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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 -1.99 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Bayan Sulu JSC's Beneish M-Score or its related term are showing as below:
XKAZ:BSUL'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.39 Med: -2.05 Max: -0.54
Current: -1.99
During the past 13 years, the highest Beneish M-Score of Bayan Sulu JSC was -0.54. The lowest was -3.39. And the median was -2.05.
The historical data trend for Bayan Sulu JSC's Beneish M-Score can be seen below:
* 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.
XKAZ:BSUL vs MDLZ, HSY, TR: Beneish M-Score Comparison
For the Confectioners subindustry, Bayan Sulu JSC's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Bayan Sulu JSC Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Bayan Sulu JSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bayan Sulu JSC's Beneish M-Score falls into.
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 Bayan Sulu JSC 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 * 1.0123
+
0.528 * 1.0197
+
0.404 * 0.9845
+
0.892 * 1.1665
+
0.115 * 1.179
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.7923
+
4.679 * 0.053748
-
0.327 * 0.9498
=
-1.99
* 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.
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.
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))
=
(358.437 / (358.437 + 11205.68))
/
(365.276 / (365.276 + 13529.549))
=
0.030996
/
0.026289
=
1.179
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
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
=
(6322.804 - 0
-
2760.27)
/
66282.218
=
0.053748
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.
Bayan Sulu JSC has a M-score of -1.99 suggests that the company is unlikely to be a manipulator.
Bayan Sulu JSC (XKAZ:BSUL) has a Beneish M-Score of -1.99 as of Aug. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bayan Sulu JSC and its competitors. According to the industry distribution chart, Bayan Sulu JSC ranks #1452 out of 1864 companies in the Consumer Packaged Goods industry, placing it in the top 77.9%.
Is Bayan Sulu JSC's Beneish M-Score too high?
Bayan Sulu JSC's current Beneish M-Score is -1.99. Based on the distribution chart, Bayan Sulu JSC ranks #1452 out of 1864 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, Bayan Sulu JSC has a GF Score™ of 57/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Bayan Sulu JSC's Beneish M-Score compare to MDLZ and HSY?
According to the Consumer Packaged Goods industry distribution chart, Bayan Sulu JSC ranks #1452 out of 1864 companies for Beneish M-Score. This places Bayan Sulu JSC 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Bayan Sulu JSC and its competitors. Bayan Sulu JSC's current Beneish M-Score is -1.99. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bayan Sulu JSC stock overvalued right now?
Based on GuruFocus' analysis, Bayan Sulu JSC (XKAZ:BSUL) is currently considered Significantly Overvalued. The stock's GF Value™ is ₸265.73, compared to a current price of ₸439.00 — trading 65.2% above its estimated fair value. The current Beneish M-Score is -1.99. Bayan Sulu JSC's overall GF Score™ is 57/100 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 Bayan Sulu JSC (XKAZ:BSUL), the current Beneish M-Score is -1.99 as of Aug. 23, 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 Bayan Sulu JSC (XKAZ:BSUL) Overvalued in 2026?
Based on GuruFocus' analysis, Bayan Sulu JSC stock appears to be overvalued.
The current stock price of ₸439.00 is trading 65.2% above its estimated GF Value™ of ₸265.73.
GuruFocus considers Bayan Sulu JSC to be Significantly Overvalued.
Key valuation signals for XKAZ:BSUL:
Beneish M-Score: -1.99
GF Value™: ₸265.73 vs. price of ₸439.00 (65.2% above fair value)
No single metric tells the full story. See the XKAZ:BSUL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bayan Sulu JSC is a Kazakhstan-based company mainly engaged in the production, wholesale, and retail sale of confectionery products. Additionally, it also trades in other goods, including flour, wheat, sugar, etc. The company's product offerings include biscuits, chocolates, pastries, waffles, marshmallows, and other confectionery items. It operates in two segments: production and sale of confectionery products, which generate maximum revenue; and the sale of goods purchased from related parties (flour, wheat, etc). Geographically, the company generates maximum revenue from Kazakhstan, followed by Russia, Afghanistan, Tajikistan, Uzbekistan, and other countries.
57GF Score
Get the complete analysis for XKAZ:BSUL
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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