Aimax Bhd (XKLS:0041) Beneish M-Score: -2.26 (As of Jun. 26, 2026)


What is Aimax Bhd Beneish M-Score?

Aimax Bhd XKLS:0041 Beneish M-Score is -2.26 as of Jun. 26, 2026. The stock has 8 warning signs investors should review. Among 537 Conglomerates companies, Aimax Bhd ranks worse than 70.76% 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 Aimax Bhd's Beneish M-Score or its related term are showing as below:

XKLS:0041' s Beneish M-Score Range Over the Past 10 Years
Min: -8.9   Med: -2.14   Max: 91.17
Current: -2.26

During the past 13 years, the highest Beneish M-Score of Aimax Bhd was 91.17. The lowest was -8.90. And the median was -2.14.

Aimax Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Aimax 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.

Aimax Bhd Beneish M-Score Chart

Aimax Bhd Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Mar19 Mar20 Sep22 Sep23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.64 0.00 -3.55 3.20 5.66

Aimax Bhd Quarterly Data
Mar20 Jun20 Sep20 Dec20 Jun21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25
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 6.06 -0.52 -0.66 -1.94 -2.26

XKLS:0041 vs HON, MMM: Beneish M-Score Comparison

For the Conglomerates subindustry, Aimax 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.

Aimax Bhd Beneish M-Score vs Conglomerates Industry

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

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


Aimax 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 Aimax 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 * 1.0764+0.528 * 0.5756+0.404 * 1.5212+0.892 * 0.6194+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9143+4.679 * 0.104685-0.327 * 0.9975
=-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 (Sep24) TTM:
Total Receivables was RM75.08 Mil.
Revenue was 2.68 + 2.994 + 5.73 + 4.618 = RM16.02 Mil.
Gross Profit was -5.975 + -4.897 + -5.04 + -6.186 = RM-22.10 Mil.
Total Current Assets was RM94.97 Mil.
Total Assets was RM348.53 Mil.
Property, Plant and Equipment(Net PPE) was RM70.44 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.00 Mil.
Selling, General, & Admin. Expense(SGA) was RM7.36 Mil.
Total Current Liabilities was RM28.64 Mil.
Long-Term Debt & Capital Lease Obligation was RM8.65 Mil.
Net Income was 27.236 + -15.171 + 6.09 + 6.614 = RM24.77 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 0 + 0 + -11.717 + 0 = RM-11.72 Mil.
 Total Receivables was RM112.63 Mil.
Revenue was 11.462 + 6.534 + 4.652 + 3.221 = RM25.87 Mil.
Gross Profit was -4.539 + -3.894 + -6.083 + -6.02 = RM-20.54 Mil.
Total Current Assets was RM142.03 Mil.
Total Assets was RM342.29 Mil.
Property, Plant and Equipment(Net PPE) was RM82.04 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.00 Mil.
Selling, General, & Admin. Expense(SGA) was RM13.00 Mil.
Total Current Liabilities was RM16.15 Mil.
Long-Term Debt & Capital Lease Obligation was RM20.55 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)
=(75.081 / 16.022) / (112.625 / 25.869)
=4.686119 / 4.353667
=1.0764

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)
=(-20.536 / 25.869) / (-22.098 / 16.022)
=-0.793846 / -1.379229
=0.5756

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 - (94.969 + 70.442) / 348.531) / (1 - (142.034 + 82.036) / 342.289)
=0.525405 / 0.345378
=1.5212

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
=16.022 / 25.869
=0.6194

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))
=(0 / (0 + 82.036)) / (0 / (0 + 70.442))
=0 / 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)
=(7.359 / 16.022) / (12.996 / 25.869)
=0.459306 / 0.502377
=0.9143

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)
=((8.646 + 28.64) / 348.531) / ((20.554 + 16.154) / 342.289)
=0.10698 / 0.107243
=0.9975

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
=(24.769 - 0 - -11.717) / 348.531
=0.104685

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.

Aimax 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?
Aimax Bhd (XKLS:0041) has a Beneish M-Score of -2.26 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aimax Bhd and its competitors. According to the industry distribution chart, Aimax Bhd ranks #380 out of 537 companies in the Conglomerates industry, placing it in the top 70.8%.
Is Aimax Bhd's Beneish M-Score too high?
Aimax Bhd's current Beneish M-Score is -2.26. Based on the distribution chart, Aimax Bhd ranks #380 out of 537 companies in the Conglomerates industry, which is below the industry midpoint.
How does Aimax Bhd's Beneish M-Score compare to HON and MMM?
According to the Conglomerates industry distribution chart, Aimax Bhd ranks #380 out of 537 companies for Beneish M-Score. This places Aimax 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 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 Aimax Bhd and its competitors. Aimax 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 Aimax Bhd stock overvalued right now?
Based on GuruFocus' analysis, Aimax Bhd (XKLS:0041) is currently considered Fairly Valued. The stock's GF Value™ is RM0.01, compared to a current price of RM0.01 — trading right at 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 Aimax Bhd (XKLS:0041), the current Beneish M-Score is -2.26 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.

Aimax Bhd Business Description

Address C-01-3, Block C Plaza Glomac, No 6, Jalan SS7/19, Kelana Jaya, Petaling Jaya, SGR, MYS, 47301
Aimax Bhd, formerly known as Hong Seng Consolidated Bhd, is operating as an investment holding company. The company operates in four operating segments. The healthcare segment consists of a medical diagnostic and research laboratory and wholesale of pharmaceutical and medical goods; the Financial services include Moneylending; the Gloves segment consists of Manufacturing and trading of rubber gloves; and Seafood segment which consists of Trading of Seafood products. The majority of the revenue is derived from the healthcare segment.