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 -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Sembcorp Industries's Beneish M-Score or its related term are showing as below:
STU:SBOA'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.6 Med: -2.56 Max: -1.76
Current: -2.61
During the past 13 years, the highest Beneish M-Score of Sembcorp Industries was -1.76. The lowest was -3.60. And the median was -2.56.
Sembcorp Industries Beneish M-Score Related Terms
Sembcorp Industries Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Sembcorp Industries's Beneish M-Score can be seen below:
* 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.
For the Utilities - Diversified subindustry, Sembcorp Industries's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Sembcorp Industries Beneish M-Score vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Sembcorp Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sembcorp Industries's Beneish M-Score falls into.
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 Sembcorp Industries 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 * 0.9831
+
0.528 * 1.0506
+
0.404 * 0.9937
+
0.892 * 0.8455
+
0.115 * 0.9841
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0299
+
4.679 * -0.010093
-
0.327 * 0.9858
=
-2.66
* 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.
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.
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))
=
(315.41 / (315.41 + 5872.571))
/
(314.948 / (314.948 + 5765.674))
=
0.050971
/
0.051795
=
0.9841
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
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
=
(651.07 - 0
-
774.138)
/
12193.667
=
-0.010093
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.
Sembcorp Industries has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
Sembcorp Industries (STU:SBOA) has a Beneish M-Score of -2.61 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sembcorp Industries and its competitors. According to the industry distribution chart, Sembcorp Industries ranks #230 out of 488 companies in the Utilities - Regulated industry, placing it in the top 47.1%.
Is Sembcorp Industries' Beneish M-Score too high?
Sembcorp Industries' current Beneish M-Score is -2.61. Based on the distribution chart, Sembcorp Industries ranks #230 out of 488 companies in the Utilities - Regulated industry, which is above the industry midpoint. Overall, Sembcorp Industries has a GF Score™ of 77/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Sembcorp Industries' Beneish M-Score compare to SRE and AES?
According to the Utilities - Regulated industry distribution chart, Sembcorp Industries ranks #230 out of 488 companies for Beneish M-Score. This puts Sembcorp Industries 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 an Utilities - Regulated company?
A good Beneish M-Score depends on the Utilities - Regulated 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 Sembcorp Industries and its competitors. Sembcorp Industries's current Beneish M-Score is -2.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sembcorp Industries stock overvalued right now?
Based on GuruFocus' analysis, Sembcorp Industries (STU:SBOA) is currently considered Modestly Overvalued. The stock's GF Value™ is €3.36, compared to a current price of €4.30 — trading 28% above its estimated fair value. The current Beneish M-Score is -2.61. Sembcorp Industries' overall GF Score™ is 77/100 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 Sembcorp Industries (STU:SBOA), the current Beneish M-Score is -2.61 as of Jun. 29, 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 Sembcorp Industries (STU:SBOA) Overvalued in 2026?
Based on GuruFocus' analysis, Sembcorp Industries stock appears to be overvalued.
The current stock price of €4.30 is trading 28% above its estimated GF Value™ of €3.36.
GuruFocus considers Sembcorp Industries to be Modestly Overvalued.
Key valuation signals for STU:SBOA:
Beneish M-Score: -2.61
GF Value™: €3.36 vs. price of €4.30 (28% above fair value)
No single metric tells the full story. See the STU:SBOA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Sembcorp Industries Ltd is an investment holding company engaged in the production and supply of utility services, and handling and storage of petroleum products and chemicals. Its business is divided into five segments: Gas and Related Services, Renewables, Integrated Urban Solutions, Decarbonisation Solutions, Other Businesses and Corporate. The company's service portfolio includes power generation, process steam production, wastewater treatment, integrated solutions for offshore and marine industries such as specialized shipbuilding, and repairs & upgrades, and among others. A vast majority of the company's income is generated by the energy segments, and the majority of the company's revenue is earned in Singapore.
77GF Score
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