Kanger International Bhd (XKLS:0170WB) Beneish M-Score: -4.18 (As of Jun. 26, 2026)


What is Kanger International Bhd Beneish M-Score?

Kanger International Bhd XKLS:0170WB 44 Beneish M-Score is -4.18 as of Jun. 26, 2026. GuruFocus rates XKLS:0170WB with a GF Score™ of 44/100. The stock has 3 warning signs investors should review. Among 273 Forest Products companies, Kanger International Bhd ranks better than 95.6% 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 -4.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0170WB' s Beneish M-Score Range Over the Past 10 Years
Min: -7.21   Med: -2.12   Max: 8.6
Current: -4.18

During the past 12 years, the highest Beneish M-Score of Kanger International Bhd was 8.60. The lowest was -7.21. And the median was -2.12.

Kanger International Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Kanger 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.

Kanger International Bhd Beneish M-Score Chart

Kanger International Bhd Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Mar21 Mar22 Sep24 Sep25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.32 0.97 5.49 -4.25 -0.55

Kanger International Bhd Quarterly Data
Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Jun23 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 -4.90 -0.75 -0.55 -2.29 -4.18

XKLS:0170WB vs SSD, UFPI, BCC: Beneish M-Score Comparison

For the Lumber & Wood Production subindustry, Kanger 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.

Kanger International Bhd Beneish M-Score vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, Kanger International Bhd's Beneish M-Score distribution charts can be found below:

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


Kanger 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 Kanger 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 * 0.4876+0.528 * -1.0496+0.404 * 0.9146+0.892 * 3.4791+0.115 * 3.2334
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.1586+4.679 * -0.447208-0.327 * 2.9237
=-4.18

* 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 RM59.57 Mil.
Revenue was 40.633 + 4.996 + 13.259 + 16.64 = RM75.53 Mil.
Gross Profit was 3.057 + 0.099 + 0.362 + 0.728 = RM4.25 Mil.
Total Current Assets was RM59.87 Mil.
Total Assets was RM253.50 Mil.
Property, Plant and Equipment(Net PPE) was RM1.69 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.03 Mil.
Selling, General, & Admin. Expense(SGA) was RM2.42 Mil.
Total Current Liabilities was RM36.56 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.00 Mil.
Net Income was -113.985 + -0.356 + -0.837 + 0.404 = RM-114.77 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 0 + 0 + -1.526 + 0.117 = RM-1.41 Mil.
 Total Receivables was RM35.12 Mil.
Revenue was 7.419 + 8.164 + 5.803 + 0.323 = RM21.71 Mil.
Gross Profit was 0.157 + 0.328 + -0.632 + -1.134 = RM-1.28 Mil.
Total Current Assets was RM37.40 Mil.
Total Assets was RM227.33 Mil.
Property, Plant and Equipment(Net PPE) was RM1.73 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.09 Mil.
Selling, General, & Admin. Expense(SGA) was RM4.38 Mil.
Total Current Liabilities was RM11.21 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.00 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)
=(59.574 / 75.528) / (35.12 / 21.709)
=0.788767 / 1.617762
=0.4876

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)
=(-1.281 / 21.709) / (4.246 / 75.528)
=-0.059008 / 0.056218
=-1.0496

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 - (59.871 + 1.688) / 253.495) / (1 - (37.404 + 1.734) / 227.33)
=0.757159 / 0.827836
=0.9146

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
=75.528 / 21.709
=3.4791

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))
=(0.093 / (0.093 + 1.734)) / (0.027 / (0.027 + 1.688))
=0.050903 / 0.015743
=3.2334

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)
=(2.415 / 75.528) / (4.377 / 21.709)
=0.031975 / 0.201621
=0.1586

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 + 36.56) / 253.495) / ((0 + 11.214) / 227.33)
=0.144224 / 0.049329
=2.9237

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
=(-114.774 - 0 - -1.409) / 253.495
=-0.447208

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.

Kanger International Bhd has a M-score of -4.18 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 -4.18 mean?
Kanger International Bhd (XKLS:0170WB) has a Beneish M-Score of -4.18 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kanger International Bhd and its competitors. According to the industry distribution chart, Kanger International Bhd ranks #12 out of 273 companies in the Forest Products industry, placing it in the top 4.4%.
Is Kanger International Bhd's Beneish M-Score too high?
Kanger International Bhd's current Beneish M-Score is -4.18. Based on the distribution chart, Kanger International Bhd ranks #12 out of 273 companies in the Forest Products industry, which is in the top quartile — a strong position relative to peers. Overall, Kanger International Bhd has a GF Score™ of 44/100, reflecting its overall financial health beyond just this single metric.
How does Kanger International Bhd's Beneish M-Score compare to SSD and UFPI?
According to the Forest Products industry distribution chart, Kanger International Bhd ranks #12 out of 273 companies for Beneish M-Score. This places Kanger International Bhd in the top 4% 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 Forest Products company?
A good Beneish M-Score depends on the Forest Products 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 Kanger International Bhd and its competitors. Kanger International Bhd's current Beneish M-Score is -4.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kanger International Bhd stock overvalued right now?
Kanger International Bhd (XKLS:0170WB) has a current Beneish M-Score of -4.18. The current Beneish M-Score is -4.18. Kanger International Bhd's overall GF Score™ is 44/100 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 Kanger International Bhd (XKLS:0170WB), the current Beneish M-Score is -4.18 as of Jun. 26, 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.

Kanger International Bhd Business Description

Other Exchanges 0170:Malaysia
Address Taman Perindustrian Alfa Impian, No. 1 & 3, Jalan Alfa Impian 2, Balakong, Kuala Lumpur, SGR, MYS, 43000
Kanger International Bhd is an investment holding company. Along with its subsidiaries, the company is engaged in the segments of Investment Holding, Manufacturing, trading and project management services. It generates maximum revenue from the Manufacturing, trading and project management services segment which includes, manufacturing and trading of bamboo flooring and healthcare products and project management consultancy services. Geographically, it derives a majority of revenue from Malaysia.