RHB Bank Bhd (XKLS:1066) Beneish M-Score: -2.44 (As of Jun. 25, 2026)


XKLS:1066 RHB Bank Bhd XKLS:1066
61 GF Score
Price RM8.29
GF Value RM6.80
Valuation Modestly Overvalued
! 7 Warning Signs
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What is RHB Bank Bhd Beneish M-Score?

RHB Bank Bhd XKLS:1066 -0.72% 61 Beneish M-Score is -2.44 as of Jun. 25, 2026. GuruFocus rates XKLS:1066 with a GF Score™ of 61/100 and a GF Value™ of RM6.80 (Modestly Overvalued). 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:

XKLS:1066' 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.

XKLS:1066
61GF Score
RHB Bank Bhd XKLS:1066
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

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 * 1.0612+0.115 * 0.9595
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0468+4.679 * 0.018348-0.327 * 1.2605
=-2.44

* 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 RM0 Mil.
Revenue was 2190.499 + 2333.978 + 2302.375 + 2158.038 = RM8,985 Mil.
Gross Profit was 2190.499 + 2333.978 + 2302.375 + 2158.038 = RM8,985 Mil.
Total Current Assets was RM0 Mil.
Total Assets was RM365,440 Mil.
Property, Plant and Equipment(Net PPE) was RM1,085 Mil.
Depreciation, Depletion and Amortization(DDA) was RM408 Mil.
Selling, General, & Admin. Expense(SGA) was RM704 Mil.
Total Current Liabilities was RM0 Mil.
Long-Term Debt & Capital Lease Obligation was RM16,700 Mil.
Net Income was 856.757 + 905.71 + 904.008 + 803.5 = RM3,470 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 2253.503 + -5801.962 + -57.79 + 371.152 = RM-3,235 Mil.
 Total Receivables was RM0 Mil.
Revenue was 2038.436 + 2161.021 + 2187.864 + 2079.796 = RM8,467 Mil.
Gross Profit was 2038.436 + 2161.021 + 2187.864 + 2079.796 = RM8,467 Mil.
Total Current Assets was RM0 Mil.
Total Assets was RM352,537 Mil.
Property, Plant and Equipment(Net PPE) was RM1,140 Mil.
Depreciation, Depletion and Amortization(DDA) was RM405 Mil.
Selling, General, & Admin. Expense(SGA) was RM634 Mil.
Total Current Liabilities was RM0 Mil.
Long-Term Debt & Capital Lease Obligation was RM12,781 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 / 8984.89) / (0 / 8467.117)
=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)
=(8467.117 / 8467.117) / (8984.89 / 8984.89)
=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 + 1085.022) / 365439.541) / (1 - (0 + 1139.709) / 352537.474)
=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
=8984.89 / 8467.117
=1.0612

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))
=(404.614 / (404.614 + 1139.709)) / (407.568 / (407.568 + 1085.022))
=0.262001 / 0.273061
=0.9595

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)
=(704.015 / 8984.89) / (633.787 / 8467.117)
=0.078355 / 0.074853
=1.0468

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)
=((16699.629 + 0) / 365439.541) / ((12780.957 + 0) / 352537.474)
=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
=(3469.975 - 0 - -3235.097) / 365439.541
=0.018348

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 -2.44 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 (XKLS:1066) has a Beneish M-Score of -2.44 as of Jun. 25, 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 and is considered Modestly Overvalued, 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?
Based on GuruFocus' analysis, RHB Bank Bhd (XKLS:1066) is currently considered Modestly Overvalued. The stock's GF Value™ is RM6.80, compared to a current price of RM8.29 — trading 21.9% 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 (XKLS:1066), the current Beneish M-Score is -2.44 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 RHB Bank Bhd (XKLS:1066) Overvalued in 2026?

Based on GuruFocus' analysis, RHB Bank Bhd stock appears to be overvalued. The current stock price of RM8.29 is trading 21.9% above its estimated GF Value™ of RM6.80. GuruFocus considers RHB Bank Bhd to be Modestly Overvalued.

Key valuation signals for XKLS:1066:

  • Beneish M-Score: -2.44
  • GF Value™: RM6.80 vs. price of RM8.29 (21.9% above fair value)
  • GF Score™: 61/100 with 7 warning signs

No single metric tells the full story. See the XKLS:1066 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

RHB Bank Bhd Business Description

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 XKLS:1066

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

RM8.29
Price
RM6.80
GF Value