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 -1.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for UPA Bhd's Beneish M-Score or its related term are showing as below:
XKLS:7757'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.16 Med: -2.43 Max: -0.51
Current: -1.88
During the past 13 years, the highest Beneish M-Score of UPA Bhd was -0.51. The lowest was -3.16. And the median was -2.43.
UPA Bhd Beneish M-Score Related Terms
UPA Bhd Beneish M-Score Historical Data
* Premium members only.
The historical data trend for UPA 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.
For the Conglomerates subindustry, UPA 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.
UPA Bhd Beneish M-Score vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, UPA Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where UPA 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 UPA 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 * 1.2395
+
0.528 * 1.0908
+
0.404 * 1.2583
+
0.892 * 1.079
+
0.115 * 0.8622
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.6618
+
4.679 * 0.025148
-
0.327 * 1.0036
=
-1.88
* 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))
=
(5.371 / (5.371 + 63.17))
/
(5.981 / (5.981 + 59.824))
=
0.078362
/
0.09089
=
0.8622
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
=
(4.13 - 0
-
-3.199)
/
291.44
=
0.025148
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.
UPA Bhd has a M-score of -1.88 suggests that the company is unlikely to be a manipulator.
UPA Bhd (XKLS:7757) has a Beneish M-Score of -1.88 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on UPA Bhd and its competitors. According to the industry distribution chart, UPA Bhd ranks #460 out of 538 companies in the Conglomerates industry, placing it in the top 85.5%.
Is UPA Bhd's Beneish M-Score too high?
UPA Bhd's current Beneish M-Score is -1.88. Based on the distribution chart, UPA Bhd ranks #460 out of 538 companies in the Conglomerates industry, which is in the bottom quartile relative to peers. Overall, UPA Bhd has a GF Score™ of 50/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does UPA Bhd's Beneish M-Score compare to HON and MMM?
According to the Conglomerates industry distribution chart, UPA Bhd ranks #460 out of 538 companies for Beneish M-Score. This places UPA 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 a Conglomerates company?
A good Beneish M-Score depends on the Conglomerates 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 UPA Bhd and its competitors. UPA Bhd's current Beneish M-Score is -1.88. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is UPA Bhd stock overvalued right now?
Based on GuruFocus' analysis, UPA Bhd (XKLS:7757) is currently considered Fairly Valued. The stock's GF Value™ is RM0.68, compared to a current price of RM0.69 — trading 1.5% above its estimated fair value. The current Beneish M-Score is -1.88. UPA Bhd's overall GF Score™ is 50/100 with 6 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 UPA Bhd (XKLS:7757), the current Beneish M-Score is -1.88 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 UPA Bhd (XKLS:7757) Overvalued in 2026?
Based on GuruFocus' analysis, UPA Bhd stock appears to be overvalued.
The current stock price of RM0.69 is trading 1.5% above its estimated GF Value™ of RM0.68.
GuruFocus considers UPA Bhd to be Fairly Valued.
Key valuation signals for XKLS:7757:
Beneish M-Score: -1.88
GF Value™: RM0.68 vs. price of RM0.69 (1.5% above fair value)
No single metric tells the full story. See the XKLS:7757 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
UPA Corp Bhd operates through four segments: manufacturing of paper-based products, manufacturing of plastic products, machine trading, and healthcare products. The paper-based products business manufactures notebooks, diaries, calendars, fine stationeries, planners, notepads, and journals using paper bonded leather, PVC, and PU for covers. The plastic products business manufactures rigid PVC, APET, PETG, and GAG sheets, as well as PVC and PETG shrinkable label films. The machine trading business sells new Komori printing machines from Japan as the sole distributor in Malaysia, refurbishes and sells used printing machines, and provides after-sales services. The healthcare products business manufactures and markets healthcare products, including face masks and non-woven melt blown fabric.
50GF Score
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