Chugin Financial Group (TSE:5832) Beneish M-Score: -2.27 (As of Jun. 28, 2026)


TSE:5832 Chugin Financial Group Inc TSE:5832
62 GF Score
Price 円3,090.00
GF Value 円2,512.99
Valuation Modestly Overvalued
! 2 Warning Signs
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What is Chugin Financial Group Beneish M-Score?

Chugin Financial Group TSE:5832 +0.72% 62 Beneish M-Score is -2.27 as of Jun. 28, 2026. GuruFocus rates TSE:5832 with a GF Score™ of 62/100 and a GF Value™ of 円2,512.99 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 1,399 Banks companies, Chugin Financial Group ranks worse than 71.98% 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 -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:5832' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02   Med: -2.39   Max: -1.89
Current: -2.27

During the past 13 years, the highest Beneish M-Score of Chugin Financial Group was -1.89. The lowest was -3.02. And the median was -2.39.

TSE:5832
62GF Score
Chugin Financial Group Inc TSE:5832
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Chugin Financial Group 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 Chugin Financial Group 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 * 0.9997+0.892 * 1.2647+0.115 * 0.8909
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8842+4.679 * -0.002744-0.327 * 1.0577
=-2.27

* 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 円0 Mil.
Revenue was 円168,350 Mil.
Gross Profit was 円168,350 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円11,370,252 Mil.
Property, Plant and Equipment(Net PPE) was 円46,701 Mil.
Depreciation, Depletion and Amortization(DDA) was 円5,329 Mil.
Selling, General, & Admin. Expense(SGA) was 円66,565 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,057,274 Mil.
Net Income was 円39,705 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円70,904 Mil.
 Total Receivables was 円0 Mil.
Revenue was 円133,110 Mil.
Gross Profit was 円133,110 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円11,045,576 Mil.
Property, Plant and Equipment(Net PPE) was 円42,315 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4,249 Mil.
Selling, General, & Admin. Expense(SGA) was 円59,526 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円971,056 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 / 168350) / (0 / 133110)
=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)
=(133110 / 133110) / (168350 / 168350)
=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 + 46701) / 11370252) / (1 - (0 + 42315) / 11045576)
=0.995893 / 0.996169
=0.9997

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
=168350 / 133110
=1.2647

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))
=(4249 / (4249 + 42315)) / (5329 / (5329 + 46701))
=0.091251 / 0.102422
=0.8909

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)
=(66565 / 168350) / (59526 / 133110)
=0.395396 / 0.447194
=0.8842

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)
=((1057274 + 0) / 11370252) / ((971056 + 0) / 11045576)
=0.092986 / 0.087914
=1.0577

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
=(39705 - 0 - 70904) / 11370252
=-0.002744

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.

Chugin Financial Group has a M-score of -2.27 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 -2.27 mean?
Chugin Financial Group (TSE:5832) has a Beneish M-Score of -2.27 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Chugin Financial Group and its competitors. According to the industry distribution chart, Chugin Financial Group ranks #1007 out of 1399 companies in the Banks industry, placing it in the top 72%.
Is Chugin Financial Group's Beneish M-Score too high?
Chugin Financial Group's current Beneish M-Score is -2.27. Based on the distribution chart, Chugin Financial Group ranks #1007 out of 1399 companies in the Banks industry, which is below the industry midpoint. Overall, Chugin Financial Group has a GF Score™ of 62/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Chugin Financial Group's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Chugin Financial Group ranks #1007 out of 1399 companies for Beneish M-Score. This places Chugin Financial Group in the lower 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 Chugin Financial Group and its competitors. Chugin Financial Group's current Beneish M-Score is -2.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Chugin Financial Group stock overvalued right now?
Based on GuruFocus' analysis, Chugin Financial Group (TSE:5832) is currently considered Modestly Overvalued. The stock's GF Value™ is 円2,512.99, compared to a current price of 円3,090.00 — trading 23% above its estimated fair value. The current Beneish M-Score is -2.27. Chugin Financial Group's overall GF Score™ is 62/100 with 2 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 Chugin Financial Group (TSE:5832), the current Beneish M-Score is -2.27 as of Jun. 28, 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 Chugin Financial Group (TSE:5832) Overvalued in 2026?

Based on GuruFocus' analysis, Chugin Financial Group stock appears to be overvalued. The current stock price of 円3,090.00 is trading 23% above its estimated GF Value™ of 円2,512.99. GuruFocus considers Chugin Financial Group to be Modestly Overvalued.

Key valuation signals for TSE:5832:

  • Beneish M-Score: -2.27
  • GF Value™: 円2,512.99 vs. price of 円3,090.00 (23% above fair value)
  • GF Score™: 62/100 with 2 warning signs

No single metric tells the full story. See the TSE:5832 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Chugin Financial Group Business Description

Address 1-15-20 Marunouchi, Kita-ku, Okayama, JPN, 700-8628
Chugin Financial Group Inc is engaged in the business management of banks and other companies.
62GF Score

Get the complete analysis for TSE:5832

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

円3,090.00
Price
円2,512.99
GF Value