Manulife Holdings Bhd (XKLS:1058) Beneish M-Score: -2.70 (As of Jun. 25, 2026)


XKLS:1058 Manulife Holdings Bhd XKLS:1058
57 GF Score
Price RM2.34
GF Value RM2.46
Valuation Fairly Valued
! 2 Warning Signs
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What is Manulife Holdings Bhd Beneish M-Score?

Manulife Holdings Bhd XKLS:1058 -0.43% 57 Beneish M-Score is -2.70 as of Jun. 25, 2026. GuruFocus rates XKLS:1058 with a GF Score™ of 57/100 and a GF Value™ of RM2.46 (Fairly Valued). The stock has 2 warning signs investors should review. Among 397 Insurance companies, Manulife Holdings Bhd ranks better than 71.28% 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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:1058' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08   Med: -2.16   Max: 0.73
Current: -2.7

During the past 13 years, the highest Beneish M-Score of Manulife Holdings Bhd was 0.73. The lowest was -3.08. And the median was -2.16.

XKLS:1058
57GF Score
Manulife Holdings Bhd XKLS:1058
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Manulife 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 Manulife 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 * 0.7175+0.528 * 1+0.404 * 1.0002+0.892 * 1.1337+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6826+4.679 * -0.003756-0.327 * 1.3418
=-2.70

* 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 RM49.2 Mil.
Revenue was 196.811 + 264.653 + 268.349 + 222.677 = RM952.5 Mil.
Gross Profit was 196.811 + 264.653 + 268.349 + 222.677 = RM952.5 Mil.
Total Current Assets was RM0.0 Mil.
Total Assets was RM8,095.0 Mil.
Property, Plant and Equipment(Net PPE) was RM37.4 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM47.4 Mil.
Total Current Liabilities was RM0.0 Mil.
Long-Term Debt & Capital Lease Obligation was RM2.6 Mil.
Net Income was 19.647 + 44.667 + 20.813 + 43.832 = RM129.0 Mil.
Non Operating Income was 1.204 + -3.794 + 1.091 + -3.181 = RM-4.7 Mil.
Cash Flow from Operations was -16.403 + 153.573 + -2.506 + 29.38 = RM164.0 Mil.
 Total Receivables was RM60.5 Mil.
Revenue was 138.705 + 225.133 + 235.794 + 240.541 = RM840.2 Mil.
Gross Profit was 138.705 + 225.133 + 235.794 + 240.541 = RM840.2 Mil.
Total Current Assets was RM0.0 Mil.
Total Assets was RM7,642.7 Mil.
Property, Plant and Equipment(Net PPE) was RM36.9 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM61.2 Mil.
Total Current Liabilities was RM0.0 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.8 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)
=(49.212 / 952.49) / (60.5 / 840.173)
=0.051667 / 0.072009
=0.7175

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)
=(840.173 / 840.173) / (952.49 / 952.49)
=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 + 37.439) / 8095.045) / (1 - (0 + 36.883) / 7642.696)
=0.995375 / 0.995174
=1.0002

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
=952.49 / 840.173
=1.1337

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))
=(0 / (0 + 36.883)) / (0 / (0 + 37.439))
=0 / 0
=1

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)
=(47.376 / 952.49) / (61.22 / 840.173)
=0.049739 / 0.072866
=0.6826

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)
=((2.573 + 0) / 8095.045) / ((1.813 + 0) / 7642.696)
=0.000318 / 0.000237
=1.3418

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
=(128.959 - -4.68 - 164.044) / 8095.045
=-0.003756

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.

Manulife Holdings Bhd has a M-score of -2.70 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 -2.70 mean?
Manulife Holdings Bhd (XKLS:1058) has a Beneish M-Score of -2.70 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Manulife Holdings Bhd and its competitors. According to the industry distribution chart, Manulife Holdings Bhd ranks #114 out of 397 companies in the Insurance industry, placing it in the top 28.7%.
Is Manulife Holdings Bhd's Beneish M-Score too high?
Manulife Holdings Bhd's current Beneish M-Score is -2.70. Based on the distribution chart, Manulife Holdings Bhd ranks #114 out of 397 companies in the Insurance industry, which is above the industry midpoint. Overall, Manulife Holdings Bhd has a GF Score™ of 57/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Manulife Holdings Bhd's Beneish M-Score compare to AFL and MET?
According to the Insurance industry distribution chart, Manulife Holdings Bhd ranks #114 out of 397 companies for Beneish M-Score. This puts Manulife 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 Manulife Holdings Bhd and its competitors. Manulife Holdings Bhd's current Beneish M-Score is -2.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Manulife Holdings Bhd stock overvalued right now?
Based on GuruFocus' analysis, Manulife Holdings Bhd (XKLS:1058) is currently considered Fairly Valued. The stock's GF Value™ is RM2.46, compared to a current price of RM2.34 — trading 4.9% below its estimated fair value. The current Beneish M-Score is -2.70. Manulife Holdings Bhd's overall GF Score™ is 57/100 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 Manulife Holdings Bhd (XKLS:1058), the current Beneish M-Score is -2.70 as of Jun. 25, 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 Manulife Holdings Bhd (XKLS:1058) Overvalued in 2026?

Based on GuruFocus' analysis, Manulife Holdings Bhd stock appears to be undervalued. The current stock price of RM2.34 is trading 4.9% below its estimated GF Value™ of RM2.46. GuruFocus considers Manulife Holdings Bhd to be Fairly Valued.

Key valuation signals for XKLS:1058:

  • Beneish M-Score: -2.70
  • GF Value™: RM2.46 vs. price of RM2.34 (4.9% below fair value)
  • GF Score™: 57/100 with 2 warning signs

No single metric tells the full story. See the XKLS:1058 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Manulife Holdings Bhd Business Description

Address 6 Jalan Gelenggang, Damansara Heights, 16th Floor, Menara Manulife, Kuala Lumpur, SGR, MYS, 50490
Manulife Holdings Bhd is an investment holding company that is engaged in the business of life insurance business, management of unit trust funds, private retirement scheme funds, investment, and fund management. The company operates through Investment Holding, Life Insurance and Asset Management Services segments. The investment holding segment includes Investment holding operations and other segments; Life insurance segment includes underwriting of Participating life and Non-participating life insurance and unit-linked products; and Asset management services include asset management, unit trust, private retirement scheme funds. The group's principal revenue source is from the Life insurance business segment.
57GF Score

Get the complete analysis for XKLS:1058

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

RM2.34
Price
RM2.46
GF Value