Allianz Malaysia Bhd (XKLS:1163) Beneish M-Score: -2.26 (As of Jun. 26, 2026)


XKLS:1163 Allianz Malaysia Bhd XKLS:1163
84 GF Score
Price RM21.00
GF Value RM21.54
Valuation Fairly Valued
! 4 Warning Signs
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What is Allianz Malaysia Bhd Beneish M-Score?

Allianz Malaysia Bhd XKLS:1163 -0.10% 84 Beneish M-Score is -2.26 as of Jun. 26, 2026. GuruFocus rates XKLS:1163 with a GF Score™ of 84/100 and a GF Value™ of RM21.54 (Fairly Valued). The stock has 4 warning signs investors should review. Among 397 Insurance companies, Allianz Malaysia Bhd ranks worse than 75.06% 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 -2.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:1163' s Beneish M-Score Range Over the Past 10 Years
Min: -5.84   Med: -2.49   Max: 9.89
Current: -2.26

During the past 13 years, the highest Beneish M-Score of Allianz Malaysia Bhd was 9.89. The lowest was -5.84. And the median was -2.49.

XKLS:1163
84GF Score
Allianz Malaysia Bhd XKLS:1163
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Allianz Malaysia 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 Allianz Malaysia 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 * 0.8789+0.528 * 1+0.404 * 1.0012+0.892 * 1.142+0.115 * 0.7604
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.010138-0.327 * 0.4228
=-2.26

* 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 RM47 Mil.
Revenue was 1678.72 + 1787.171 + 2062.693 + 1880.143 = RM7,409 Mil.
Gross Profit was 1678.72 + 1787.171 + 2062.693 + 1880.143 = RM7,409 Mil.
Total Current Assets was RM0 Mil.
Total Assets was RM30,497 Mil.
Property, Plant and Equipment(Net PPE) was RM172 Mil.
Depreciation, Depletion and Amortization(DDA) was RM86 Mil.
Selling, General, & Admin. Expense(SGA) was RM0 Mil.
Total Current Liabilities was RM0 Mil.
Long-Term Debt & Capital Lease Obligation was RM24 Mil.
Net Income was 227.346 + 297.533 + 234.17 + 214.042 = RM973 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 502.331 + 153.089 + 5.317 + 3.167 = RM664 Mil.
 Total Receivables was RM47 Mil.
Revenue was 1322.725 + 1687.992 + 1652.954 + 1823.84 = RM6,488 Mil.
Gross Profit was 1322.725 + 1687.992 + 1652.954 + 1823.84 = RM6,488 Mil.
Total Current Assets was RM0 Mil.
Total Assets was RM28,586 Mil.
Property, Plant and Equipment(Net PPE) was RM194 Mil.
Depreciation, Depletion and Amortization(DDA) was RM66 Mil.
Selling, General, & Admin. Expense(SGA) was RM0 Mil.
Total Current Liabilities was RM0 Mil.
Long-Term Debt & Capital Lease Obligation was RM54 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)
=(47.329 / 7408.727) / (47.154 / 6487.511)
=0.006388 / 0.007268
=0.8789

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)
=(6487.511 / 6487.511) / (7408.727 / 7408.727)
=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 + 171.562) / 30497.287) / (1 - (0 + 194.436) / 28586.086)
=0.994375 / 0.993198
=1.0012

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
=7408.727 / 6487.511
=1.142

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))
=(66.407 / (66.407 + 194.436)) / (86.354 / (86.354 + 171.562))
=0.254586 / 0.334814
=0.7604

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)
=(0 / 7408.727) / (0 / 6487.511)
=0 / 0
=1

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)
=((24.203 + 0) / 30497.287) / ((53.691 + 0) / 28586.086)
=0.000794 / 0.001878
=0.4228

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
=(973.091 - 0 - 663.904) / 30497.287
=0.010138

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.

Allianz Malaysia Bhd has a M-score of -2.26 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 -2.26 mean?
Allianz Malaysia Bhd (XKLS:1163) has a Beneish M-Score of -2.26 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Allianz Malaysia Bhd and its competitors. According to the industry distribution chart, Allianz Malaysia Bhd ranks #298 out of 397 companies in the Insurance industry, placing it in the top 75.1%.
Is Allianz Malaysia Bhd's Beneish M-Score too high?
Allianz Malaysia Bhd's current Beneish M-Score is -2.26. Based on the distribution chart, Allianz Malaysia Bhd ranks #298 out of 397 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Allianz Malaysia Bhd has a GF Score™ of 84/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Allianz Malaysia Bhd's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Allianz Malaysia Bhd ranks #298 out of 397 companies for Beneish M-Score. This places Allianz Malaysia Bhd 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 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 Allianz Malaysia Bhd and its competitors. Allianz Malaysia Bhd's current Beneish M-Score is -2.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Allianz Malaysia Bhd stock overvalued right now?
Based on GuruFocus' analysis, Allianz Malaysia Bhd (XKLS:1163) is currently considered Fairly Valued. The stock's GF Value™ is RM21.54, compared to a current price of RM21.00 — trading 2.5% below its estimated fair value. The current Beneish M-Score is -2.26. Allianz Malaysia Bhd's overall GF Score™ is 84/100 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 Allianz Malaysia Bhd (XKLS:1163), the current Beneish M-Score is -2.26 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 Allianz Malaysia Bhd (XKLS:1163) Overvalued in 2026?

Based on GuruFocus' analysis, Allianz Malaysia Bhd stock appears to be undervalued. The current stock price of RM21.00 is trading 2.5% below its estimated GF Value™ of RM21.54. GuruFocus considers Allianz Malaysia Bhd to be Fairly Valued.

Key valuation signals for XKLS:1163:

  • Beneish M-Score: -2.26
  • GF Value™: RM21.54 vs. price of RM21.00 (2.5% below fair value)
  • GF Score™: 84/100 with 4 warning signs

No single metric tells the full story. See the XKLS:1163 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Allianz Malaysia Bhd Business Description

Other Exchanges 1163PA.PFD:Malaysia
Address 203, Jalan Tun Sambanthan, Level 29, Menara Allianz Sentral, Kuala Lumpur Sentral, Kuala Lumpur, SGR, MYS, 50470
Allianz Malaysia Bhd is an investment holding company engaged in the insurance sector. The company operates in three segments: General Insurance, Life insurance, and Investment holding. The Life insurance segment underwrites all classes of life insurance and also does investment-linked business. The company's general insurance includes automotive, home, personal insurance, and other products. The majority of revenue is generated from the General Insurance segment. The group operates mainly in Malaysia.
84GF Score

Get the complete analysis for XKLS:1163

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

RM21.00
Price
RM21.54
GF Value