Erdasan Group Bhd (XKLS:0072) Beneish M-Score: -2.89 (As of Jun. 26, 2026)


What is Erdasan Group Bhd Beneish M-Score?

Erdasan Group Bhd XKLS:0072 -5.00% Beneish M-Score is -2.89 as of Jun. 26, 2026. The stock has 3 warning signs investors should review. Among 2,926 Industrial Products companies, Erdasan Group Bhd ranks better than 83.49% 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 -2.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0072' s Beneish M-Score Range Over the Past 10 Years
Min: -8.23   Med: -2.89   Max: 6.26
Current: -2.89

During the past 13 years, the highest Beneish M-Score of Erdasan Group Bhd was 6.26. The lowest was -8.23. And the median was -2.89.

Erdasan Group Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Erdasan 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.

Erdasan Group Bhd Beneish M-Score Chart

Erdasan Group Bhd Annual Data
Trend Feb16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.19 6.26 -3.66 -4.56 -0.23

Erdasan 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 -0.23 -0.22 0.00 -2.19 -2.89

XKLS:0072 vs GEV, ETN, PH: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, Erdasan 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.

Erdasan Group Bhd Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Erdasan Group Bhd's Beneish M-Score distribution charts can be found below:

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


Erdasan 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 Erdasan 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 * 0.6265+0.528 * 0.4782+0.404 * 0.9284+0.892 * 1.5761+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6604+4.679 * -0.073926-0.327 * 0.9733
=-2.89

* 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 RM15.92 Mil.
Revenue was 12.068 + 13.111 + 13.536 + 10.324 = RM49.04 Mil.
Gross Profit was 2.501 + 2.324 + 3.15 + 3.098 = RM11.07 Mil.
Total Current Assets was RM40.06 Mil.
Total Assets was RM185.85 Mil.
Property, Plant and Equipment(Net PPE) was RM54.07 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.00 Mil.
Selling, General, & Admin. Expense(SGA) was RM11.26 Mil.
Total Current Liabilities was RM27.42 Mil.
Long-Term Debt & Capital Lease Obligation was RM2.70 Mil.
Net Income was 3.318 + -0.345 + -17.036 + 0.324 = RM-13.74 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = RM0.00 Mil.
 Total Receivables was RM16.12 Mil.
Revenue was 8.137 + 8.557 + 7.879 + 6.542 = RM31.12 Mil.
Gross Profit was 3.037 + -0.572 + 0.645 + 0.25 = RM3.36 Mil.
Total Current Assets was RM38.27 Mil.
Total Assets was RM190.52 Mil.
Property, Plant and Equipment(Net PPE) was RM50.97 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.00 Mil.
Selling, General, & Admin. Expense(SGA) was RM10.82 Mil.
Total Current Liabilities was RM27.06 Mil.
Long-Term Debt & Capital Lease Obligation was RM4.67 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)
=(15.918 / 49.039) / (16.122 / 31.115)
=0.324599 / 0.518142
=0.6265

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)
=(3.36 / 31.115) / (11.073 / 49.039)
=0.107987 / 0.2258
=0.4782

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 - (40.055 + 54.072) / 185.849) / (1 - (38.272 + 50.968) / 190.523)
=0.49353 / 0.531605
=0.9284

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
=49.039 / 31.115
=1.5761

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 + 50.968)) / (0 / (0 + 54.072))
=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)
=(11.257 / 49.039) / (10.816 / 31.115)
=0.229552 / 0.347614
=0.6604

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)
=((2.701 + 27.424) / 185.849) / ((4.674 + 27.056) / 190.523)
=0.162094 / 0.166542
=0.9733

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
=(-13.739 - 0 - 0) / 185.849
=-0.073926

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.

Erdasan Group Bhd has a M-score of -2.89 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 -2.89 mean?
Erdasan Group Bhd (XKLS:0072) has a Beneish M-Score of -2.89 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Erdasan Group Bhd and its competitors. According to the industry distribution chart, Erdasan Group Bhd ranks #483 out of 2926 companies in the Industrial Products industry, placing it in the top 16.5%.
Is Erdasan Group Bhd's Beneish M-Score too high?
Erdasan Group Bhd's current Beneish M-Score is -2.89. Based on the distribution chart, Erdasan Group Bhd ranks #483 out of 2926 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers.
How does Erdasan Group Bhd's Beneish M-Score compare to GEV and ETN?
According to the Industrial Products industry distribution chart, Erdasan Group Bhd ranks #483 out of 2926 companies for Beneish M-Score. This places Erdasan Group Bhd in the top 17% 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Erdasan Group Bhd and its competitors. Erdasan Group Bhd's current Beneish M-Score is -2.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Erdasan Group Bhd stock overvalued right now?
Based on GuruFocus' analysis, Erdasan Group Bhd (XKLS:0072) is currently considered Possible Value Trap. The stock's GF Value™ is RM0.19, compared to a current price of RM0.10 — trading 50% below its estimated fair value. The current Beneish M-Score is -2.89. 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 Erdasan Group Bhd (XKLS:0072), the current Beneish M-Score is -2.89 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.

Erdasan Group Bhd Business Description

Address 6B, Persiaran Tropicana, Persoft Tower, DF2-07-03, Level 7, Tropicana Golf and Country Resort, Petaling Jaya, SGR, MYS, 47410
Erdasan Group Bhd formerly, AT Systematization Bhd is an investment holding and provision of a management service company. Its operating segment includes Fabrication and automation; Renewable energy and property, Gloves, and Others. It generates maximum revenue from Fabrication and Automation which is involved the Fabrication of industrial and engineering parts and sheet metal; design and manufacturing of industrial automation systems and machinery. Geographically, it derives a majority of its revenue from Malaysia and also has a presence in Singapore, the United Kingdom, Thailand, the USA, and Other Countries.