Scotia Group Jamaica (XJAM:SGJ) Beneish M-Score: -2.43 (As of Jul. 13, 2026)

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XJAM:SGJ Scotia Group Jamaica Ltd XJAM:SGJ
81 GF Score
Price JMD58.18
GF Value JMD57.69
Valuation Fairly Valued
! 4 Warning Signs
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What is Scotia Group Jamaica Beneish M-Score?

Scotia Group Jamaica XJAM:SGJ -0.51% 81 Beneish M-Score is -2.43 as of Jul. 13, 2026. GuruFocus rates XJAM:SGJ with a GF Score™ of 81/100 and a GF Value™ of JMD57.69 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,399 Banks companies, Scotia Group Jamaica ranks better than 56.18% 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 -2.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XJAM:SGJ' s Beneish M-Score Range Over the Past 10 Years
Min: -2.67   Med: -2.26   Max: -1.94
Current: -2.43

During the past 13 years, the highest Beneish M-Score of Scotia Group Jamaica was -1.94. The lowest was -2.67. And the median was -2.26.

XJAM:SGJ
81GF Score
Scotia Group Jamaica Ltd XJAM:SGJ
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Scotia Group Jamaica 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 Scotia Group Jamaica 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 * 1.0703+0.115 * 1.0405
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.011943-0.327 * 1.2257
=-2.43

* 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 (Oct25) TTM:Last Year (Oct24) TTM:
Total Receivables was JMD0 Mil.
Revenue was JMD67,501 Mil.
Gross Profit was JMD67,501 Mil.
Total Current Assets was JMD0 Mil.
Total Assets was JMD773,776 Mil.
Property, Plant and Equipment(Net PPE) was JMD10,713 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD1,201 Mil.
Selling, General, & Admin. Expense(SGA) was JMD0 Mil.
Total Current Liabilities was JMD0 Mil.
Long-Term Debt & Capital Lease Obligation was JMD1,668 Mil.
Net Income was JMD19,901 Mil.
Gross Profit was JMD0 Mil.
Cash Flow from Operations was JMD10,661 Mil.
 Total Receivables was JMD0 Mil.
Revenue was JMD63,067 Mil.
Gross Profit was JMD63,067 Mil.
Total Current Assets was JMD0 Mil.
Total Assets was JMD705,017 Mil.
Property, Plant and Equipment(Net PPE) was JMD9,798 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD1,148 Mil.
Selling, General, & Admin. Expense(SGA) was JMD0 Mil.
Total Current Liabilities was JMD0 Mil.
Long-Term Debt & Capital Lease Obligation was JMD1,240 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 / 67501.076) / (0 / 63066.984)
=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)
=(63066.984 / 63066.984) / (67501.076 / 67501.076)
=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 + 10713.471) / 773776.402) / (1 - (0 + 9798.485) / 705016.705)
=0.986154 / 0.986102
=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
=67501.076 / 63066.984
=1.0703

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))
=(1148.488 / (1148.488 + 9798.485)) / (1201.338 / (1201.338 + 10713.471))
=0.104914 / 0.100827
=1.0405

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)
=(0 / 67501.076) / (0 / 63066.984)
=0 / 0
=1

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)
=((1668.21 + 0) / 773776.402) / ((1240.207 + 0) / 705016.705)
=0.002156 / 0.001759
=1.2257

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
=(19901.494 - 0 - 10660.628) / 773776.402
=0.011943

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.

Scotia Group Jamaica has a M-score of -2.43 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 -2.43 mean?
Scotia Group Jamaica (XJAM:SGJ) has a Beneish M-Score of -2.43 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Scotia Group Jamaica and its competitors. According to the industry distribution chart, Scotia Group Jamaica ranks #613 out of 1399 companies in the Banks industry, placing it in the top 43.8%.
Is Scotia Group Jamaica's Beneish M-Score too high?
Scotia Group Jamaica's current Beneish M-Score is -2.43. Based on the distribution chart, Scotia Group Jamaica ranks #613 out of 1399 companies in the Banks industry, which is above the industry midpoint. Overall, Scotia Group Jamaica has a GF Score™ of 81/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Scotia Group Jamaica's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Scotia Group Jamaica ranks #613 out of 1399 companies for Beneish M-Score. This puts Scotia Group Jamaica 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 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 Scotia Group Jamaica and its competitors. Scotia Group Jamaica's current Beneish M-Score is -2.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Scotia Group Jamaica stock overvalued right now?
Based on GuruFocus' analysis, Scotia Group Jamaica (XJAM:SGJ) is currently considered Fairly Valued. The stock's GF Value™ is JMD57.69, compared to a current price of JMD58.18 — trading 0.8% above its estimated fair value. The current Beneish M-Score is -2.43. Scotia Group Jamaica's overall GF Score™ is 81/100 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 Scotia Group Jamaica (XJAM:SGJ), the current Beneish M-Score is -2.43 as of Jul. 13, 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 Scotia Group Jamaica (XJAM:SGJ) Overvalued in 2026?

Based on GuruFocus' analysis, Scotia Group Jamaica stock appears to be overvalued. The current stock price of JMD58.18 is trading 0.8% above its estimated GF Value™ of JMD57.69. GuruFocus considers Scotia Group Jamaica to be Fairly Valued.

Key valuation signals for XJAM:SGJ:

  • Beneish M-Score: -2.43
  • GF Value™: JMD57.69 vs. price of JMD58.18 (0.8% above fair value)
  • GF Score™: 81/100 with 4 warning signs

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

Scotia Group Jamaica Business Description

Address Port Royal Streets, P.O. Box 709, Corner Duke, Scotiabank Centre, Kingston, JAM
Scotia Group Jamaica Ltd is a Jamaican financial holding company. It provides a range of financial services through its subsidiaries to personal, commercial, corporate, and government clients across Jamaica. The company has six business segments: Retail, Corporate and Commercial, Treasury, Investment Management Services, Insurance Services, and Others. It generates maximum revenue from the Retail banking segment. The retail banking segment includes personal banking services, personal deposit accounts, credit and debit cards, consumer loans, mortgages, and microfinance.
81GF Score

Get the complete analysis for XJAM:SGJ

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

JMD58.18
Price
JMD57.69
GF Value