IFCA MSC Bhd (XKLS:0023) Beneish M-Score: -2.62 (As of Jun. 26, 2026)

What is IFCA MSC Bhd Beneish M-Score?

IFCA MSC Bhd XKLS:0023 -2.38% 50 Beneish M-Score is -2.62 as of Jun. 26, 2026. GuruFocus rates XKLS:0023 with a GF Score™ of 50/100 and a GF Value™ of RM0.33 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 2,634 Software companies, IFCA MSC Bhd ranks better than 55.5% 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 -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0023' s Beneish M-Score Range Over the Past 10 Years
Min: -2.94 Med: -2.57 Max: -2.1
Current: -2.62

During the past 13 years, the highest Beneish M-Score of IFCA MSC Bhd was -2.10. The lowest was -2.94. And the median was -2.57.

IFCA MSC Bhd Beneish M-Score Related Terms

IFCA MSC Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for IFCA MSC 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.

IFCA MSC Bhd Beneish M-Score Chart

IFCA MSC Bhd Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.67

-2.51

-2.92

-2.15

-2.62

IFCA MSC Bhd Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	0.00	-2.62	0.00

XKLS:0023 vs CRM, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, IFCA MSC 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.

IFCA MSC Bhd Beneish M-Score vs Software Industry

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

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

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IFCA MSC Bhd XKLS:0023

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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IFCA MSC 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 IFCA MSC 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 * 0.8882

0.528 * 1.3091

0.404 * 1.059

0.892 * 0.854

0.115 * 1.0535

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.031069

0.327 * 0.8565

-2.62

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was RM17.93 Mil.
Revenue was RM90.56 Mil.
Gross Profit was RM38.27 Mil.
Total Current Assets was RM91.13 Mil.
Total Assets was RM155.30 Mil.
Property, Plant and Equipment(Net PPE) was RM8.73 Mil.
Depreciation, Depletion and Amortization(DDA) was RM6.61 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.00 Mil.
Total Current Liabilities was RM30.35 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.18 Mil.
Net Income was RM5.94 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM10.77 Mil.

Total Receivables was RM23.63 Mil.
Revenue was RM106.05 Mil.
Gross Profit was RM58.67 Mil.
Total Current Assets was RM102.82 Mil.
Total Assets was RM165.52 Mil.
Property, Plant and Equipment(Net PPE) was RM6.90 Mil.
Depreciation, Depletion and Amortization(DDA) was RM5.74 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.00 Mil.
Total Current Liabilities was RM37.32 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.67 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)
	=	(17.925 / 90.563)	/	(23.631 / 106.045)
	=	0.197929	/	0.222839
	=	0.8882

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)
	=	(58.666 / 106.045)	/	(38.271 / 90.563)
	=	0.553218	/	0.42259
	=	1.3091

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 - (91.13 + 8.732) / 155.3)	/	(1 - (102.823 + 6.898) / 165.516)
	=	0.356974	/	0.337097
	=	1.059

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
	=	90.563	/	106.045
	=	0.854

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))
	=	(5.735 / (5.735 + 6.898))	/	(6.612 / (6.612 + 8.732))
	=	0.45397	/	0.430918
	=	1.0535

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)
	=	(0 / 90.563)	/	(0 / 106.045)
	=	0	/	0
	=	1

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)
	=	((0.178 + 30.35) / 155.3)	/	((0.67 + 37.319) / 165.516)
	=	0.196574	/	0.229519
	=	0.8565

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
	=	(5.942 - 0	-	10.767)	/	155.3
	=	-0.031069

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.

IFCA MSC Bhd has a M-score of -2.62 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 -2.62 mean?

IFCA MSC Bhd (XKLS:0023) has a Beneish M-Score of -2.62 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on IFCA MSC Bhd and its competitors. According to the industry distribution chart, IFCA MSC Bhd ranks #1172 out of 2634 companies in the Software industry, placing it in the top 44.5%.

Is IFCA MSC Bhd's Beneish M-Score too high?

IFCA MSC Bhd's current Beneish M-Score is -2.62. Based on the distribution chart, IFCA MSC Bhd ranks #1172 out of 2634 companies in the Software industry, which is above the industry midpoint. Overall, IFCA MSC Bhd has a GF Score™ of 50/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does IFCA MSC Bhd's Beneish M-Score compare to CRM and SHOP?

According to the Software industry distribution chart, IFCA MSC Bhd ranks #1172 out of 2634 companies for Beneish M-Score. This puts IFCA MSC 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 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 IFCA MSC Bhd and its competitors. IFCA MSC Bhd's current Beneish M-Score is -2.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is IFCA MSC Bhd stock overvalued right now?

Based on GuruFocus' analysis, IFCA MSC Bhd (XKLS:0023) is currently considered Significantly Undervalued. The stock's GF Value™ is RM0.33, compared to a current price of RM0.21 — trading 37.9% below its estimated fair value. The current Beneish M-Score is -2.62. IFCA MSC Bhd's overall GF Score™ is 50/100 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 IFCA MSC Bhd (XKLS:0023), the current Beneish M-Score is -2.62 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 IFCA MSC Bhd (XKLS:0023) Overvalued in 2026?

Based on GuruFocus' analysis, IFCA MSC Bhd stock appears to be undervalued. The current stock price of RM0.21 is trading 37.9% below its estimated GF Value™ of RM0.33. GuruFocus considers IFCA MSC Bhd to be Significantly Undervalued.

Key valuation signals for XKLS:0023:

Beneish M-Score: -2.62
GF Value™: RM0.33 vs. price of RM0.21 (37.9% below fair value)
GF Score™: 50/100 with 4 warning signs

No single metric tells the full story. See the XKLS:0023 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

IFCA MSC Bhd Business Description

Industry Technology Software

Comparable Companies XKLS:0119 XKLS:0290 XKLS:0050 XKLS:0258 XKLS:0065 XKLS:5195 XKLS:0026 XKLS:0176 XKLS:0108 XKLS:0051 XTER:SAP CRM SHOP UBER NOW ADBE CDNS INTU ADP SNOW

Address Wisma IFCA, No 19, Jalan PJU 1/42A, Dataran Prima, Petaling Jaya, SGR, MYS, 47301

Website https://www.ifca.asia

IFCA MSC Bhd is engaged in the research and development of enterprise-wide business solutions. The company provides business software solutions for the property industry. These properties cover shopping malls, chain stores, residential, industrials, commercials, resorts, hotels, and recreational sports clubs. It operates through two geographical segments namely Malaysia and Foreign. The Malaysia segment includes turnkey e-business applications. Its Foreign business segment focuses on research and development center for all customized projects for overseas market.

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

RM0.21

Price

RM0.33

GF Value

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