Aco Group Bhd (XKLS:0218) Beneish M-Score: -2.64 (As of Jun. 26, 2026)

What is Aco Group Bhd Beneish M-Score?

Aco Group Bhd XKLS:0218 +3.23% 47 Beneish M-Score is -2.64 as of Jun. 26, 2026. GuruFocus rates XKLS:0218 with a GF Score™ of 47/100 and a GF Value™ of RM0.21 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 2,404 Hardware companies, Aco Group Bhd ranks better than 64.23% 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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0218' s Beneish M-Score Range Over the Past 10 Years
Min: -2.64 Med: -2.3 Max: -2.04
Current: -2.64

During the past 10 years, the highest Beneish M-Score of Aco Group Bhd was -2.04. The lowest was -2.64. And the median was -2.30.

Aco Group Bhd Beneish M-Score Related Terms

Aco Group Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Aco Group 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.

Aco Group Bhd Beneish M-Score Chart

Aco Group Bhd Annual Data

Trend

Feb17

Feb18

Feb19

Feb20

Feb21

Feb22

Feb23

Feb24

Feb25

Feb26

Beneish M-Score

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-2.32

-2.27

-2.08

-2.42

-2.64

Aco Group Bhd Quarterly Data
	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Aug24	Nov24	Feb25	May25	Aug25	Nov25	Feb26
Beneish M-Score	Get a 7-Day Free Trial															-2.42	-2.39	-2.68	-2.65	-2.64

XKLS:0218 vs SNX, ARW, AVT: Beneish M-Score Comparison

For the Electronics & Computer Distribution subindustry, Aco Group 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.

Aco Group Bhd Beneish M-Score vs Hardware Industry

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

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

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47GF Score

Aco Group Bhd XKLS:0218

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Aco Group 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 Aco Group Bhd for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0203

0.528 * 1.0366

0.404 * 1.0322

0.892 * 0.933

0.115 * 0.9223

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0316

4.679 * -0.032034

0.327 * 0.95

-2.64

This Year (Feb26) TTM:

Last Year (Feb25) TTM:

Total Receivables was RM36.3 Mil.
Revenue was 31.832 + 35.913 + 37.569 + 35.68 = RM141.0 Mil.
Gross Profit was 5.708 + 5.324 + 5.303 + 5.424 = RM21.8 Mil.
Total Current Assets was RM106.5 Mil.
Total Assets was RM160.0 Mil.
Property, Plant and Equipment(Net PPE) was RM21.4 Mil.
Depreciation, Depletion and Amortization(DDA) was RM2.4 Mil.
Selling, General, & Admin. Expense(SGA) was RM18.2 Mil.
Total Current Liabilities was RM49.6 Mil.
Long-Term Debt & Capital Lease Obligation was RM8.6 Mil.
Net Income was 0.494 + 0.982 + 1.555 + 0.952 = RM4.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 1.282 + 0.987 + 7.881 + -1.043 = RM9.1 Mil.

Total Receivables was RM38.2 Mil.
Revenue was 34.943 + 39.153 + 37.802 + 39.228 = RM151.1 Mil.
Gross Profit was 6.762 + 5.981 + 5.506 + 5.927 = RM24.2 Mil.
Total Current Assets was RM105.2 Mil.
Total Assets was RM158.3 Mil.
Property, Plant and Equipment(Net PPE) was RM22.4 Mil.
Depreciation, Depletion and Amortization(DDA) was RM2.3 Mil.
Selling, General, & Admin. Expense(SGA) was RM18.9 Mil.
Total Current Liabilities was RM51.1 Mil.
Long-Term Debt & Capital Lease Obligation was RM9.5 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)
	=	(36.314 / 140.994)	/	(38.15 / 151.126)
	=	0.257557	/	0.252438
	=	1.0203

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)
	=	(24.176 / 151.126)	/	(21.759 / 140.994)
	=	0.159972	/	0.154326
	=	1.0366

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 - (106.502 + 21.431) / 159.953)	/	(1 - (105.162 + 22.407) / 158.262)
	=	0.200184	/	0.193938
	=	1.0322

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
	=	140.994	/	151.126
	=	0.933

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))
	=	(2.32 / (2.32 + 22.407))	/	(2.427 / (2.427 + 21.431))
	=	0.093825	/	0.101727
	=	0.9223

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)
	=	(18.167 / 140.994)	/	(18.876 / 151.126)
	=	0.128849	/	0.124902
	=	1.0316

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)
	=	((8.639 + 49.554) / 159.953)	/	((9.515 + 51.09) / 158.262)
	=	0.363813	/	0.382941
	=	0.95

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
	=	(3.983 - 0	-	9.107)	/	159.953
	=	-0.032034

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.

