MMAG Holdings Bhd (XKLS:0034) Beneish M-Score: -2.26 (As of Jul. 12, 2026)


What is MMAG Holdings Bhd Beneish M-Score?

MMAG Holdings Bhd XKLS:0034 Beneish M-Score is -2.26 as of Jul. 12, 2026. The stock has 2 warning signs investors should review. Among 2,631 Software companies, MMAG Holdings Bhd ranks worse than 66.86% 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 -2.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0034' s Beneish M-Score Range Over the Past 10 Years
Min: -4.27   Med: -2.92   Max: 5.36
Current: -2.26

During the past 13 years, the highest Beneish M-Score of MMAG Holdings Bhd was 5.36. The lowest was -4.27. And the median was -2.92.

MMAG Holdings Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for MMAG 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.

MMAG Holdings Bhd Beneish M-Score Chart

MMAG Holdings Bhd Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Sep25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -0.66 5.36 -2.84 -2.92 -2.26

MMAG Holdings Bhd Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 -2.26 0.00 0.00

XKLS:0034 vs UBER, SHOP, CRM: Beneish M-Score Comparison

For the Software - Application subindustry, MMAG 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.

MMAG Holdings Bhd Beneish M-Score vs Software Industry

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

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


MMAG 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 MMAG Holdings 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 * 1.2697+0.528 * -0.1426+0.404 * 0.4313+0.892 * 2.2266+0.115 * 3.9972
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.182491-0.327 * 0.8632
=-2.26

* 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 (Sep25) TTM:Last Year (Mar23) TTM:
Total Receivables was RM169.4 Mil.
Revenue was RM939.8 Mil.
Gross Profit was RM87.3 Mil.
Total Current Assets was RM224.9 Mil.
Total Assets was RM851.4 Mil.
Property, Plant and Equipment(Net PPE) was RM560.0 Mil.
Depreciation, Depletion and Amortization(DDA) was RM20.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.0 Mil.
Total Current Liabilities was RM223.9 Mil.
Long-Term Debt & Capital Lease Obligation was RM328.9 Mil.
Net Income was RM32.6 Mil.
Gross Profit was RM0.0 Mil.
Cash Flow from Operations was RM188.0 Mil.
 Total Receivables was RM59.9 Mil.
Revenue was RM422.1 Mil.
Gross Profit was RM-5.6 Mil.
Total Current Assets was RM105.3 Mil.
Total Assets was RM598.5 Mil.
Property, Plant and Equipment(Net PPE) was RM384.8 Mil.
Depreciation, Depletion and Amortization(DDA) was RM61.6 Mil.
Selling, General, & Admin. Expense(SGA) was RM57.2 Mil.
Total Current Liabilities was RM162.2 Mil.
Long-Term Debt & Capital Lease Obligation was RM288.0 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)
=(169.439 / 939.82) / (59.933 / 422.096)
=0.180289 / 0.141989
=1.2697

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)
=(-5.589 / 422.096) / (87.272 / 939.82)
=-0.013241 / 0.09286
=-0.1426

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 - (224.934 + 559.979) / 851.372) / (1 - (105.329 + 384.847) / 598.493)
=0.078061 / 0.180983
=0.4313

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
=939.82 / 422.096
=2.2266

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))
=(61.638 / (61.638 + 384.847)) / (20.032 / (20.032 + 559.979))
=0.138052 / 0.034537
=3.9972

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 / 939.82) / (57.207 / 422.096)
=0 / 0.135531
=0

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)
=((328.933 + 223.875) / 851.372) / ((288.004 + 162.192) / 598.493)
=0.649314 / 0.752216
=0.8632

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
=(32.582 - 0 - 187.95) / 851.372
=-0.182491

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.

MMAG Holdings Bhd has a M-score of -2.26 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 -2.26 mean?
MMAG Holdings Bhd (XKLS:0034) has a Beneish M-Score of -2.26 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on MMAG Holdings Bhd and its competitors. According to the industry distribution chart, MMAG Holdings Bhd ranks #1759 out of 2631 companies in the Software industry, placing it in the top 66.9%.
Is MMAG Holdings Bhd's Beneish M-Score too high?
MMAG Holdings Bhd's current Beneish M-Score is -2.26. Based on the distribution chart, MMAG Holdings Bhd ranks #1759 out of 2631 companies in the Software industry, which is below the industry midpoint.
How does MMAG Holdings Bhd's Beneish M-Score compare to UBER and SHOP?
According to the Software industry distribution chart, MMAG Holdings Bhd ranks #1759 out of 2631 companies for Beneish M-Score. This places MMAG Holdings 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 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 MMAG Holdings Bhd and its competitors. MMAG Holdings Bhd's current Beneish M-Score is -2.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MMAG Holdings Bhd stock overvalued right now?
Based on GuruFocus' analysis, MMAG Holdings Bhd (XKLS:0034) is currently considered Possible Value Trap. The stock's GF Value™ is RM0.06, compared to a current price of RM0.03 — trading 50% below its estimated fair value. The current Beneish M-Score is -2.26. 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 MMAG Holdings Bhd (XKLS:0034), the current Beneish M-Score is -2.26 as of Jul. 12, 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.

MMAG Holdings Bhd Business Description

Address No. 3, Jalan TP2, Taman Perindustrian UEP, Subang Jaya, SGR, MYS, 47600
MMAG Holdings Bhd is a Malaysia-based company engaged in investment holding. The company's operating segment includes Mobile and fulfillment; Courier and Logistic Services, Air freight and Others. It generates maximum revenue from the Mobile and fulfilments segment. The mobile and fulfilments segment includes distribution of smart devices, mobile operator's strategic 3PL and 4PL partners, fulfillment system and fulfilments marketplace providers and mobile retail stores. The Logistic services segment provides courier and delivery services. Air freight segment includes Provision of air cargo services. Geographically, it derives a majority of revenue from Malaysia and also has a presence in Singapore.