Shine Resunga Development Bank (XNEP:SHINE) Beneish M-Score: -2.67 (As of Jul. 01, 2026)


XNEP:SHINE Shine Resunga Development Bank Ltd XNEP:SHINE
100 GF Score
Price NPR396.40
GF Value NPR466.92
Valuation Modestly Undervalued
! 2 Warning Signs
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What is Shine Resunga Development Bank Beneish M-Score?

Shine Resunga Development Bank XNEP:SHINE -0.90% 100 Beneish M-Score is -2.67 as of Jul. 01, 2026. GuruFocus rates XNEP:SHINE with a GF Score™ of 100/100 and a GF Value™ of NPR466.92 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 1,397 Banks companies, Shine Resunga Development Bank ranks better than 85.47% 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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XNEP:SHINE' s Beneish M-Score Range Over the Past 10 Years
Min: -3.18   Med: -2.54   Max: -2.36
Current: -2.67

During the past 13 years, the highest Beneish M-Score of Shine Resunga Development Bank was -2.36. The lowest was -3.18. And the median was -2.54.

XNEP:SHINE
100GF Score
Shine Resunga Development Bank Ltd XNEP:SHINE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Shine Resunga Development 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 Shine Resunga Development 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 * 0.9994+0.892 * 1.1201+0.115 * 0.7997
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.99+4.679 * -0.015012-0.327 * 1.6332
=-2.67

* 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 (Jul25) TTM:Last Year (Jul24) TTM:
Total Receivables was NPR0 Mil.
Revenue was NPR2,976 Mil.
Gross Profit was NPR2,976 Mil.
Total Current Assets was NPR0 Mil.
Total Assets was NPR80,353 Mil.
Property, Plant and Equipment(Net PPE) was NPR715 Mil.
Depreciation, Depletion and Amortization(DDA) was NPR123 Mil.
Selling, General, & Admin. Expense(SGA) was NPR81 Mil.
Total Current Liabilities was NPR0 Mil.
Long-Term Debt & Capital Lease Obligation was NPR178 Mil.
Net Income was NPR646 Mil.
Gross Profit was NPR0 Mil.
Cash Flow from Operations was NPR1,852 Mil.
 Total Receivables was NPR0 Mil.
Revenue was NPR2,657 Mil.
Gross Profit was NPR2,657 Mil.
Total Current Assets was NPR0 Mil.
Total Assets was NPR73,656 Mil.
Property, Plant and Equipment(Net PPE) was NPR611 Mil.
Depreciation, Depletion and Amortization(DDA) was NPR81 Mil.
Selling, General, & Admin. Expense(SGA) was NPR73 Mil.
Total Current Liabilities was NPR0 Mil.
Long-Term Debt & Capital Lease Obligation was NPR100 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 / 2976.416) / (0 / 2657.296)
=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)
=(2657.296 / 2657.296) / (2976.416 / 2976.416)
=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 + 715.114) / 80353.207) / (1 - (0 + 611.068) / 73656.418)
=0.9911 / 0.991704
=0.9994

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
=2976.416 / 2657.296
=1.1201

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))
=(81.225 / (81.225 + 611.068)) / (122.957 / (122.957 + 715.114))
=0.117327 / 0.146714
=0.7997

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)
=(81.353 / 2976.416) / (73.362 / 2657.296)
=0.027333 / 0.027608
=0.99

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)
=((177.811 + 0) / 80353.207) / ((99.819 + 0) / 73656.418)
=0.002213 / 0.001355
=1.6332

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
=(645.628 - 0 - 1851.909) / 80353.207
=-0.015012

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.

Shine Resunga Development Bank has a M-score of -2.67 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 -2.67 mean?
Shine Resunga Development Bank (XNEP:SHINE) has a Beneish M-Score of -2.67 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shine Resunga Development Bank and its competitors. According to the industry distribution chart, Shine Resunga Development Bank ranks #203 out of 1397 companies in the Banks industry, placing it in the top 14.5%.
Is Shine Resunga Development Bank's Beneish M-Score too high?
Shine Resunga Development Bank's current Beneish M-Score is -2.67. Based on the distribution chart, Shine Resunga Development Bank ranks #203 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Shine Resunga Development Bank has a GF Score™ of 100/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Shine Resunga Development Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Shine Resunga Development Bank ranks #203 out of 1397 companies for Beneish M-Score. This places Shine Resunga Development Bank in the top 15% of its industry — outperforming the majority of peers. 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 Shine Resunga Development Bank and its competitors. Shine Resunga Development Bank's current Beneish M-Score is -2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shine Resunga Development Bank stock overvalued right now?
Based on GuruFocus' analysis, Shine Resunga Development Bank (XNEP:SHINE) is currently considered Modestly Undervalued. The stock's GF Value™ is NPR466.92, compared to a current price of NPR396.40 — trading 15.1% below its estimated fair value. The current Beneish M-Score is -2.67. Shine Resunga Development Bank's overall GF Score™ is 100/100 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 Shine Resunga Development Bank (XNEP:SHINE), the current Beneish M-Score is -2.67 as of Jul. 01, 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 Shine Resunga Development Bank (XNEP:SHINE) Overvalued in 2026?

Based on GuruFocus' analysis, Shine Resunga Development Bank stock appears to be undervalued. The current stock price of NPR396.40 is trading 15.1% below its estimated GF Value™ of NPR466.92. GuruFocus considers Shine Resunga Development Bank to be Modestly Undervalued.

Key valuation signals for XNEP:SHINE:

  • Beneish M-Score: -2.67
  • GF Value™: NPR466.92 vs. price of NPR396.40 (15.1% below fair value)
  • GF Score™: 100/100 with 2 warning signs

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

Shine Resunga Development Bank Business Description

Address Butwal Sub-Metropolitan City, Ward No 11, Kalikanagar, Rupandehi, NPL, 32907
Shine Resunga Development Bank Ltd is a regional development bank in Nepal. The company offers products and services including saving deposits, fixed deposits, call current, business loans, consumer loans, and others. The maximum revenue from Nepal itself is from Lumbini Province.
100GF Score

Get the complete analysis for XNEP:SHINE

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

NPR396.40
Price
NPR466.92
GF Value