AppAsia Bhd (XKLS:0119) Beneish M-Score: -2.05 (As of Jun. 24, 2026)


XKLS:0119 AppAsia Bhd XKLS:0119
41 GF Score
Price RM0.11
GF Value RM0.10
Valuation Fairly Valued
! 3 Warning Signs
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What is AppAsia Bhd Beneish M-Score?

AppAsia Bhd XKLS:0119 41 Beneish M-Score is -2.05 as of Jun. 24, 2026. GuruFocus rates XKLS:0119 with a GF Score™ of 41/100 and a GF Value™ of RM0.10 (Fairly Valued). The stock has 3 warning signs investors should review. Among 2,633 Software companies, AppAsia Bhd ranks worse than 74.55% 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 -2.05 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0119' s Beneish M-Score Range Over the Past 10 Years
Min: -5.95   Med: -1.67   Max: 42.71
Current: -2.05

During the past 13 years, the highest Beneish M-Score of AppAsia Bhd was 42.71. The lowest was -5.95. And the median was -1.67.

AppAsia Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for AppAsia 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.

AppAsia Bhd Beneish M-Score Chart

AppAsia Bhd Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.66 -1.70 -3.04 -0.94 -1.45

AppAsia 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 -1.64 -1.79 -2.26 -1.45 -2.05

XKLS:0119 vs CRM, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, AppAsia 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.

AppAsia Bhd Beneish M-Score vs Software Industry

For the Software industry and Technology sector, AppAsia Bhd's Beneish M-Score distribution charts can be found below:

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


XKLS:0119
41GF Score
AppAsia Bhd XKLS:0119
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

AppAsia 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 AppAsia 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 * 1.0377+0.528 * 0.8032+0.404 * 2.0476+0.892 * 0.9271+0.115 * 0.8595
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3935+4.679 * 0.031722-0.327 * 0.7765
=-2.05

* 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 RM26.44 Mil.
Revenue was 6.253 + 7.121 + 7.854 + 7.628 = RM28.86 Mil.
Gross Profit was 3.914 + 2.992 + 3.342 + 3.037 = RM13.29 Mil.
Total Current Assets was RM32.79 Mil.
Total Assets was RM42.62 Mil.
Property, Plant and Equipment(Net PPE) was RM0.77 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.80 Mil.
Selling, General, & Admin. Expense(SGA) was RM9.83 Mil.
Total Current Liabilities was RM2.50 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.00 Mil.
Net Income was 0.384 + -0.889 + 1.236 + 0.601 = RM1.33 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 0.824 + -1.932 + 0.387 + 0.701 = RM-0.02 Mil.
 Total Receivables was RM27.48 Mil.
Revenue was 8.15 + 7.212 + 8.219 + 7.543 = RM31.12 Mil.
Gross Profit was 3.561 + 2.461 + 3.018 + 2.469 = RM11.51 Mil.
Total Current Assets was RM38.81 Mil.
Total Assets was RM44.91 Mil.
Property, Plant and Equipment(Net PPE) was RM1.44 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.11 Mil.
Selling, General, & Admin. Expense(SGA) was RM7.61 Mil.
Total Current Liabilities was RM3.14 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.25 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)
=(26.438 / 28.856) / (27.48 / 31.124)
=0.916205 / 0.88292
=1.0377

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)
=(11.509 / 31.124) / (13.285 / 28.856)
=0.369779 / 0.46039
=0.8032

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 - (32.785 + 0.774) / 42.62) / (1 - (38.811 + 1.437) / 44.911)
=0.2126 / 0.103828
=2.0476

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
=28.856 / 31.124
=0.9271

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))
=(1.111 / (1.111 + 1.437)) / (0.797 / (0.797 + 0.774))
=0.436028 / 0.50732
=0.8595

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)
=(9.832 / 28.856) / (7.61 / 31.124)
=0.340726 / 0.244506
=1.3935

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 + 2.495) / 42.62) / ((0.249 + 3.137) / 44.911)
=0.058541 / 0.075394
=0.7765

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
=(1.332 - 0 - -0.02) / 42.62
=0.031722

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.

AppAsia Bhd has a M-score of -2.05 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 -2.05 mean?
AppAsia Bhd (XKLS:0119) has a Beneish M-Score of -2.05 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on AppAsia Bhd and its competitors. According to the industry distribution chart, AppAsia Bhd ranks #1963 out of 2633 companies in the Software industry, placing it in the top 74.6%.
Is AppAsia Bhd's Beneish M-Score too high?
AppAsia Bhd's current Beneish M-Score is -2.05. Based on the distribution chart, AppAsia Bhd ranks #1963 out of 2633 companies in the Software industry, which is below the industry midpoint. Overall, AppAsia Bhd has a GF Score™ of 41/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does AppAsia Bhd's Beneish M-Score compare to CRM and SHOP?
According to the Software industry distribution chart, AppAsia Bhd ranks #1963 out of 2633 companies for Beneish M-Score. This places AppAsia 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 AppAsia Bhd and its competitors. AppAsia Bhd's current Beneish M-Score is -2.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AppAsia Bhd stock overvalued right now?
Based on GuruFocus' analysis, AppAsia Bhd (XKLS:0119) is currently considered Fairly Valued. The stock's GF Value™ is RM0.10, compared to a current price of RM0.11 — trading 10% above its estimated fair value. The current Beneish M-Score is -2.05. AppAsia Bhd's overall GF Score™ is 41/100 with 3 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 AppAsia Bhd (XKLS:0119), the current Beneish M-Score is -2.05 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.

Is AppAsia Bhd (XKLS:0119) Overvalued in 2026?

Based on GuruFocus' analysis, AppAsia Bhd stock appears to be overvalued. The current stock price of RM0.11 is trading 10% above its estimated GF Value™ of RM0.10. GuruFocus considers AppAsia Bhd to be Fairly Valued.

Key valuation signals for XKLS:0119:

  • Beneish M-Score: -2.05
  • GF Value™: RM0.10 vs. price of RM0.11 (10% above fair value)
  • GF Score™: 41/100 with 3 warning signs

No single metric tells the full story. See the XKLS:0119 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

AppAsia Bhd Business Description

Address No. 105 Jalan Ampang, 1-40-1, Menara Bangkok Bank, Berjaya Central Park, Wilayah Persekutuan, Kuala Lumpur, SGR, MYS, 50450
AppAsia Bhd is a digital platform provider specialising in blockchain technologies, advanced mobile applications, and digital content. The company operates in the segments of Financial Services Business, E-Commerce Business, Digital solutions Business, and Investment Holding and Other Businesses. Investment holding includes investment management and provision of management services and other complimentary services; E-Commerce Business segment engages in the provision of online marketplace for e-commerce activities; Digital solutions business engages in the provision of digital platform related solutions and services; and Financial services segment provides financial assistance. Geographically, the group operates in Malaysia and United States, of which key revenue is derived from Malaysia.
41GF Score

Get the complete analysis for XKLS:0119

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

RM0.11
Price
RM0.10
GF Value