RHBAF (RHB Bank Bhd) Beneish M-Score: -2.44 (As of Jun. 26, 2026)


RHBAF RHB Bank Bhd RHBAF
61 GF Score
Price $1.22
GF Value $0.98
! 7 Warning Signs
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What is RHB Bank Bhd Beneish M-Score?

RHB Bank Bhd RHBAF 61 Beneish M-Score is -2.44 as of Jun. 26, 2026. GuruFocus rates RHBAF with a GF Score™ of 61/100 and a GF Value™ of $0.98. The stock has 7 warning signs investors should review. Among 1,396 Banks companies, RHB Bank Bhd ranks better than 58.24% 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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

RHBAF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.61   Med: -2.47   Max: -2.26
Current: -2.44

During the past 13 years, the highest Beneish M-Score of RHB Bank Bhd was -2.26. The lowest was -2.61. And the median was -2.47.

RHBAF
61GF Score
RHB Bank Bhd RHBAF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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RHB Bank 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 RHB Bank 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 * 1.0003+0.892 * 1.148+0.115 * 0.9847
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.047+4.679 * 0.017483-0.327 * 1.2605
=-2.36

* 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 554.613 + 570.906 + 546.947 + 509.211 = $2,182 Mil.
Gross Profit was 554.613 + 570.906 + 546.947 + 509.211 = $2,182 Mil.
Total Current Assets was $0 Mil.
Total Assets was $92,526 Mil.
Property, Plant and Equipment(Net PPE) was $275 Mil.
Depreciation, Depletion and Amortization(DDA) was $99 Mil.
Selling, General, & Admin. Expense(SGA) was $171 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $4,228 Mil.
Net Income was 216.922 + 221.542 + 214.754 + 189.594 = $843 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 570.565 + -1419.197 + -13.728 + 87.577 = $-775 Mil.
 Total Receivables was $0 Mil.
Revenue was 459.884 + 484.762 + 514.09 + 441.617 = $1,900 Mil.
Gross Profit was 459.884 + 484.762 + 514.09 + 441.617 = $1,900 Mil.
Total Current Assets was $0 Mil.
Total Assets was $79,535 Mil.
Property, Plant and Equipment(Net PPE) was $257 Mil.
Depreciation, Depletion and Amortization(DDA) was $91 Mil.
Selling, General, & Admin. Expense(SGA) was $142 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $2,883 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 / 2181.677) / (0 / 1900.353)
=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)
=(1900.353 / 1900.353) / (2181.677 / 2181.677)
=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 + 274.717) / 92525.709) / (1 - (0 + 257.126) / 79534.681)
=0.997031 / 0.996767
=1.0003

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
=2181.677 / 1900.353
=1.148

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))
=(90.764 / (90.764 + 257.126)) / (99.018 / (99.018 + 274.717))
=0.260899 / 0.264942
=0.9847

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)
=(171.073 / 2181.677) / (142.324 / 1900.353)
=0.078414 / 0.074893
=1.047

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)
=((4228.182 + 0) / 92525.709) / ((2883.465 + 0) / 79534.681)
=0.045697 / 0.036254
=1.2605

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
=(842.812 - 0 - -774.783) / 92525.709
=0.017483

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.

RHB Bank Bhd has a M-score of -2.36 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 -2.44 mean?
RHB Bank Bhd (RHBAF) has a Beneish M-Score of -2.44 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on RHB Bank Bhd and its competitors. According to the industry distribution chart, RHB Bank Bhd ranks #583 out of 1396 companies in the Banks industry, placing it in the top 41.8%.
Is RHB Bank Bhd's Beneish M-Score too high?
RHB Bank Bhd's current Beneish M-Score is -2.44. Based on the distribution chart, RHB Bank Bhd ranks #583 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, RHB Bank Bhd has a GF Score™ of 61/100, reflecting its overall financial health beyond just this single metric.
How does RHB Bank Bhd's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, RHB Bank Bhd ranks #583 out of 1396 companies for Beneish M-Score. This puts RHB Bank 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 RHB Bank Bhd and its competitors. RHB Bank Bhd's current Beneish M-Score is -2.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is RHB Bank Bhd stock overvalued right now?
RHB Bank Bhd (RHBAF) has a current Beneish M-Score of -2.44. The stock's GF Value™ is $0.98, compared to a current price of $1.22 — trading 24.5% above its estimated fair value. The current Beneish M-Score is -2.44. RHB Bank Bhd's overall GF Score™ is 61/100 with 7 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 RHB Bank Bhd (RHBAF), the current Beneish M-Score is -2.44 as of Jun. 26, 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 RHB Bank Bhd (RHBAF) Overvalued in 2026?

Based on GuruFocus' analysis, RHB Bank Bhd stock appears to be overvalued. The current stock price of $1.22 is trading 24.5% above its estimated GF Value™ of $0.98.

Key valuation signals for RHBAF:

  • Beneish M-Score: -2.44
  • GF Value™: $0.98 vs. price of $1.22 (24.5% above fair value)
  • GF Score™: 61/100 with 7 warning signs

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

RHB Bank Bhd Business Description

Other Exchanges 1066:Malaysia
Address Jalan Tun Razak, Level 10, Tower One, RHB Centre, Kuala Lumpur, SGR, MYS, 50400
RHB Bank Bhd is a financial services group in Malaysia. It engages in commercial banking and finance-related business and the provision of related services. The Group is involved in commercial banking and finance-related business, Islamic banking, investment banking, stock broking, leasing, offshore banking, property investment, general insurance, unit trust management, asset management, nominee and custodian services. Its operating segment comprises Group Community Banking, Group Wholesale Banking, Group International Business, Insurance, Support Center, and Others. Its geographic segments comprise Malaysia and Outside Malaysia. It generates the majority of its revenue from Malaysia.
61GF Score

Get the complete analysis for RHBAF

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

$1.22
Price
$0.98
GF Value