Aco Group Bhd has a M-score of -2.64 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 -2.64 mean?

Aco Group Bhd (XKLS:0218) has a Beneish M-Score of -2.64 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aco Group Bhd and its competitors. According to the industry distribution chart, Aco Group Bhd ranks #860 out of 2404 companies in the Hardware industry, placing it in the top 35.8%.

Is Aco Group Bhd's Beneish M-Score too high?

Aco Group Bhd's current Beneish M-Score is -2.64. Based on the distribution chart, Aco Group Bhd ranks #860 out of 2404 companies in the Hardware industry, which is above the industry midpoint. Overall, Aco Group Bhd has a GF Score™ of 47/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Aco Group Bhd's Beneish M-Score compare to SNX and ARW?

According to the Hardware industry distribution chart, Aco Group Bhd ranks #860 out of 2404 companies for Beneish M-Score. This puts Aco Group Bhd in the upper 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 Hardware company?

A good Beneish M-Score depends on the Hardware 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 Aco Group Bhd and its competitors. Aco Group Bhd's current Beneish M-Score is -2.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Aco Group Bhd stock overvalued right now?

Based on GuruFocus' analysis, Aco Group Bhd (XKLS:0218) is currently considered Modestly Undervalued. The stock's GF Value™ is RM0.21, compared to a current price of RM0.16 — trading 23.8% below its estimated fair value. The current Beneish M-Score is -2.64. Aco Group Bhd's overall GF Score™ is 47/100 with 5 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 Aco Group Bhd (XKLS:0218), the current Beneish M-Score is -2.64 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.

Is Aco Group Bhd (XKLS:0218) Overvalued in 2026?

Based on GuruFocus' analysis, Aco Group Bhd stock appears to be undervalued. The current stock price of RM0.16 is trading 23.8% below its estimated GF Value™ of RM0.21. GuruFocus considers Aco Group Bhd to be Modestly Undervalued.

Key valuation signals for XKLS:0218:

Beneish M-Score: -2.64
GF Value™: RM0.21 vs. price of RM0.16 (23.8% below fair value)
GF Score™: 47/100 with 5 warning signs

No single metric tells the full story. See the XKLS:0218 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Aco Group Bhd Business Description

Industry Technology Hardware

Comparable Companies XKLS:0038 XKLS:0006 XKLS:5037 XKLS:0086 XKLS:0066 XKLS:3514 XKLS:0202 XKLS:9377 SNX XPAR:RXL SZSE:000938 ARW AVT TPE:3702 LSE:SCT TPE:2347 SZSE:000062 SZSE:002402 SZSE:300975 TSE:3132

Address Jalan Firma 3, PLO 264, No. 14, Kawasan Perindustrian Tebrau 4, Johor Darul Takzim, Johor Bahru, JHR, MYS, 81100

Website https://www.acogroup.com.my

Aco Group Bhd is an investment holding company. Along with its subsidiaries, it is involved in management consultancy activities, distribution of electrical products and accessories, wholesale of household appliances, and trading of electronic, electrical goods, lighting, and lighting accessories. Its product portfolio comprises communication cables and wires, fans and air-conditioners, water heaters, switches and power outlets, and others. The group's reportable operating segments are as follows: Industrial users and Resellers. Maximum revenue is generated from the Industrial users segment, which represents sales of electrical products and accessories to electrical contractors, electrical products manufacturers, and others. Geographically, the group operates mainly in Malaysia.

47GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

RM0.16

Price

RM0.21

GF Value

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