Shinkin Central Bank (TSE:8421) Beneish M-Score: -1.75 (As of Jul. 25, 2026)

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TSE:8421 Shinkin Central Bank TSE:8421
54 GF Score
Price 円185,600.00
GF Value 円169,135.34
Valuation Fairly Valued
! 4 Warning Signs
View Full Analysis

What is Shinkin Central Bank Beneish M-Score?

Shinkin Central Bank TSE:8421 54 Beneish M-Score is -1.75 as of Jul. 25, 2026. GuruFocus rates TSE:8421 with a GF Score™ of 54/100 and a GF Value™ of 円169,135.34 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,391 Banks companies, Shinkin Central Bank ranks worse than 94.61% 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.

Warning Sign:

Beneish M-Score -1.75 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TSE:8421' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02   Med: -2.61   Max: -1.75
Current: -1.75

During the past 13 years, the highest Beneish M-Score of Shinkin Central Bank was -1.75. The lowest was -3.02. And the median was -2.61.

TSE:8421
54GF Score
Shinkin Central Bank TSE:8421
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Shinkin Central 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 Shinkin Central 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 * 0.9999+0.892 * 1.2325+0.115 * 0.9701
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8542+4.679 * 0.113344-0.327 * 1.0832
=-1.75

* 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180,461 Mil.
Gross Profit was 円180,461 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円46,866,489 Mil.
Property, Plant and Equipment(Net PPE) was 円77,656 Mil.
Depreciation, Depletion and Amortization(DDA) was 円11,510 Mil.
Selling, General, & Admin. Expense(SGA) was 円63,551 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円8,310,866 Mil.
Net Income was 円43,006 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-5,269,014 Mil.
 Total Receivables was 円0 Mil.
Revenue was 円146,422 Mil.
Gross Profit was 円146,422 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円48,238,888 Mil.
Property, Plant and Equipment(Net PPE) was 円76,483 Mil.
Depreciation, Depletion and Amortization(DDA) was 円10,948 Mil.
Selling, General, & Admin. Expense(SGA) was 円60,364 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円7,896,956 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 / 180461) / (0 / 146422)
=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)
=(146422 / 146422) / (180461 / 180461)
=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 + 77656) / 46866489) / (1 - (0 + 76483) / 48238888)
=0.998343 / 0.998414
=0.9999

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
=180461 / 146422
=1.2325

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))
=(10948 / (10948 + 76483)) / (11510 / (11510 + 77656))
=0.125219 / 0.129085
=0.9701

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)
=(63551 / 180461) / (60364 / 146422)
=0.352159 / 0.41226
=0.8542

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)
=((8310866 + 0) / 46866489) / ((7896956 + 0) / 48238888)
=0.177331 / 0.163705
=1.0832

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
=(43006 - 0 - -5269014) / 46866489
=0.113344

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.

Shinkin Central Bank has a M-score of -1.75 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.75 mean?
Shinkin Central Bank (TSE:8421) has a Beneish M-Score of -1.75 as of Jul. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shinkin Central Bank and its competitors. According to the industry distribution chart, Shinkin Central Bank ranks #1316 out of 1391 companies in the Banks industry, placing it in the top 94.6%.
Is Shinkin Central Bank's Beneish M-Score too high?
Shinkin Central Bank's current Beneish M-Score is -1.75. Based on the distribution chart, Shinkin Central Bank ranks #1316 out of 1391 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Shinkin Central Bank has a GF Score™ of 54/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Shinkin Central Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Shinkin Central Bank ranks #1316 out of 1391 companies for Beneish M-Score. This places Shinkin Central 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 Shinkin Central Bank and its competitors. Shinkin Central Bank's current Beneish M-Score is -1.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shinkin Central Bank stock overvalued right now?
Based on GuruFocus' analysis, Shinkin Central Bank (TSE:8421) is currently considered Fairly Valued. The stock's GF Value™ is 円169,135.34, compared to a current price of 円185,600.00 — trading 9.7% above its estimated fair value. The current Beneish M-Score is -1.75. Shinkin Central Bank's overall GF Score™ is 54/100 with 4 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 Shinkin Central Bank (TSE:8421), the current Beneish M-Score is -1.75 as of Jul. 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 Shinkin Central Bank (TSE:8421) Overvalued in 2026?

Based on GuruFocus' analysis, Shinkin Central Bank stock appears to be overvalued. The current stock price of 円185,600.00 is trading 9.7% above its estimated GF Value™ of 円169,135.34. GuruFocus considers Shinkin Central Bank to be Fairly Valued.

Key valuation signals for TSE:8421:

  • Beneish M-Score: -1.75
  • GF Value™: 円169,135.34 vs. price of 円185,600.00 (9.7% above fair value)
  • GF Score™: 54/100 with 4 warning signs

No single metric tells the full story. See the TSE:8421 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Shinkin Central Bank Business Description

Address 3-7, Yaesu 1-chome, Chuo-ku, Tokyo, JPN, 103-0028
Shinkin Central Bank provides various financial products and services, including deposit, bond, financing, market operation, securities, and settlement, as well as business support and function supplement for cooperative banks. It uses the funds deposited from Shinkin banks throughout Japan to invest in marketable securities in the financial markets in Japan and overseas. It provides loans to operating companies.
54GF Score

Get the complete analysis for TSE:8421

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

円185,600.00
Price
円169,135.34
GF Value