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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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for N2N Connect Bhd's Beneish M-Score or its related term are showing as below:
XKLS:0108'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.93 Med: -2.6 Max: -1.68
Current: -2.49
During the past 13 years, the highest Beneish M-Score of N2N Connect Bhd was -1.68. The lowest was -3.93. And the median was -2.60.
N2N Connect Bhd Beneish M-Score Related Terms
N2N Connect Bhd Beneish M-Score Historical Data
* Premium members only.
The historical data trend for N2N Connect 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.
XKLS:0108 vs UBER, SHOP, CRM: Beneish M-Score Comparison
For the Software - Application subindustry, N2N Connect 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.
N2N Connect Bhd Beneish M-Score vs Software Industry
For the Software industry and Technology sector, N2N Connect Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where N2N Connect Bhd's Beneish M-Score falls into.
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 N2N Connect 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 * 0.8621
+
0.528 * 1.0394
+
0.404 * 1.5198
+
0.892 * 0.8316
+
0.115 * 1.4221
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.5272
+
4.679 * -0.028603
-
0.327 * 0.8643
=
-2.49
* 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.
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.
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))
=
(18.551 / (18.551 + 35.01))
/
(10.499 / (10.499 + 32.61))
=
0.346353
/
0.243545
=
1.4221
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
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
=
(11.42 - 0
-
19.316)
/
276.051
=
-0.028603
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.
N2N Connect Bhd has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
N2N Connect Bhd (XKLS:0108) has a Beneish M-Score of -2.49 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on N2N Connect Bhd and its competitors. According to the industry distribution chart, N2N Connect Bhd ranks #1402 out of 2628 companies in the Software industry, placing it in the top 53.3%.
Is N2N Connect Bhd's Beneish M-Score too high?
N2N Connect Bhd's current Beneish M-Score is -2.49. Based on the distribution chart, N2N Connect Bhd ranks #1402 out of 2628 companies in the Software industry, which is below the industry midpoint. Overall, N2N Connect Bhd has a GF Score™ of 36/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does N2N Connect Bhd's Beneish M-Score compare to UBER and SHOP?
According to the Software industry distribution chart, N2N Connect Bhd ranks #1402 out of 2628 companies for Beneish M-Score. This places N2N Connect 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 Software company?
A good Beneish M-Score depends on the Software 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 N2N Connect Bhd and its competitors. N2N Connect Bhd's current Beneish M-Score is -2.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is N2N Connect Bhd stock overvalued right now?
Based on GuruFocus' analysis, N2N Connect Bhd (XKLS:0108) is currently considered Modestly Undervalued. The stock's GF Value™ is RM0.38, compared to a current price of RM0.31 — trading 18.4% below its estimated fair value. The current Beneish M-Score is -2.49. N2N Connect Bhd's overall GF Score™ is 36/100 with 5 warning signs to review. 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 N2N Connect Bhd (XKLS:0108), the current Beneish M-Score is -2.49 as of Jul. 17, 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.
Is N2N Connect Bhd (XKLS:0108) Overvalued in 2026?
Based on GuruFocus' analysis, N2N Connect Bhd stock appears to be undervalued.
The current stock price of RM0.31 is trading 18.4% below its estimated GF Value™ of RM0.38.
GuruFocus considers N2N Connect Bhd to be Modestly Undervalued.
Key valuation signals for XKLS:0108:
Beneish M-Score: -2.49
GF Value™: RM0.38 vs. price of RM0.31 (18.4% below fair value)
No single metric tells the full story. See the XKLS:0108 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
N2N Connect Bhd is an investment holding company. It is engaged in the research and development of software packages, provider of design, programming, consultancy services and related activities. Its products include TCProGlobal, TCPlus, TCMobile, and TCBOS and services range from online trading portals within the stockbroking industry, hosting and managing network services, to wealth and risk management solutions. It operates in Malaysia, Hong Kong, and other countries and generates the majority of the revenue from Hong Kong.
36GF Score
Get the complete analysis for XKLS:0108
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