Shiga Bank (TSE:8366) Beneish M-Score: -2.28 (As of Jun. 25, 2026)


TSE:8366 Shiga Bank Ltd TSE:8366
43 GF Score
Price 円2,333.00
GF Value 円1,210.70
Valuation Significantly Overvalued
! 6 Warning Signs
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What is Shiga Bank Beneish M-Score?

Shiga Bank TSE:8366 +1.39% 43 Beneish M-Score is -2.28 as of Jun. 25, 2026. GuruFocus rates TSE:8366 with a GF Score™ of 43/100 and a GF Value™ of 円1,210.70 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,396 Banks companies, Shiga Bank ranks worse than 69.91% 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 -2.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:8366' s Beneish M-Score Range Over the Past 10 Years
Min: -3.48   Med: -2.57   Max: -1.92
Current: -2.28

During the past 13 years, the highest Beneish M-Score of Shiga Bank was -1.92. The lowest was -3.48. And the median was -2.57.

TSE:8366
43GF Score
Shiga Bank Ltd TSE:8366
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Shiga 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 Shiga 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 * 1.0001+0.892 * 1.1846+0.115 * 0.8023
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.933+4.679 * 0.002469-0.327 * 0.9023
=-2.28

* 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122,382 Mil.
Gross Profit was 円122,382 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円7,669,084 Mil.
Property, Plant and Equipment(Net PPE) was 円54,100 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,663 Mil.
Selling, General, & Admin. Expense(SGA) was 円49,392 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円863,739 Mil.
Net Income was 円21,293 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円2,357 Mil.
 Total Receivables was 円0 Mil.
Revenue was 円103,311 Mil.
Gross Profit was 円103,311 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円7,528,217 Mil.
Property, Plant and Equipment(Net PPE) was 円53,949 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,110 Mil.
Selling, General, & Admin. Expense(SGA) was 円44,690 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円939,675 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 / 122382) / (0 / 103311)
=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)
=(103311 / 103311) / (122382 / 122382)
=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 + 54100) / 7669084) / (1 - (0 + 53949) / 7528217)
=0.992946 / 0.992834
=1.0001

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
=122382 / 103311
=1.1846

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))
=(2110 / (2110 + 53949)) / (2663 / (2663 + 54100))
=0.037639 / 0.046914
=0.8023

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)
=(49392 / 122382) / (44690 / 103311)
=0.403589 / 0.432577
=0.933

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)
=((863739 + 0) / 7669084) / ((939675 + 0) / 7528217)
=0.112626 / 0.12482
=0.9023

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
=(21293 - 0 - 2357) / 7669084
=0.002469

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.

Shiga Bank has a M-score of -2.28 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 -2.28 mean?
Shiga Bank (TSE:8366) has a Beneish M-Score of -2.28 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shiga Bank and its competitors. According to the industry distribution chart, Shiga Bank ranks #976 out of 1396 companies in the Banks industry, placing it in the top 69.9%.
Is Shiga Bank's Beneish M-Score too high?
Shiga Bank's current Beneish M-Score is -2.28. Based on the distribution chart, Shiga Bank ranks #976 out of 1396 companies in the Banks industry, which is below the industry midpoint. Overall, Shiga Bank has a GF Score™ of 43/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Shiga Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Shiga Bank ranks #976 out of 1396 companies for Beneish M-Score. This places Shiga Bank 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 Shiga Bank and its competitors. Shiga Bank's current Beneish M-Score is -2.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shiga Bank stock overvalued right now?
Based on GuruFocus' analysis, Shiga Bank (TSE:8366) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,210.70, compared to a current price of 円2,333.00 — trading 92.7% above its estimated fair value. The current Beneish M-Score is -2.28. Shiga Bank's overall GF Score™ is 43/100 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 Shiga Bank (TSE:8366), the current Beneish M-Score is -2.28 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 Shiga Bank (TSE:8366) Overvalued in 2026?

Based on GuruFocus' analysis, Shiga Bank stock appears to be overvalued. The current stock price of 円2,333.00 is trading 92.7% above its estimated GF Value™ of 円1,210.70. GuruFocus considers Shiga Bank to be Significantly Overvalued.

Key valuation signals for TSE:8366:

  • Beneish M-Score: -2.28
  • GF Value™: 円1,210.70 vs. price of 円2,333.00 (92.7% above fair value)
  • GF Score™: 43/100 with 6 warning signs

No single metric tells the full story. See the TSE:8366 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Shiga Bank Business Description

Address 1-38 Hamamachi, Otsu, Shiga, JPN, 520-8686
Shiga Bank Ltd is a Japanese bank that has a majority of its deposit and loan portfolio targeting the Shiga prefecture. The bank's strategy emphasizes regional market penetration to build and grow its current customer base. Its corporate customer acquisition strategy attempts to leverage its financial intermediary functions. Its high-net-worth client acquisition strategy emphasizes pushing trust products and inheritance tax mitigation measures such as real estate. Loans on deeds constitute an overwhelming majority of its loan portfolio. The bank's deposit base, however, is split nearly evenly between ordinary and time deposits.
43GF Score

Get the complete analysis for TSE:8366

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

円2,333.00
Price
円1,210.70
GF Value