EVD Bhd (XKLS:0174) Beneish M-Score: -3.39 (As of Jun. 25, 2026)


What is EVD Bhd Beneish M-Score?

EVD Bhd XKLS:0174 Beneish M-Score is -3.39 as of Jun. 25, 2026. The stock has 4 warning signs investors should review. Among 2,633 Software companies, EVD Bhd ranks better than 86.18% 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 -3.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0174' s Beneish M-Score Range Over the Past 10 Years
Min: -14.24   Med: -2.58   Max: 12.99
Current: -3.39

During the past 12 years, the highest Beneish M-Score of EVD Bhd was 12.99. The lowest was -14.24. And the median was -2.58.

EVD Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for EVD 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.

EVD Bhd Beneish M-Score Chart

EVD Bhd Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Jun18 Jun19 Jun20 Jun21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -8.23 -0.79 -2.67 8.80 -2.07

EVD Bhd Quarterly Data
Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
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 -3.98 -0.92 -3.51 -3.43 -3.39

XKLS:0174 vs CRM, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, EVD 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.

EVD Bhd Beneish M-Score vs Software Industry

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

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


EVD 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 EVD 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 * 0.428+0.528 * -1.2495+0.404 * 0.9946+0.892 * 2.1376+0.115 * 1.5182
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4371+4.679 * -0.070364-0.327 * 1.1207
=-3.39

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was RM88.05 Mil.
Revenue was 16.911 + 13.473 + 17.356 + 8.775 = RM56.52 Mil.
Gross Profit was 5.494 + 2.401 + 0.866 + 0.587 = RM9.35 Mil.
Total Current Assets was RM114.42 Mil.
Total Assets was RM176.61 Mil.
Property, Plant and Equipment(Net PPE) was RM0.44 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.18 Mil.
Selling, General, & Admin. Expense(SGA) was RM9.16 Mil.
Total Current Liabilities was RM119.57 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.08 Mil.
Net Income was -6.698 + -0.66 + -1.374 + -1.318 = RM-10.05 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 0 + 0 + 0.073 + 2.304 = RM2.38 Mil.
 Total Receivables was RM96.22 Mil.
Revenue was 6.202 + 4.381 + 5.969 + 9.886 = RM26.44 Mil.
Gross Profit was 0.181 + 0.145 + -0.367 + -5.423 = RM-5.46 Mil.
Total Current Assets was RM113.21 Mil.
Total Assets was RM175.65 Mil.
Property, Plant and Equipment(Net PPE) was RM0.69 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.55 Mil.
Selling, General, & Admin. Expense(SGA) was RM9.81 Mil.
Total Current Liabilities was RM106.09 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.09 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)
=(88.046 / 56.515) / (96.224 / 26.438)
=1.557923 / 3.63961
=0.428

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)
=(-5.464 / 26.438) / (9.348 / 56.515)
=-0.206672 / 0.165407
=-1.2495

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 - (114.42 + 0.437) / 176.609) / (1 - (113.211 + 0.688) / 175.651)
=0.349654 / 0.351561
=0.9946

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
=56.515 / 26.438
=2.1376

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))
=(0.547 / (0.547 + 0.688)) / (0.18 / (0.18 + 0.437))
=0.442915 / 0.291734
=1.5182

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)
=(9.161 / 56.515) / (9.805 / 26.438)
=0.162099 / 0.370868
=0.4371

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)
=((0.082 + 119.565) / 176.609) / ((0.089 + 106.09) / 175.651)
=0.677468 / 0.604488
=1.1207

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
=(-10.05 - 0 - 2.377) / 176.609
=-0.070364

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.

EVD Bhd has a M-score of -3.39 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 -3.39 mean?
EVD Bhd (XKLS:0174) has a Beneish M-Score of -3.39 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on EVD Bhd and its competitors. According to the industry distribution chart, EVD Bhd ranks #364 out of 2633 companies in the Software industry, placing it in the top 13.8%.
Is EVD Bhd's Beneish M-Score too high?
EVD Bhd's current Beneish M-Score is -3.39. Based on the distribution chart, EVD Bhd ranks #364 out of 2633 companies in the Software industry, which is in the top quartile — a strong position relative to peers.
How does EVD Bhd's Beneish M-Score compare to CRM and SHOP?
According to the Software industry distribution chart, EVD Bhd ranks #364 out of 2633 companies for Beneish M-Score. This places EVD Bhd in the top 14% 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 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 EVD Bhd and its competitors. EVD Bhd's current Beneish M-Score is -3.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is EVD Bhd stock overvalued right now?
Based on GuruFocus' analysis, EVD Bhd (XKLS:0174) is currently considered Possible Value Trap. The stock's GF Value™ is RM0.09, compared to a current price of RM0.04 — trading 61.1% below its estimated fair value. The current Beneish M-Score is -3.39. 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 EVD Bhd (XKLS:0174), the current Beneish M-Score is -3.39 as of Jun. 25, 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.

EVD Bhd Business Description

Address No. 39, Jalan Putra Mahkota 7/7B, Putra Heights, Subang Jaya, SGR, MYS, 47650
EVD Bhd is an investment holding company. The company operates through five main reportable segments: Transportation which is involved in the service rendered under railway and highway industries. Healthcare segment is involved in the service rendered in the hospitality and healthcare industry. Extra Low Voltage Integrated Solution (ELV) segment involved of the service rendered under smart building and security services. Other Engineering services segment involved of the service rendered under M&E and structured cabling works. All other segment is involved in the investment holding and service and maintenance. The majority of the revenue was generated from the Transportation segment. Geographically, it derives maximum revenue from Malaysia and also has its presence in Philippines.