Zen Tech International Bhd (XKLS:0094) Beneish M-Score: -3.89 (As of Jun. 25, 2026)


What is Zen Tech International Bhd Beneish M-Score?

Zen Tech International Bhd XKLS:0094 Beneish M-Score is -3.89 as of Jun. 25, 2026. The stock has 4 warning signs investors should review. Among 766 Medical Devices & Instruments companies, Zen Tech International Bhd ranks better than 92.56% 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 -3.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0094' s Beneish M-Score Range Over the Past 10 Years
Min: -7.34   Med: -1.83   Max: 103.21
Current: -3.89

During the past 13 years, the highest Beneish M-Score of Zen Tech International Bhd was 103.21. The lowest was -7.34. And the median was -1.83.

Zen Tech International Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Zen Tech International 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.

Zen Tech International Bhd Beneish M-Score Chart

Zen Tech International Bhd Annual Data
Trend Jul12 Jul13 Jul14 Jul15 Jul16 Jul17 Jul18 Jun22 Jun23 Jun24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.60 -7.34 -1.98 -0.92 -3.01

Zen Tech International Bhd Quarterly Data
Apr21 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 -2.56 0.31 103.21 102.60 -3.89

XKLS:0094 vs ISRG, BDX, MDLN: Beneish M-Score Comparison

For the Medical Instruments & Supplies subindustry, Zen Tech International 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.

Zen Tech International Bhd Beneish M-Score vs Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Zen Tech International Bhd's Beneish M-Score distribution charts can be found below:

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


Zen Tech International 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 Zen Tech International 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 * 0.8264+0.528 * 1.0031+0.404 * 1.1922+0.892 * 0.6844+0.115 * 1.3124
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9685+4.679 * -0.205918-0.327 * 1.3967
=-3.89

* 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 RM11.71 Mil.
Revenue was 0 + 10.31 + 13.74 + 13.06 = RM37.11 Mil.
Gross Profit was 0 + 0.818 + 1.742 + 1.566 = RM4.13 Mil.
Total Current Assets was RM16.55 Mil.
Total Assets was RM63.00 Mil.
Property, Plant and Equipment(Net PPE) was RM46.42 Mil.
Depreciation, Depletion and Amortization(DDA) was RM4.68 Mil.
Selling, General, & Admin. Expense(SGA) was RM5.01 Mil.
Total Current Liabilities was RM25.91 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.56 Mil.
Net Income was 0 + -9.913 + -1.077 + -1.25 = RM-12.24 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0.732 = RM0.73 Mil.
 Total Receivables was RM20.71 Mil.
Revenue was 13.681 + 15.533 + 12.517 + 12.489 = RM54.22 Mil.
Gross Profit was 1.022 + 2.229 + 0.518 + 2.278 = RM6.05 Mil.
Total Current Assets was RM24.84 Mil.
Total Assets was RM75.06 Mil.
Property, Plant and Equipment(Net PPE) was RM50.20 Mil.
Depreciation, Depletion and Amortization(DDA) was RM6.85 Mil.
Selling, General, & Admin. Expense(SGA) was RM7.56 Mil.
Total Current Liabilities was RM22.08 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.36 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)
=(11.711 / 37.11) / (20.706 / 54.22)
=0.315575 / 0.381889
=0.8264

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)
=(6.047 / 54.22) / (4.126 / 37.11)
=0.111527 / 0.111183
=1.0031

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 - (16.554 + 46.417) / 62.996) / (1 - (24.837 + 50.2) / 75.062)
=0.000397 / 0.000333
=1.1922

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
=37.11 / 54.22
=0.6844

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))
=(6.851 / (6.851 + 50.2)) / (4.675 / (4.675 + 46.417))
=0.120086 / 0.091502
=1.3124

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)
=(5.01 / 37.11) / (7.558 / 54.22)
=0.135004 / 0.139395
=0.9685

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)
=((1.557 + 25.913) / 62.996) / ((1.355 + 22.08) / 75.062)
=0.436059 / 0.312209
=1.3967

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
=(-12.24 - 0 - 0.732) / 62.996
=-0.205918

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.

Zen Tech International Bhd has a M-score of -3.89 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 -3.89 mean?
Zen Tech International Bhd (XKLS:0094) has a Beneish M-Score of -3.89 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Zen Tech International Bhd and its competitors. According to the industry distribution chart, Zen Tech International Bhd ranks #57 out of 766 companies in the Medical Devices & Instruments industry, placing it in the top 7.4%.
Is Zen Tech International Bhd's Beneish M-Score too high?
Zen Tech International Bhd's current Beneish M-Score is -3.89. Based on the distribution chart, Zen Tech International Bhd ranks #57 out of 766 companies in the Medical Devices & Instruments industry, which is in the top quartile — a strong position relative to peers.
How does Zen Tech International Bhd's Beneish M-Score compare to ISRG and BDX?
According to the Medical Devices & Instruments industry distribution chart, Zen Tech International Bhd ranks #57 out of 766 companies for Beneish M-Score. This places Zen Tech International Bhd in the top 7% 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 Medical Devices & Instruments company?
A good Beneish M-Score depends on the Medical Devices & Instruments 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 Zen Tech International Bhd and its competitors. Zen Tech International Bhd's current Beneish M-Score is -3.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zen Tech International Bhd stock overvalued right now?
Based on GuruFocus' analysis, Zen Tech International Bhd (XKLS:0094) is currently considered Possible Value Trap. The stock's GF Value™ is RM0.01, compared to a current price of RM0.01 — trading 50% below its estimated fair value. The current Beneish M-Score is -3.89. 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 Zen Tech International Bhd (XKLS:0094), the current Beneish M-Score is -3.89 as of Jun. 25, 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.

Zen Tech International Bhd Business Description

Address 53-6 The Boulevard, Mid Valley City, Unit No., Lingkaran Syed Putra, Kuala Lumpur, SGR, MYS, 59200
Zen Tech International Bhd is a is Malaysia-based investment holding company. The company and its subsidiaries are predominantly engaged in software development, system integration, IT management consulting, and other related professional services. segments, The company operates in two business segments namely, Software and books, which comprises of software development and system integration solutions; the Gloves segment, which comprises the manufacturing of rubber gloves. Substantial portion of its overall revenue is generated from the Gloves segment and majority of its revenue is generated from the Malaysian market.