Bonia BhdXKLS:9288 87 Beneish M-Score is -3.11 as of Jun. 26, 2026. GuruFocus rates XKLS:9288 with a GF Score™ of 87/100 and a GF Value™ of RM1.36 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 1,001 Manufacturing - Apparel & Accessories companies, Bonia Bhd ranks better than 85.61% on this metric.
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 -3.11 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Bonia Bhd's Beneish M-Score or its related term are showing as below:
XKLS:9288'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.34 Med: -2.81 Max: -2.11
Current: -3.11
During the past 13 years, the highest Beneish M-Score of Bonia Bhd was -2.11. The lowest was -3.34. And the median was -2.81.
Bonia Bhd Beneish M-Score Related Terms
Bonia Bhd Beneish M-Score Historical Data
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The historical data trend for Bonia 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:9288 vs RL, LEVI, VFC: Beneish M-Score Comparison
For the Apparel Manufacturing subindustry, Bonia 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.
Bonia Bhd Beneish M-Score vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Bonia Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bonia 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 Bonia 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 * 0.9004
+
0.528 * 1.0627
+
0.404 * 0.9953
+
0.892 * 1.0244
+
0.115 * 1.0263
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0363
+
4.679 * -0.127127
-
0.327 * 0.98
=
-3.11
* 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))
=
(45.998 / (45.998 + 246.145))
/
(47.946 / (47.946 + 264.59))
=
0.15745
/
0.15341
=
1.0263
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
=
(2.72 - 0
-
93.709)
/
715.731
=
-0.127127
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.
Bonia Bhd has a M-score of -3.11 suggests that the company is unlikely to be a manipulator.
Bonia Bhd (XKLS:9288) has a Beneish M-Score of -3.11 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bonia Bhd and its competitors. According to the industry distribution chart, Bonia Bhd ranks #144 out of 1001 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 14.4%.
Is Bonia Bhd's Beneish M-Score too high?
Bonia Bhd's current Beneish M-Score is -3.11. Based on the distribution chart, Bonia Bhd ranks #144 out of 1001 companies in the Manufacturing - Apparel & Accessories industry, which is in the top quartile — a strong position relative to peers. Overall, Bonia Bhd has a GF Score™ of 87/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Bonia Bhd's Beneish M-Score compare to RL and LEVI?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Bonia Bhd ranks #144 out of 1001 companies for Beneish M-Score. This places Bonia Bhd in the top 14% of its industry — outperforming the majority of peers. 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 Manufacturing - Apparel & Accessories company?
A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories 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 Bonia Bhd and its competitors. Bonia Bhd's current Beneish M-Score is -3.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bonia Bhd stock overvalued right now?
Based on GuruFocus' analysis, Bonia Bhd (XKLS:9288) is currently considered Possible Value Trap. The stock's GF Value™ is RM1.36, compared to a current price of RM0.88 — trading 35.3% below its estimated fair value. The current Beneish M-Score is -3.11. Bonia Bhd's overall GF Score™ is 87/100 with 5 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 Bonia Bhd (XKLS:9288), the current Beneish M-Score is -3.11 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 Bonia Bhd (XKLS:9288) Overvalued in 2026?
Based on GuruFocus' analysis, Bonia Bhd stock appears to be undervalued.
The current stock price of RM0.88 is trading 35.3% below its estimated GF Value™ of RM1.36.
GuruFocus considers Bonia Bhd to be Possible Value Trap.
Key valuation signals for XKLS:9288:
Beneish M-Score: -3.11
GF Value™: RM1.36 vs. price of RM0.88 (35.3% below fair value)
No single metric tells the full story. See the XKLS:9288 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bonia Corp Bhd is principally engaged in product design, manufacturing, promotion, marketing, distribution, wholesale, and retail of luxury leatherwear, footwear, apparel, accessories, and eyewear for both men and women under its in-house brands as well as other internationally licensed brands. It operates through the following segments: Retailing, which generates the majority of revenue and designs, promotes, and markets fashionable apparel, footwear, accessories, and leather goods; Manufacturing, which produces and markets fashionable leather goods; and Investment and Property Development, which involves rental and property development. Geographically, the company derives its key revenue from Malaysia, with the rest coming from Singapore, Indonesia, and other regions.
87GF Score
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