Spring Art Holdings Bhd (XKLS:0216) Beneish M-Score: 0.00 (As of Jul. 03, 2026)


What is Spring Art Holdings Bhd Beneish M-Score?

Spring Art Holdings Bhd XKLS:0216 Beneish M-Score is 0.00 as of Jul. 03, 2026. The stock has 3 warning signs investors should review. Among 416 Furnishings, Fixtures & Appliances companies, Spring Art Holdings Bhd ranks worse than 240384.38% 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.

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

During the past 11 years, the highest Beneish M-Score of Spring Art Holdings Bhd was -0.65. The lowest was -3.92. And the median was -3.27.

Spring Art Holdings Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Spring Art 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.

Spring Art Holdings Bhd Beneish M-Score Chart

Spring Art Holdings 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 -0.65 -3.92 0.00 0.00 0.00

Spring Art Holdings 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 0.00 0.00 0.00 0.00 0.00

XKLS:0216 vs SN, SGI, MHK: Beneish M-Score Comparison

For the Furnishings, Fixtures & Appliances subindustry, Spring Art 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.

Spring Art Holdings Bhd Beneish M-Score vs Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Spring Art Holdings Bhd's Beneish M-Score distribution charts can be found below:

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


Spring Art 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 Spring Art 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 RM6.80 Mil.
Revenue was RM46.32 Mil.
Gross Profit was RM8.75 Mil.
Total Current Assets was RM35.31 Mil.
Total Assets was RM110.74 Mil.
Property, Plant and Equipment(Net PPE) was RM75.44 Mil.
Depreciation, Depletion and Amortization(DDA) was RM5.11 Mil.
Selling, General, & Admin. Expense(SGA) was RM8.20 Mil.
Total Current Liabilities was RM5.94 Mil.
Long-Term Debt & Capital Lease Obligation was RM12.85 Mil.
Net Income was RM-0.79 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM1.11 Mil.
 Total Receivables was RM1.84 Mil.
Revenue was RM49.57 Mil.
Gross Profit was RM13.72 Mil.
Total Current Assets was RM37.67 Mil.
Total Assets was RM117.25 Mil.
Property, Plant and Equipment(Net PPE) was RM79.58 Mil.
Depreciation, Depletion and Amortization(DDA) was RM2.90 Mil.
Selling, General, & Admin. Expense(SGA) was RM6.84 Mil.
Total Current Liabilities was RM6.11 Mil.
Long-Term Debt & Capital Lease Obligation was RM15.84 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)
=(6.799 / 46.315) / (1.843 / 49.572)
=0.146799 / 0.037178
=

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)
=(13.717 / 49.572) / (8.751 / 46.315)
=0.276709 / 0.188945
=

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 - (35.305 + 75.435) / 110.739) / (1 - (37.671 + 79.577) / 117.248)
=-9.0E-6 / 0
=

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
=46.315 / 49.572
=

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))
=(2.9 / (2.9 + 79.577)) / (5.107 / (5.107 + 75.435))
=0.035161 / 0.063408
=

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)
=(8.199 / 46.315) / (6.836 / 49.572)
=0.177027 / 0.1379
=

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)
=((12.849 + 5.938) / 110.739) / ((15.835 + 6.111) / 117.248)
=0.169651 / 0.187176
=

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
=(-0.789 - 0 - 1.109) / 110.739
=-0.017139

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Spring Art Holdings Bhd (XKLS:0216) has a Beneish M-Score of 0.00 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Spring Art Holdings Bhd and its competitors. According to the industry distribution chart, Spring Art Holdings Bhd ranks #999999 out of 416 companies in the Furnishings, Fixtures & Appliances industry.
Is Spring Art Holdings Bhd's Beneish M-Score too high?
Spring Art Holdings Bhd's current Beneish M-Score is 0.00. Based on the distribution chart, Spring Art Holdings Bhd ranks #999999 out of 416 companies in the Furnishings, Fixtures & Appliances industry, which is in the bottom quartile relative to peers.
How does Spring Art Holdings Bhd's Beneish M-Score compare to SN and SGI?
According to the Furnishings, Fixtures & Appliances industry distribution chart, Spring Art Holdings Bhd ranks #999999 out of 416 companies for Beneish M-Score. This places Spring Art 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 Furnishings, Fixtures & Appliances company?
A good Beneish M-Score depends on the Furnishings, Fixtures & Appliances 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 Spring Art Holdings Bhd and its competitors. Spring Art Holdings Bhd's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Spring Art Holdings Bhd stock overvalued right now?
Based on GuruFocus' analysis, Spring Art Holdings Bhd (XKLS:0216) is currently considered Significantly Undervalued. The stock's GF Value™ is RM0.16, compared to a current price of RM0.10 — trading 37.5% below its estimated fair value. The current Beneish M-Score is 0.00. 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 Spring Art Holdings Bhd (XKLS:0216), the current Beneish M-Score is 0.00 as of Jul. 03, 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.

Spring Art Holdings Bhd Business Description

Address Kawasan Perindustrian Bukit Pasir, Lot PLO 49, Jalan Rami 4, Bukit Pasir, Muar, JHR, MYS, 84300
Spring Art Holdings Bhd is involved in the manufacturing of ready-to-assemble furniture products, where it undertakes the design and development, manufacturing as well as marketing and sales of office furniture such as office workstations, filing cabinets and pedestals, bedroom furniture such as beds, night stands, wardrobes, dressing tables, dressing stools and study desks, living room furniture such as computer desks, television consoles, sideboards, shoe cabinets, bookshelves and drawer chests as well as other types of furniture such as dining tables and kitchen cabinets. The group has only one business segment, namely the design, development, manufacturing, marketing and sales of furniture products.