Affin Bank Bhd (XKLS:5185) Beneish M-Score: -2.47 (As of Jun. 26, 2026)


XKLS:5185 Affin Bank Bhd XKLS:5185
67 GF Score
Price RM2.23
GF Value RM2.87
Valuation Modestly Undervalued
! 4 Warning Signs
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What is Affin Bank Bhd Beneish M-Score?

Affin Bank Bhd XKLS:5185 -0.89% 67 Beneish M-Score is -2.47 as of Jun. 26, 2026. GuruFocus rates XKLS:5185 with a GF Score™ of 67/100 and a GF Value™ of RM2.87 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 1,397 Banks companies, Affin Bank Bhd ranks better than 64.21% 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 -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:5185' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82   Med: -2.49   Max: -1.79
Current: -2.47

During the past 13 years, the highest Beneish M-Score of Affin Bank Bhd was -1.79. The lowest was -2.82. And the median was -2.49.

XKLS:5185
67GF Score
Affin Bank Bhd XKLS:5185
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Affin 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 Affin 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 * 1.0002+0.892 * 1.1135+0.115 * 0.9897
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0608+4.679 * 0.039652-0.327 * 1.7986
=-2.47

* 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 653.375 + 696.072 + 587.211 + 628.035 = RM2,565 Mil.
Gross Profit was 653.375 + 696.072 + 587.211 + 628.035 = RM2,565 Mil.
Total Current Assets was RM0 Mil.
Total Assets was RM125,698 Mil.
Property, Plant and Equipment(Net PPE) was RM1,559 Mil.
Depreciation, Depletion and Amortization(DDA) was RM141 Mil.
Selling, General, & Admin. Expense(SGA) was RM223 Mil.
Total Current Liabilities was RM0 Mil.
Long-Term Debt & Capital Lease Obligation was RM7,703 Mil.
Net Income was 135.495 + 127.633 + 144.986 + 143.487 = RM552 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was -2493.08 + 772.44 + -1296.276 + -1415.621 = RM-4,433 Mil.
 Total Receivables was RM0 Mil.
Revenue was 543.488 + 584.059 + 647.826 + 527.807 = RM2,303 Mil.
Gross Profit was 543.488 + 584.059 + 647.826 + 527.807 = RM2,303 Mil.
Total Current Assets was RM0 Mil.
Total Assets was RM116,180 Mil.
Property, Plant and Equipment(Net PPE) was RM1,460 Mil.
Depreciation, Depletion and Amortization(DDA) was RM130 Mil.
Selling, General, & Admin. Expense(SGA) was RM189 Mil.
Total Current Liabilities was RM0 Mil.
Long-Term Debt & Capital Lease Obligation was RM3,958 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 / 2564.693) / (0 / 2303.18)
=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)
=(2303.18 / 2303.18) / (2564.693 / 2564.693)
=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 + 1558.669) / 125697.743) / (1 - (0 + 1459.721) / 116180.259)
=0.9876 / 0.987436
=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
=2564.693 / 2303.18
=1.1135

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))
=(130.343 / (130.343 + 1459.721)) / (140.76 / (140.76 + 1558.669))
=0.081973 / 0.082828
=0.9897

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)
=(223.294 / 2564.693) / (189.041 / 2303.18)
=0.087065 / 0.082078
=1.0608

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)
=((7702.768 + 0) / 125697.743) / ((3958.255 + 0) / 116180.259)
=0.06128 / 0.03407
=1.7986

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
=(551.601 - 0 - -4432.537) / 125697.743
=0.039652

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.

Affin Bank Bhd has a M-score of -2.47 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 -2.47 mean?
Affin Bank Bhd (XKLS:5185) has a Beneish M-Score of -2.47 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Affin Bank Bhd and its competitors. According to the industry distribution chart, Affin Bank Bhd ranks #500 out of 1397 companies in the Banks industry, placing it in the top 35.8%.
Is Affin Bank Bhd's Beneish M-Score too high?
Affin Bank Bhd's current Beneish M-Score is -2.47. Based on the distribution chart, Affin Bank Bhd ranks #500 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, Affin Bank Bhd has a GF Score™ of 67/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Affin Bank Bhd's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Affin Bank Bhd ranks #500 out of 1397 companies for Beneish M-Score. This puts Affin 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 Affin Bank Bhd and its competitors. Affin Bank Bhd's current Beneish M-Score is -2.47. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Affin Bank Bhd stock overvalued right now?
Based on GuruFocus' analysis, Affin Bank Bhd (XKLS:5185) is currently considered Modestly Undervalued. The stock's GF Value™ is RM2.87, compared to a current price of RM2.23 — trading 22.3% below its estimated fair value. The current Beneish M-Score is -2.47. Affin Bank Bhd's overall GF Score™ is 67/100 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 Affin Bank Bhd (XKLS:5185), the current Beneish M-Score is -2.47 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 Affin Bank Bhd (XKLS:5185) Overvalued in 2026?

Based on GuruFocus' analysis, Affin Bank Bhd stock appears to be undervalued. The current stock price of RM2.23 is trading 22.3% below its estimated GF Value™ of RM2.87. GuruFocus considers Affin Bank Bhd to be Modestly Undervalued.

Key valuation signals for XKLS:5185:

  • Beneish M-Score: -2.47
  • GF Value™: RM2.87 vs. price of RM2.23 (22.3% below fair value)
  • GF Score™: 67/100 with 4 warning signs

No single metric tells the full story. See the XKLS:5185 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Affin Bank Bhd Business Description

Address Lingkaran TRX, Level 19, Menara AFFIN, Tun Razak Exchange, Kuala Lumpur, SGR, MYS, 55188
Affin Bank Bhd is a Malaysia-based bank. It operates in four segments: Commercial Banking focuses on the business of banking in all aspects including Islamic Banking operations; Investment Banking focuses on the business of a merchant bank, stock-broking, and other related financial services; Insurance includes the business of underwriting all classes of general and life insurance businesses in Malaysia; and Others include operation of investment holding companies, money-broking, information technology and other related financial services. The company provides Personal banking and Business banking services. The majority of the group's revenue comes from Commercial Banking within Malaysia.
67GF Score

Get the complete analysis for XKLS:5185

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

RM2.23
Price
RM2.87
GF Value