banks companies, Philippine Bank of Communications ranks better than 89.33% 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 -2.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:PBC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.29   Med: -2.49   Max: -2.13
Current: -2.82

During the past 13 years, the highest Beneish M-Score of Philippine Bank of Communications was -2.13. The lowest was -3.29. And the median was -2.49.

PHS:PBC
62GF Score
Philippine Bank of Communications PHS:PBC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Philippine Bank of Communications 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 Philippine Bank of Communications 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 * 1.0002+0.892 * 1.1034+0.115 * 1.0656
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7799+4.679 * -0.083638-0.327 * 1.268
=-2.82

* 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 1784.42 + 2547.757 + 2110.869 + 1726.202 = ₱8,169 Mil.
Gross Profit was 1784.42 + 2547.757 + 2110.869 + 1726.202 = ₱8,169 Mil.
Total Current Assets was ₱0 Mil.
Total Assets was ₱188,633 Mil.
Property, Plant and Equipment(Net PPE) was ₱915 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱425 Mil.
Selling, General, & Admin. Expense(SGA) was ₱74 Mil.
Total Current Liabilities was ₱0 Mil.
Long-Term Debt & Capital Lease Obligation was ₱27,853 Mil.
Net Income was 402.13 + 949.695 + 691.8 + 433.515 = ₱2,477 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 5747.335 + -4011.002 + 10225.024 + 6292.733 = ₱18,254 Mil.
 Total Receivables was ₱0 Mil.
Revenue was 1717.596 + 1884.646 + 2112.477 + 1689.317 = ₱7,404 Mil.
Gross Profit was 1717.596 + 1884.646 + 2112.477 + 1689.317 = ₱7,404 Mil.
Total Current Assets was ₱0 Mil.
Total Assets was ₱161,108 Mil.
Property, Plant and Equipment(Net PPE) was ₱817 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱417 Mil.
Selling, General, & Admin. Expense(SGA) was ₱86 Mil.
Total Current Liabilities was ₱0 Mil.
Long-Term Debt & Capital Lease Obligation was ₱18,761 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 / 8169.248) / (0 / 7404.036)
=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)
=(7404.036 / 7404.036) / (8169.248 / 8169.248)
=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 + 915.484) / 188633.158) / (1 - (0 + 817.483) / 161108.074)
=0.995147 / 0.994926
=1.0002

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
=8169.248 / 7404.036
=1.1034

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))
=(416.692 / (416.692 + 817.483)) / (424.602 / (424.602 + 915.484))
=0.337628 / 0.316847
=1.0656

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)
=(73.978 / 8169.248) / (85.975 / 7404.036)
=0.009056 / 0.011612
=0.7799

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)
=((27852.918 + 0) / 188633.158) / ((18761.158 + 0) / 161108.074)
=0.147657 / 0.116451
=1.268

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
=(2477.14 - 0 - 18254.09) / 188633.158
=-0.083638

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.

Philippine Bank of Communications has a M-score of -2.82 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 -2.82 mean?
Philippine Bank of Communications (PHS:PBC) has a Beneish M-Score of -2.82 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Philippine Bank of Communications and its competitors. According to the industry distribution chart, Philippine Bank of Communications ranks #149 out of 1396 companies in the Banks industry, placing it in the top 10.7%.
Is Philippine Bank of Communications' Beneish M-Score too high?
Philippine Bank of Communications' current Beneish M-Score is -2.82. Based on the distribution chart, Philippine Bank of Communications ranks #149 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Philippine Bank of Communications has a GF Score™ of 62/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Philippine Bank of Communications' Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Philippine Bank of Communications ranks #149 out of 1396 companies for Beneish M-Score. This places Philippine Bank of Communications in the top 11% 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 Philippine Bank of Communications and its competitors. Philippine Bank of Communications's current Beneish M-Score is -2.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Philippine Bank of Communications stock overvalued right now?
Based on GuruFocus' analysis, Philippine Bank of Communications (PHS:PBC) is currently considered Modestly Undervalued. The stock's GF Value™ is ₱19.93, compared to a current price of ₱15.42 — trading 22.6% below its estimated fair value. The current Beneish M-Score is -2.82. Philippine Bank of Communications' overall GF Score™ is 62/100 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 Philippine Bank of Communications (PHS:PBC), the current Beneish M-Score is -2.82 as of Jun. 25, 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 Philippine Bank of Communications (PHS:PBC) Overvalued in 2026?

Based on GuruFocus' analysis, Philippine Bank of Communications stock appears to be undervalued. The current stock price of ₱15.42 is trading 22.6% below its estimated GF Value™ of ₱19.93. GuruFocus considers Philippine Bank of Communications to be Modestly Undervalued.

Key valuation signals for PHS:PBC:

  • Beneish M-Score: -2.82
  • GF Value™: ₱19.93 vs. price of ₱15.42 (22.6% below fair value)
  • GF Score™: 62/100 with 3 warning signs

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

Philippine Bank of Communications Business Description

Address 6795 Ayala Avenue corner V.A. Rufino Street, PBCom Tower, P.O. Box 3281, Makati City, PHL, 1226
Philippine Bank of Communications is a banking corporation registered in the Philippines. It is engaged in providing retail and commercial banking services such as savings, deposits, current accounts, cash management, checking, time deposit accounts, and debit cards. It also offers a wide range-of-products and services to clients. These include basic universal banking services such as deposit products, credit and loan facilities, trade-related services, treasury and foreign exchange trading, cash management services, and Trust and Investment Management services. It organizes its business into five segments, namely Branch Banking, Corporate Banking, Treasury, Consumer Finance, and Trust and Wealth Management. The company's revenue consists of interest income, dividends, fees, & commissions.
62GF Score

Get the complete analysis for PHS:PBC

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

₱15.42
Price
₱19.93
GF Value