Key Alliance Group Bhd (XKLS:0036) Beneish M-Score: -8.90 (As of Jul. 05, 2026)


What is Key Alliance Group Bhd Beneish M-Score?

Key Alliance Group Bhd XKLS:0036 Beneish M-Score is -8.90 as of Jul. 05, 2026. The stock has 3 warning signs investors should review. Among 536 Conglomerates companies, Key Alliance Group Bhd ranks better than 98.69% 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 -8.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0036' s Beneish M-Score Range Over the Past 10 Years
Min: -8.9   Med: -3.38   Max: -0.11
Current: -8.9

During the past 13 years, the highest Beneish M-Score of Key Alliance Group Bhd was -0.11. The lowest was -8.90. And the median was -3.38.

Key Alliance Group Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Key Alliance Group 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.

Key Alliance Group Bhd Beneish M-Score Chart

Key Alliance Group Bhd Annual Data
Trend Dec15 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -4.27 -2.95 -1.78 -4.40 -8.90

Key Alliance Group 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 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 -4.40 0.00 0.00 0.00 -8.90

XKLS:0036 vs HON, MMM: Beneish M-Score Comparison

For the Conglomerates subindustry, Key Alliance Group 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.

Key Alliance Group Bhd Beneish M-Score vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, Key Alliance Group Bhd's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Key Alliance Group Bhd's Beneish M-Score falls into.


Key Alliance Group 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 Key Alliance Group 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 * 1.4515+0.528 * -0.1056+0.404 * 0.927+0.892 * 0.6162+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -1.292371-0.327 * 0.9999
=-8.90

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was RM5.33 Mil.
Revenue was RM6.11 Mil.
Gross Profit was RM6.11 Mil.
Total Current Assets was RM9.51 Mil.
Total Assets was RM84.49 Mil.
Property, Plant and Equipment(Net PPE) was RM29.30 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.00 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.00 Mil.
Total Current Liabilities was RM19.28 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.19 Mil.
Net Income was RM-19.04 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM90.16 Mil.
 Total Receivables was RM5.96 Mil.
Revenue was RM9.92 Mil.
Gross Profit was RM-1.05 Mil.
Total Current Assets was RM12.64 Mil.
Total Assets was RM110.34 Mil.
Property, Plant and Equipment(Net PPE) was RM33.35 Mil.
Depreciation, Depletion and Amortization(DDA) was RM5.31 Mil.
Selling, General, & Admin. Expense(SGA) was RM7.95 Mil.
Total Current Liabilities was RM25.20 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.53 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)
=(5.334 / 6.113) / (5.964 / 9.921)
=0.872567 / 0.601149
=1.4515

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)
=(-1.048 / 9.921) / (6.113 / 6.113)
=-0.105635 / 1
=-0.1056

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 - (9.51 + 29.304) / 84.492) / (1 - (12.638 + 33.352) / 110.343)
=0.540619 / 0.583209
=0.927

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
=6.113 / 9.921
=0.6162

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))
=(5.305 / (5.305 + 33.352)) / (0 / (0 + 29.304))
=0.137233 / 0
=1

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 / 6.113) / (7.945 / 9.921)
=0 / 0.800827
=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)
=((1.191 + 19.28) / 84.492) / ((1.533 + 25.204) / 110.343)
=0.242283 / 0.242308
=0.9999

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
=(-19.039 - 0 - 90.156) / 84.492
=-1.292371

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.

Key Alliance Group Bhd has a M-score of -8.90 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 -8.90 mean?
Key Alliance Group Bhd (XKLS:0036) has a Beneish M-Score of -8.90 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Key Alliance Group Bhd and its competitors. According to the industry distribution chart, Key Alliance Group Bhd ranks #7 out of 536 companies in the Conglomerates industry, placing it in the top 1.3%.
Is Key Alliance Group Bhd's Beneish M-Score too high?
Key Alliance Group Bhd's current Beneish M-Score is -8.90. Based on the distribution chart, Key Alliance Group Bhd ranks #7 out of 536 companies in the Conglomerates industry, which is in the top quartile — a strong position relative to peers.
How does Key Alliance Group Bhd's Beneish M-Score compare to HON and MMM?
According to the Conglomerates industry distribution chart, Key Alliance Group Bhd ranks #7 out of 536 companies for Beneish M-Score. This places Key Alliance Group Bhd in the top 1% 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 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 Key Alliance Group Bhd and its competitors. Key Alliance Group Bhd's current Beneish M-Score is -8.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Key Alliance Group Bhd stock overvalued right now?
Based on GuruFocus' analysis, Key Alliance Group Bhd (XKLS:0036) is currently considered Modestly Overvalued. The stock's GF Value™ is RM0.06, compared to a current price of RM0.07 — trading 16.7% above its estimated fair value. The current Beneish M-Score is -8.90. 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 Key Alliance Group Bhd (XKLS:0036), the current Beneish M-Score is -8.90 as of Jul. 05, 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.

Key Alliance Group Bhd Business Description

Address No. 8 Persiaran Tropicana, Lot 18.2, 18th Floor, Menara Lien Hoe, Tropicana Golf & Country Resort, Petaling Jaya, SGR, MYS, 47410
Key Alliance Group Bhd is an investment holding company. The company's operating segment includes Data center and cloud services, Trading, Construction, and renovation others. It derives the majority of its revenue from the Construction segment which is engaged in building constructions and provision of renovation works. Geographically, it operates only in Malaysia.