EA Holdings Bhd (XKLS:0154) Beneish M-Score: -2.03 (As of Jul. 08, 2026)


What is EA Holdings Bhd Beneish M-Score?

EA Holdings Bhd XKLS:0154 Beneish M-Score is -2.03 as of Jul. 08, 2026. The stock has 3 warning signs investors should review. Among 538 Conglomerates companies, EA Holdings Bhd ranks worse than 81.41% 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 -2.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0154' s Beneish M-Score Range Over the Past 10 Years
Min: -3.92   Med: -2.47   Max: -1.13
Current: -2.03

During the past 11 years, the highest Beneish M-Score of EA Holdings Bhd was -1.13. The lowest was -3.92. And the median was -2.47.

EA Holdings Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for EA Holdings 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.

EA Holdings Bhd Beneish M-Score Chart

EA Holdings Bhd Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Mar16 Mar17 Mar18 Mar19 Sep21 Sep22
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.62 -1.13 -3.92 -2.84 -2.03

EA Holdings Bhd Quarterly Data
Jun20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Jun23 Sep23 Dec23 Jun24 Oct24 Jan25 Apr25 Jul25 Oct25 Feb26
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 0.00 0.00 -2.12 0.00 0.00

XKLS:0154 vs HON, MMM: Beneish M-Score Comparison

For the Conglomerates subindustry, EA Holdings 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.

EA Holdings Bhd Beneish M-Score vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, EA Holdings Bhd's Beneish M-Score distribution charts can be found below:

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


EA Holdings 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 EA Holdings 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 * 1.1272+0.528 * 0.9692+0.404 * 1.1636+0.892 * 1.126+0.115 * 1.366
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.003137-0.327 * 0.662
=-2.03

* 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 (Sep22) TTM:Last Year (Sep21) TTM:
Total Receivables was RM33.45 Mil.
Revenue was RM50.71 Mil.
Gross Profit was RM17.37 Mil.
Total Current Assets was RM60.13 Mil.
Total Assets was RM146.34 Mil.
Property, Plant and Equipment(Net PPE) was RM5.89 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.47 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.00 Mil.
Total Current Liabilities was RM9.67 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.53 Mil.
Net Income was RM2.85 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM2.39 Mil.
 Total Receivables was RM26.36 Mil.
Revenue was RM45.04 Mil.
Gross Profit was RM14.95 Mil.
Total Current Assets was RM59.34 Mil.
Total Assets was RM123.28 Mil.
Property, Plant and Equipment(Net PPE) was RM5.78 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.65 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.00 Mil.
Total Current Liabilities was RM12.75 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.50 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)
=(33.451 / 50.712) / (26.356 / 45.039)
=0.659627 / 0.585182
=1.1272

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)
=(14.951 / 45.039) / (17.369 / 50.712)
=0.331957 / 0.342503
=0.9692

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 - (60.128 + 5.885) / 146.337) / (1 - (59.343 + 5.784) / 123.278)
=0.548897 / 0.471706
=1.1636

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
=50.712 / 45.039
=1.126

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))
=(0.65 / (0.65 + 5.784)) / (0.47 / (0.47 + 5.885))
=0.101026 / 0.073958
=1.366

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)
=(0 / 50.712) / (0 / 45.039)
=0 / 0
=1

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)
=((1.527 + 9.668) / 146.337) / ((1.501 + 12.745) / 123.278)
=0.076501 / 0.11556
=0.662

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
=(2.851 - 0 - 2.392) / 146.337
=0.003137

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.

EA Holdings Bhd has a M-score of -2.03 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 -2.03 mean?
EA Holdings Bhd (XKLS:0154) has a Beneish M-Score of -2.03 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on EA Holdings Bhd and its competitors. According to the industry distribution chart, EA Holdings Bhd ranks #438 out of 538 companies in the Conglomerates industry, placing it in the top 81.4%.
Is EA Holdings Bhd's Beneish M-Score too high?
EA Holdings Bhd's current Beneish M-Score is -2.03. Based on the distribution chart, EA Holdings Bhd ranks #438 out of 538 companies in the Conglomerates industry, which is in the bottom quartile relative to peers.
How does EA Holdings Bhd's Beneish M-Score compare to HON and MMM?
According to the Conglomerates industry distribution chart, EA Holdings Bhd ranks #438 out of 538 companies for Beneish M-Score. This places EA Holdings 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 Conglomerates company?
A good Beneish M-Score depends on the Conglomerates 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 EA Holdings Bhd and its competitors. EA Holdings Bhd's current Beneish M-Score is -2.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is EA Holdings Bhd stock overvalued right now?
Based on GuruFocus' analysis, EA Holdings Bhd (XKLS:0154) 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 -2.03. 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 EA Holdings Bhd (XKLS:0154), the current Beneish M-Score is -2.03 as of Jul. 08, 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.

EA Holdings Bhd Business Description

Address 685, Jalan Damansara, Unit 25-5, Level 25, Oval Damansara, Kuala Lumpur, MYS, 60000
EA Holdings Bhd is principally engaged in investment holding, management, and consultancy services. The company's business segments are: i) ICT services: It is engaged in the provision of E-business software applications, business intelligence software, and development, IT service management consultancy, and system integration. ii) RFID system: It is engaged in Hardware system integration, mechanical and engineering services, and access control systems, iii) F&B distribution: It is engaged in the Sales and distribution of food and beverage products, and iv) Investment holding: Investment in subsidiaries. The company generates the majority of its revenue from the F&B distribution segment. All segments of the company operate in Malaysia.