Alliance Bank Malaysia Bhd (XKLS:2488) Beneish M-Score: -2.40 (As of Jun. 26, 2026)


XKLS:2488 Alliance Bank Malaysia Bhd XKLS:2488
81 GF Score
Price RM4.73
GF Value RM4.49
Valuation Fairly Valued
! 4 Warning Signs
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What is Alliance Bank Malaysia Bhd Beneish M-Score?

Alliance Bank Malaysia Bhd XKLS:2488 -0.63% 81 Beneish M-Score is -2.40 as of Jun. 26, 2026. GuruFocus rates XKLS:2488 with a GF Score™ of 81/100 and a GF Value™ of RM4.49 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,397 Banks companies, Alliance Bank Malaysia Bhd ranks better than 50.68% 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 -2.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:2488' s Beneish M-Score Range Over the Past 10 Years
Min: -2.63   Med: -2.42   Max: -2.21
Current: -2.4

During the past 13 years, the highest Beneish M-Score of Alliance Bank Malaysia Bhd was -2.21. The lowest was -2.63. And the median was -2.42.

XKLS:2488
81GF Score
Alliance Bank Malaysia Bhd XKLS:2488
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Alliance Bank 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 Alliance Bank 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+0.528 * 1+0.404 * 0.999+0.892 * 1.0862+0.115 * 0.9976
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8893+4.679 * -0.006265-0.327 * 0.972
=-2.40

* 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 593.006 + 630.684 + 626.58 + 614.72 = RM2,465 Mil.
Gross Profit was 593.006 + 630.684 + 626.58 + 614.72 = RM2,465 Mil.
Total Current Assets was RM0 Mil.
Total Assets was RM92,156 Mil.
Property, Plant and Equipment(Net PPE) was RM752 Mil.
Depreciation, Depletion and Amortization(DDA) was RM125 Mil.
Selling, General, & Admin. Expense(SGA) was RM129 Mil.
Total Current Liabilities was RM0 Mil.
Long-Term Debt & Capital Lease Obligation was RM2,620 Mil.
Net Income was 206.042 + 215.223 + 206.563 + 198.697 = RM827 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 1861.692 + 211.233 + -1.611 + -667.402 = RM1,404 Mil.
 Total Receivables was RM0 Mil.
Revenue was 563.185 + 561.378 + 605.081 + 539.646 = RM2,269 Mil.
Gross Profit was 563.185 + 561.378 + 605.081 + 539.646 = RM2,269 Mil.
Total Current Assets was RM0 Mil.
Total Assets was RM85,217 Mil.
Property, Plant and Equipment(Net PPE) was RM609 Mil.
Depreciation, Depletion and Amortization(DDA) was RM101 Mil.
Selling, General, & Admin. Expense(SGA) was RM133 Mil.
Total Current Liabilities was RM0 Mil.
Long-Term Debt & Capital Lease Obligation was RM2,492 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 / 2464.99) / (0 / 2269.29)
=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)
=(2269.29 / 2269.29) / (2464.99 / 2464.99)
=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 + 751.581) / 92156.014) / (1 - (0 + 608.501) / 85217.305)
=0.991844 / 0.992859
=0.999

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
=2464.99 / 2269.29
=1.0862

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))
=(101.005 / (101.005 + 608.501)) / (125.1 / (125.1 + 751.581))
=0.14236 / 0.142697
=0.9976

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)
=(128.912 / 2464.99) / (133.447 / 2269.29)
=0.052297 / 0.058806
=0.8893

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)
=((2619.568 + 0) / 92156.014) / ((2492.072 + 0) / 85217.305)
=0.028425 / 0.029244
=0.972

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
=(826.525 - 0 - 1403.912) / 92156.014
=-0.006265

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.

Alliance Bank Malaysia Bhd has a M-score of -2.40 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 -2.40 mean?
Alliance Bank Malaysia Bhd (XKLS:2488) has a Beneish M-Score of -2.40 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Alliance Bank Malaysia Bhd and its competitors. According to the industry distribution chart, Alliance Bank Malaysia Bhd ranks #689 out of 1397 companies in the Banks industry, placing it in the top 49.3%.
Is Alliance Bank Malaysia Bhd's Beneish M-Score too high?
Alliance Bank Malaysia Bhd's current Beneish M-Score is -2.40. Based on the distribution chart, Alliance Bank Malaysia Bhd ranks #689 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, Alliance Bank Malaysia Bhd has a GF Score™ of 81/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Alliance Bank Malaysia Bhd's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, Alliance Bank Malaysia Bhd ranks #689 out of 1397 companies for Beneish M-Score. This puts Alliance Bank 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 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 Alliance Bank Malaysia Bhd and its competitors. Alliance Bank Malaysia Bhd's current Beneish M-Score is -2.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Alliance Bank Malaysia Bhd stock overvalued right now?
Based on GuruFocus' analysis, Alliance Bank Malaysia Bhd (XKLS:2488) is currently considered Fairly Valued. The stock's GF Value™ is RM4.49, compared to a current price of RM4.73 — trading 5.3% above its estimated fair value. The current Beneish M-Score is -2.40. Alliance Bank Malaysia Bhd's overall GF Score™ is 81/100 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 Alliance Bank Malaysia Bhd (XKLS:2488), the current Beneish M-Score is -2.40 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 Alliance Bank Malaysia Bhd (XKLS:2488) Overvalued in 2026?

Based on GuruFocus' analysis, Alliance Bank Malaysia Bhd stock appears to be overvalued. The current stock price of RM4.73 is trading 5.3% above its estimated GF Value™ of RM4.49. GuruFocus considers Alliance Bank Malaysia Bhd to be Fairly Valued.

Key valuation signals for XKLS:2488:

  • Beneish M-Score: -2.40
  • GF Value™: RM4.49 vs. price of RM4.73 (5.3% above fair value)
  • GF Score™: 81/100 with 4 warning signs

No single metric tells the full story. See the XKLS:2488 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Alliance Bank Malaysia Bhd Business Description

Address No. 8, Jalan Munshi Abdullah, 3rd Floor, Menara Multi-Purpose, Capital Square, Kuala Lumpur, SGR, MYS, 50100
Alliance Bank Malaysia Bhd is a Malaysia-based company engaged in providing banking and financial services. Its segments consist of its consumer banking segment, which offers personal banking solutions, including mortgages, credit cards, and wealth management. The business banking segment consists of small and midsize enterprise and wholesale banking and offers products and services, such as cash management, trade finance, treasury, and structured solutions. The financial markets segment offers money market, hedging, foreign exchange, wealth management, stockbroking, and corporate advisory segments. The stockbroking and corporate advisory cover stockbroking activities and corporate advisory and other segments.
81GF Score

Get the complete analysis for XKLS:2488

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

RM4.73
Price
RM4.49
GF Value