TFP Solutions Bhd (XKLS:0145) Beneish M-Score: -2.31 (As of Jul. 04, 2026)


What is TFP Solutions Bhd Beneish M-Score?

TFP Solutions Bhd XKLS:0145 +7.14% Beneish M-Score is -2.31 as of Jul. 04, 2026. The stock has 4 warning signs investors should review. Among 2,631 Software companies, TFP Solutions Bhd ranks worse than 64.16% 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 -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0145' s Beneish M-Score Range Over the Past 10 Years
Min: -3.95   Med: -2.79   Max: 3.64
Current: -2.31

During the past 13 years, the highest Beneish M-Score of TFP Solutions Bhd was 3.64. The lowest was -3.95. And the median was -2.79.

TFP Solutions Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for TFP Solutions 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.

TFP Solutions Bhd Beneish M-Score Chart

TFP Solutions Bhd Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Jun23 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 3.64 -3.21

TFP Solutions Bhd Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 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 -3.94 -3.21 -2.78 -2.80 -2.31

XKLS:0145 vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, TFP Solutions 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.

TFP Solutions Bhd Beneish M-Score vs Software Industry

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

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


TFP Solutions 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 TFP Solutions 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 * 0.8714+0.528 * 0.6215+0.404 * 0.7616+0.892 * 1.4587+0.115 * 0.6027
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4845+4.679 * 0.081961-0.327 * 1.762
=-2.31

* 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 RM6.59 Mil.
Revenue was 1.148 + 1.345 + 0.906 + 1.95 = RM5.35 Mil.
Gross Profit was 1.033 + 1.062 + 0.645 + 1.722 = RM4.46 Mil.
Total Current Assets was RM7.32 Mil.
Total Assets was RM10.69 Mil.
Property, Plant and Equipment(Net PPE) was RM0.96 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.01 Mil.
Selling, General, & Admin. Expense(SGA) was RM3.95 Mil.
Total Current Liabilities was RM5.24 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.51 Mil.
Net Income was 0.327 + 0.055 + -0.632 + 0.096 = RM-0.15 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 0.508 + -0.319 + -0.78 + -0.439 = RM-1.03 Mil.
 Total Receivables was RM5.18 Mil.
Revenue was 0.76 + 1.033 + 0.798 + 1.076 = RM3.67 Mil.
Gross Profit was 0.429 + 0.748 + 0.415 + 0.309 = RM1.90 Mil.
Total Current Assets was RM6.28 Mil.
Total Assets was RM9.79 Mil.
Property, Plant and Equipment(Net PPE) was RM0.62 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.27 Mil.
Selling, General, & Admin. Expense(SGA) was RM5.59 Mil.
Total Current Liabilities was RM2.45 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.55 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)
=(6.589 / 5.349) / (5.184 / 3.667)
=1.231819 / 1.41369
=0.8714

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)
=(1.901 / 3.667) / (4.462 / 5.349)
=0.518407 / 0.834175
=0.6215

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 - (7.319 + 0.963) / 10.688) / (1 - (6.282 + 0.615) / 9.791)
=0.225112 / 0.295578
=0.7616

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
=5.349 / 3.667
=1.4587

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))
=(0.274 / (0.274 + 0.615)) / (1.008 / (1.008 + 0.963))
=0.308211 / 0.511416
=0.6027

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)
=(3.949 / 5.349) / (5.588 / 3.667)
=0.738269 / 1.523861
=0.4845

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)
=((0.514 + 5.239) / 10.688) / ((0.546 + 2.445) / 9.791)
=0.538267 / 0.305485
=1.762

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
=(-0.154 - 0 - -1.03) / 10.688
=0.081961

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.

TFP Solutions Bhd has a M-score of -2.31 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 -2.31 mean?
TFP Solutions Bhd (XKLS:0145) has a Beneish M-Score of -2.31 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TFP Solutions Bhd and its competitors. According to the industry distribution chart, TFP Solutions Bhd ranks #1688 out of 2631 companies in the Software industry, placing it in the top 64.2%.
Is TFP Solutions Bhd's Beneish M-Score too high?
TFP Solutions Bhd's current Beneish M-Score is -2.31. Based on the distribution chart, TFP Solutions Bhd ranks #1688 out of 2631 companies in the Software industry, which is below the industry midpoint.
How does TFP Solutions Bhd's Beneish M-Score compare to IBM and ACN?
According to the Software industry distribution chart, TFP Solutions Bhd ranks #1688 out of 2631 companies for Beneish M-Score. This places TFP Solutions 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 TFP Solutions Bhd and its competitors. TFP Solutions Bhd's current Beneish M-Score is -2.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TFP Solutions Bhd stock overvalued right now?
Based on GuruFocus' analysis, TFP Solutions Bhd (XKLS:0145) is currently considered Significantly Overvalued. The stock's GF Value™ is RM0.05, compared to a current price of RM0.08 — trading 50% above its estimated fair value. The current Beneish M-Score is -2.31. 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 TFP Solutions Bhd (XKLS:0145), the current Beneish M-Score is -2.31 as of Jul. 04, 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.

TFP Solutions Bhd Business Description

Address Wisma LMS, No. 6, Jalan Abd. Rahman Idris, Off Jalan Raja Muda Aziz, Kuala Lumpur, SGR, MYS, 50300
TFP Solutions Bhd is a provider of Business Productivity Solutions and Services for Business Enterprises. The company's segment includes Business Management Solutions (BMS), Fintech, Others. It generates maximum revenue from the Fintech segment. Fintech segment provides services ancillary to mobile telecommunication and Fintech products and services to promote the digital lifestyle and digital wallet.