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 Bursa Malaysia Bhd's Beneish M-Score or its related term are showing as below:
XKLS:1818'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.17 Med: -2.47 Max: -1.95
Current: -2.26
During the past 13 years, the highest Beneish M-Score of Bursa Malaysia Bhd was -1.95. The lowest was -3.17. And the median was -2.47.
Bursa Malaysia Bhd Beneish M-Score Related Terms
Bursa Malaysia Bhd Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Bursa Malaysia Bhd'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.
XKLS:1818 vs SPGI, CME, ICE: Beneish M-Score Comparison
For the Financial Data & Stock Exchanges subindustry, Bursa Malaysia Bhd'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.
Bursa Malaysia Bhd Beneish M-Score vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Bursa Malaysia Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bursa Malaysia Bhd'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 Bursa 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 * 1.2662
+
0.528 * 1.0612
+
0.404 * 1.1383
+
0.892 * 0.9686
+
0.115 * 0.9767
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1671
+
4.679 * -0.01308
-
0.327 * 0.9623
=
-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.
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))
=
(35.929 / (35.929 + 190.286))
/
(37.069 / (37.069 + 190.886))
=
0.158827
/
0.162615
=
0.9767
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
=
(254.565 - 0
-
299.437)
/
3430.53
=
-0.01308
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.
Bursa Malaysia Bhd has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.
Bursa Malaysia Bhd (XKLS:1818) 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 Bursa Malaysia Bhd and its competitors. According to the industry distribution chart, Bursa Malaysia Bhd ranks #322 out of 702 companies in the Capital Markets industry, placing it in the top 45.9%.
Is Bursa Malaysia Bhd's Beneish M-Score too high?
Bursa Malaysia Bhd's current Beneish M-Score is -2.26. Based on the distribution chart, Bursa Malaysia Bhd ranks #322 out of 702 companies in the Capital Markets industry, which is above the industry midpoint. Overall, Bursa Malaysia Bhd has a GF Score™ of 88/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Bursa Malaysia Bhd's Beneish M-Score compare to SPGI and CME?
According to the Capital Markets industry distribution chart, Bursa Malaysia Bhd ranks #322 out of 702 companies for Beneish M-Score. This puts Bursa Malaysia 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Bursa Malaysia Bhd and its competitors. Bursa 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 Bursa Malaysia Bhd stock overvalued right now?
Based on GuruFocus' analysis, Bursa Malaysia Bhd (XKLS:1818) is currently considered Fairly Valued. The stock's GF Value™ is RM9.10, compared to a current price of RM8.55 — trading 6% below its estimated fair value. The current Beneish M-Score is -2.26. Bursa Malaysia Bhd's overall GF Score™ is 88/100 with 8 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 Bursa Malaysia Bhd (XKLS:1818), 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 Bursa Malaysia Bhd (XKLS:1818) Overvalued in 2026?
Based on GuruFocus' analysis, Bursa Malaysia Bhd stock appears to be undervalued.
The current stock price of RM8.55 is trading 6% below its estimated GF Value™ of RM9.10.
GuruFocus considers Bursa Malaysia Bhd to be Fairly Valued.
Key valuation signals for XKLS:1818:
Beneish M-Score: -2.26
GF Value™: RM9.10 vs. price of RM8.55 (6% below fair value)
No single metric tells the full story. See the XKLS:1818 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bursa Malaysia Bhd operates as an exchange holding company, whose principal activities are treasury management and the provision of management and administrative services to its subsidiaries. Through its subsidiaries it operates the Malaysian securities, derivatives, multi-environment product market, debt fundraising and offshore financial exchanges and the Shariah-compliant commodity and precious metals trading platform, to operate the related clearing houses, depository function and regulatory function, and to disseminate information relating to instruments quoted on the exchanges. Its six segments include: Securities Market, Derivatives Market, Islamic Market, Data Business, Exchange, Holding Company, and Others, of which Securities Market segment derives maximum revenue.
88GF Score
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