CIMDF (CIMB Group Holdings Bhd) Beneish M-Score: -2.42 (As of Jul. 21, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

CIMDF CIMB Group Holdings Bhd CIMDF
60 GF Score
Price $1.89
GF Value $1.94
Valuation Fairly Valued
! 8 Warning Signs
View Full Analysis

What is CIMB Group Holdings Bhd Beneish M-Score?

CIMB Group Holdings Bhd CIMDF 60 Beneish M-Score is -2.42 as of Jul. 21, 2026. GuruFocus rates CIMDF with a GF Score™ of 60/100 and a GF Value™ of $1.94 (Fairly Valued). The stock has 8 warning signs investors should review. Among 1,394 Banks companies, CIMB Group Holdings Bhd ranks better than 54.16% 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 -2.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CIMDF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82   Med: -2.46   Max: -2.31
Current: -2.42

During the past 13 years, the highest Beneish M-Score of CIMB Group Holdings Bhd was -2.31. The lowest was -2.82. And the median was -2.46.

CIMDF
60GF Score
CIMB Group Holdings Bhd CIMDF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

CIMB Group Holdings Bhd 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 CIMB Group Holdings Bhd 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 * 1.1064+0.115 * 1.0922
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1865+4.679 * 0.019189-0.327 * 1.0823
=-2.34

* 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 $0 Mil.
Revenue was 1375.407 + 1342.556 + 1448.674 + 1320.287 = $5,487 Mil.
Gross Profit was 1375.407 + 1342.556 + 1448.674 + 1320.287 = $5,487 Mil.
Total Current Assets was $0 Mil.
Total Assets was $197,738 Mil.
Property, Plant and Equipment(Net PPE) was $631 Mil.
Depreciation, Depletion and Amortization(DDA) was $241 Mil.
Selling, General, & Admin. Expense(SGA) was $435 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $11,778 Mil.
Net Income was 485.222 + 469.515 + 493.636 + 445.668 = $1,894 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was -759.743 + 162.553 + -102.9 + -1200.182 = $-1,900 Mil.
 Total Receivables was $0 Mil.
Revenue was 1240.393 + 1198.108 + 1329.332 + 1191.335 = $4,959 Mil.
Gross Profit was 1240.393 + 1198.108 + 1329.332 + 1191.335 = $4,959 Mil.
Total Current Assets was $0 Mil.
Total Assets was $173,616 Mil.
Property, Plant and Equipment(Net PPE) was $567 Mil.
Depreciation, Depletion and Amortization(DDA) was $245 Mil.
Selling, General, & Admin. Expense(SGA) was $332 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $9,555 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 / 5486.924) / (0 / 4959.168)
=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)
=(4959.168 / 4959.168) / (5486.924 / 5486.924)
=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 + 631.146) / 197737.98) / (1 - (0 + 566.939) / 173616.218)
=0.996808 / 0.996735
=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
=5486.924 / 4959.168
=1.1064

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))
=(245.125 / (245.125 + 566.939)) / (241.065 / (241.065 + 631.146))
=0.301854 / 0.276384
=1.0922

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)
=(435.211 / 5486.924) / (331.526 / 4959.168)
=0.079318 / 0.066851
=1.1865

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)
=((11778.046 + 0) / 197737.98) / ((9554.946 + 0) / 173616.218)
=0.059564 / 0.055035
=1.0823

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
=(1894.041 - 0 - -1900.272) / 197737.98
=0.019189

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.

CIMB Group Holdings Bhd has a M-score of -2.34 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 -2.42 mean?
CIMB Group Holdings Bhd (CIMDF) has a Beneish M-Score of -2.42 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CIMB Group Holdings Bhd and its competitors. According to the industry distribution chart, CIMB Group Holdings Bhd ranks #639 out of 1394 companies in the Banks industry, placing it in the top 45.8%.
Is CIMB Group Holdings Bhd's Beneish M-Score too high?
CIMB Group Holdings Bhd's current Beneish M-Score is -2.42. Based on the distribution chart, CIMB Group Holdings Bhd ranks #639 out of 1394 companies in the Banks industry, which is above the industry midpoint. Overall, CIMB Group Holdings Bhd has a GF Score™ of 60/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does CIMB Group Holdings Bhd's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, CIMB Group Holdings Bhd ranks #639 out of 1394 companies for Beneish M-Score. This puts CIMB Group Holdings Bhd 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 CIMB Group Holdings Bhd and its competitors. CIMB Group Holdings Bhd's current Beneish M-Score is -2.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CIMB Group Holdings Bhd stock overvalued right now?
Based on GuruFocus' analysis, CIMB Group Holdings Bhd (CIMDF) is currently considered Fairly Valued. The stock's GF Value™ is $1.94, compared to a current price of $1.89 — trading 2.6% below its estimated fair value. The current Beneish M-Score is -2.42. CIMB Group Holdings Bhd's overall GF Score™ is 60/100 with 8 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 CIMB Group Holdings Bhd (CIMDF), the current Beneish M-Score is -2.42 as of Jul. 21, 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 CIMB Group Holdings Bhd (CIMDF) Overvalued in 2026?

Based on GuruFocus' analysis, CIMB Group Holdings Bhd stock appears to be undervalued. The current stock price of $1.89 is trading 2.6% below its estimated GF Value™ of $1.94. GuruFocus considers CIMB Group Holdings Bhd to be Fairly Valued.

Key valuation signals for CIMDF:

  • Beneish M-Score: -2.42
  • GF Value™: $1.94 vs. price of $1.89 (2.6% below fair value)
  • GF Score™: 60/100 with 8 warning signs

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

CIMB Group Holdings Bhd Business Description

Other Exchanges 1023:Malaysia
Address Jalan Stesen Sentral 2, Level 13, Menara CIMB, Kuala Lumpur Sentral, Kuala Lumpur, SGR, MYS, 50470
CIMB Group Holdings Bhd is a full-service bank based mainly in Malaysia and other Southeast Asian countries. The bank's segment includes Consumer Banking, Commercial Banking, Wholesale Banking, and CIMB Digital Assets and Group Funding. The majority of the bank's income is derived from net interest income from Consumer Banking. Geographical presence is in Malaysia, Indonesia, Thailand, Singapore, United Kingdom, Hong Kong, China and others.
60GF Score

Get the complete analysis for CIMDF

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

$1.89
Price
$1.94
GF Value