NetX Holdings Bhd (XKLS:0020) Beneish M-Score: -3.20 (As of Jun. 26, 2026)

What is NetX Holdings Bhd Beneish M-Score?

NetX Holdings Bhd XKLS:0020 Beneish M-Score is -3.20 as of Jun. 26, 2026. The stock has 7 warning signs investors should review. Among 2,634 Software companies, NetX Holdings Bhd ranks better than 82.5% 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 -3.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0020' s Beneish M-Score Range Over the Past 10 Years
Min: -4.27 Med: -2.56 Max: 2.39
Current: -3.2

During the past 13 years, the highest Beneish M-Score of NetX Holdings Bhd was 2.39. The lowest was -4.27. And the median was -2.56.

NetX Holdings Bhd Beneish M-Score Related Terms

NetX Holdings Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for NetX Holdings 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.

NetX Holdings Bhd Beneish M-Score Chart

NetX Holdings Bhd Annual Data

Trend

Jun15

Jun16

Jun17

Jun18

Nov20

Nov21

Nov22

Nov23

Nov24

Nov25

Beneish M-Score

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-2.29

-3.26

-2.97

-3.60

-3.35

NetX Holdings Bhd Quarterly Data
	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Aug24	Nov24	Feb25	May25	Aug25	Nov25	Feb26
Beneish M-Score	Get a 7-Day Free Trial															-3.60	-3.90	-3.90	-3.35	-3.20

XKLS:0020 vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, NetX Holdings 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.

NetX Holdings Bhd Beneish M-Score vs Software Industry

For the Software industry and Technology sector, NetX Holdings Bhd's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where NetX Holdings Bhd's Beneish M-Score falls into.

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NetX Holdings 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 NetX Holdings Bhd for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.5054

0.528 * 1.0106

0.404 * 1.2051

0.892 * 0.9062

0.115 * 1.2041

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0377

4.679 * -0.067416

0.327 * 0.9177

-3.20

This Year (Feb26) TTM:

Last Year (Feb25) TTM:

Total Receivables was RM9.13 Mil.
Revenue was 3.26 + 1.962 + 2.168 + 2.892 = RM10.28 Mil.
Gross Profit was 2.912 + 1.333 + 1.197 + 1.303 = RM6.75 Mil.
Total Current Assets was RM54.44 Mil.
Total Assets was RM100.72 Mil.
Property, Plant and Equipment(Net PPE) was RM0.82 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.96 Mil.
Selling, General, & Admin. Expense(SGA) was RM26.26 Mil.
Total Current Liabilities was RM23.01 Mil.
Long-Term Debt & Capital Lease Obligation was RM2.98 Mil.
Net Income was -6.671 + -4.422 + -1.1 + -8.671 = RM-20.86 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was -5.594 + -3.246 + 1.946 + -7.18 = RM-14.07 Mil.

Total Receivables was RM19.94 Mil.
Revenue was 1.878 + 4.683 + 2.395 + 2.39 = RM11.35 Mil.
Gross Profit was 1.408 + 2.804 + 1.676 + 1.634 = RM7.52 Mil.
Total Current Assets was RM75.19 Mil.
Total Assets was RM122.00 Mil.
Property, Plant and Equipment(Net PPE) was RM1.12 Mil.
Depreciation, Depletion and Amortization(DDA) was RM6.31 Mil.
Selling, General, & Admin. Expense(SGA) was RM27.92 Mil.
Total Current Liabilities was RM24.27 Mil.
Long-Term Debt & Capital Lease Obligation was RM10.05 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)
	=	(9.134 / 10.282)	/	(19.942 / 11.346)
	=	0.888349	/	1.757624
	=	0.5054

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)
	=	(7.522 / 11.346)	/	(6.745 / 10.282)
	=	0.662965	/	0.656001
	=	1.0106

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 - (54.442 + 0.818) / 100.718)	/	(1 - (75.194 + 1.117) / 122.002)
	=	0.451339	/	0.37451
	=	1.2051

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
	=	10.282	/	11.346
	=	0.9062

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))
	=	(6.307 / (6.307 + 1.117))	/	(1.96 / (1.96 + 0.818))
	=	0.849542	/	0.705544
	=	1.2041

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)
	=	(26.255 / 10.282)	/	(27.919 / 11.346)
	=	2.553492	/	2.460691
	=	1.0377

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)
	=	((2.983 + 23.012) / 100.718)	/	((10.048 + 24.265) / 122.002)
	=	0.258097	/	0.281249
	=	0.9177

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
	=	(-20.864 - 0	-	-14.074)	/	100.718
	=	-0.067416

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.

NetX Holdings Bhd has a M-score of -3.20 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 -3.20 mean?

NetX Holdings Bhd (XKLS:0020) has a Beneish M-Score of -3.20 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NetX Holdings Bhd and its competitors. According to the industry distribution chart, NetX Holdings Bhd ranks #461 out of 2634 companies in the Software industry, placing it in the top 17.5%.

Is NetX Holdings Bhd's Beneish M-Score too high?

NetX Holdings Bhd's current Beneish M-Score is -3.20. Based on the distribution chart, NetX Holdings Bhd ranks #461 out of 2634 companies in the Software industry, which is in the top quartile — a strong position relative to peers.

How does NetX Holdings Bhd's Beneish M-Score compare to IBM and ACN?

According to the Software industry distribution chart, NetX Holdings Bhd ranks #461 out of 2634 companies for Beneish M-Score. This places NetX Holdings Bhd in the top 18% 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 Software company?

A good Beneish M-Score depends on the Software 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 NetX Holdings Bhd and its competitors. NetX Holdings Bhd's current Beneish M-Score is -3.20. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is NetX Holdings Bhd stock overvalued right now?

Based on GuruFocus' analysis, NetX Holdings Bhd (XKLS:0020) is currently considered Fairly Valued. The stock's GF Value™ is RM0.05, compared to a current price of RM0.05 — trading right at its estimated fair value. The current Beneish M-Score is -3.20. 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 NetX Holdings Bhd (XKLS:0020), the current Beneish M-Score is -3.20 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.

NetX Holdings Bhd Business Description

Industry Technology Software

Comparable Companies XKLS:0123 XKLS:03069 XKLS:5036 XKLS:7181 XKLS:0131 XKLS:9075 XKLS:0132 XKLS:5011 XKLS:8338 XKLS:0145 IBM ACN NSE:TCS NSE:INFY TSE:6702 TSE:6701 NSE:HCLTECH FISV XMAD:AMS CTSH

Address Sunsuria Avenue, 1-G, Street Wing, Persiaran Mahogani, Kota Damansara, PJU 5, Petaling Jaya, SGR, MYS, 47810

Website https://www.netx.com.my

NetX Holdings Bhd is an investment holding company. The Group operates in five different business segments according to the nature of activities of its subsidiaries, namely Nonpayment & IT Network services, Electronic Payment services, GEM, Money Lending, and Property Investment. The majority of its revenue is from Electronic Payment services: Involved in the provision of payment terminal and payment solutions, money exchange services, and its related software licensing and services. Geographically, operates in Malaysia and Hong Kong.