Asdion Bhd (XKLS:0068) Beneish M-Score: 0.61 (As of Jun. 24, 2026)

What is Asdion Bhd Beneish M-Score?

Asdion Bhd XKLS:0068 Beneish M-Score is 0.61 as of Jun. 24, 2026. The stock has 3 warning signs investors should review. Among 538 Conglomerates companies, Asdion Bhd ranks worse than 97.03% 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.

Warning Sign:

Beneish M-Score 0.61 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:0068' s Beneish M-Score Range Over the Past 10 Years
Min: -5.34 Med: -1.35 Max: 185.43
Current: 0.61

During the past 13 years, the highest Beneish M-Score of Asdion Bhd was 185.43. The lowest was -5.34. And the median was -1.35.

Asdion Bhd Beneish M-Score Related Terms

Asdion Bhd Beneish M-Score Historical Data

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The historical data trend for Asdion 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.

Asdion Bhd Beneish M-Score Chart

Asdion Bhd Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Sep20

Sep21

Sep22

Sep23

Mar25

Beneish M-Score

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185.43

-2.84

0.76

-0.71

-0.49

Asdion Bhd Quarterly Data
	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25
Beneish M-Score	Get a 7-Day Free Trial															-0.64	-0.43	-0.49	-0.74	0.61

XKLS:0068 vs HON, MMM: Beneish M-Score Comparison

For the Conglomerates subindustry, Asdion 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.

Asdion Bhd Beneish M-Score vs Conglomerates Industry

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

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

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Asdion 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 Asdion 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 * 3.9723

0.528 * 1.6091

0.404 * 0.4408

0.892 * 2.0609

0.115 * -0.3919

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.3088

4.679 * -0.101428

0.327 * 1.5327

0.61

This Year (Sep25) TTM:

Last Year (Sep24) TTM:

Total Receivables was RM37.60 Mil.
Revenue was 5.467 + 6.858 + 5.775 + 7.5 = RM25.60 Mil.
Gross Profit was 0.956 + 0.979 + 0.573 + 0.667 = RM3.18 Mil.
Total Current Assets was RM38.04 Mil.
Total Assets was RM64.34 Mil.
Property, Plant and Equipment(Net PPE) was RM3.72 Mil.
Depreciation, Depletion and Amortization(DDA) was RM-0.15 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.88 Mil.
Total Current Liabilities was RM13.71 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.00 Mil.
Net Income was 1.023 + 1.199 + 1.14 + 0.917 = RM4.28 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 0 + 0 + 10.351 + 0.454 = RM10.81 Mil.

Total Receivables was RM4.59 Mil.
Revenue was 5.626 + 3.652 + 1.49 + 1.654 = RM12.42 Mil.
Gross Profit was 0.653 + 1.302 + 0.366 + 0.158 = RM2.48 Mil.
Total Current Assets was RM5.75 Mil.
Total Assets was RM49.86 Mil.
Property, Plant and Equipment(Net PPE) was RM4.40 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.07 Mil.
Selling, General, & Admin. Expense(SGA) was RM1.39 Mil.
Total Current Liabilities was RM6.92 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.01 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)
	=	(37.6 / 25.6)	/	(4.593 / 12.422)
	=	1.46875	/	0.369747
	=	3.9723

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)
	=	(2.479 / 12.422)	/	(3.175 / 25.6)
	=	0.199565	/	0.124023
	=	1.6091

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 - (38.035 + 3.722) / 64.341)	/	(1 - (5.754 + 4.398) / 49.856)
	=	0.351005	/	0.796374
	=	0.4408

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
	=	25.6	/	12.422
	=	2.0609

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))
	=	(0.071 / (0.071 + 4.398))	/	(-0.145 / (-0.145 + 3.722))
	=	0.015887	/	-0.040537
	=	-0.3919

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)
	=	(0.884 / 25.6)	/	(1.389 / 12.422)
	=	0.034531	/	0.111818
	=	0.3088

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 + 13.708) / 64.341)	/	((0.006 + 6.924) / 49.856)
	=	0.213052	/	0.139
	=	1.5327

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
	=	(4.279 - 0	-	10.805)	/	64.341
	=	-0.101428

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.

Asdion Bhd has a M-score of 0.61 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.61 mean?

Asdion Bhd (XKLS:0068) has a Beneish M-Score of 0.61 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Asdion Bhd and its competitors. According to the industry distribution chart, Asdion Bhd ranks #522 out of 538 companies in the Conglomerates industry, placing it in the top 97%.

Is Asdion Bhd's Beneish M-Score too high?

Asdion Bhd's current Beneish M-Score is 0.61. Based on the distribution chart, Asdion Bhd ranks #522 out of 538 companies in the Conglomerates industry, which is in the bottom quartile relative to peers.

How does Asdion Bhd's Beneish M-Score compare to HON and MMM?

According to the Conglomerates industry distribution chart, Asdion Bhd ranks #522 out of 538 companies for Beneish M-Score. This places Asdion 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 Asdion Bhd and its competitors. Asdion Bhd's current Beneish M-Score is 0.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Asdion Bhd stock overvalued right now?

Based on GuruFocus' analysis, Asdion Bhd (XKLS:0068) is currently considered Possible Value Trap. The stock's GF Value™ is RM0.13, compared to a current price of RM0.02 — trading 84.6% below its estimated fair value. The current Beneish M-Score is 0.61. 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 Asdion Bhd (XKLS:0068), the current Beneish M-Score is 0.61 as of Jun. 24, 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.

Asdion Bhd Business Description

Industry Industrials Conglomerates

Comparable Companies XKLS:0036 XKLS:0029 XKLS:7315 XKLS:5104 XKLS:0154 XKLS:5016 XKLS:9318 ADX:IHC HON TSE:6501 TSE:8058 TSE:8031 TSE:8001 MMM TSE:8002 TSE:8053 TSE:5803 HKSE:00267 TSE:8015 MIL:PST

Address No. 1, Jalan Syed Putra, Unit 2-5, Menara MBMR, Kuala Lumpur, SGR, MYS, 58000

Website https://www.asdiongroup.com

Asdion Bhd is an investment holding company. It is engaged in logistics businesses, commodity trading, and property development. The company also operates in stainless steel and related activities.