DS Sigma Holdings Bhd (XKLS:0269) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


XKLS:0269 DS Sigma Holdings Bhd XKLS:0269
59 GF Score
Price RM0.25
GF Value RM0.31
Valuation Modestly Undervalued
! 3 Warning Signs
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What is DS Sigma Holdings Bhd Beneish M-Score?

DS Sigma Holdings Bhd XKLS:0269 -2.00% 59 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates XKLS:0269 with a GF Score™ of 59/100 and a GF Value™ of RM0.31 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 373 Packaging & Containers companies, DS Sigma Holdings Bhd ranks worse than 268096.25% 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 DS Sigma Holdings Bhd's Beneish M-Score or its related term are showing as below:

During the past 7 years, the highest Beneish M-Score of DS Sigma Holdings Bhd was 0.00. The lowest was 0.00. And the median was 0.00.

DS Sigma Holdings Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for DS Sigma 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.

DS Sigma Holdings Bhd Beneish M-Score Chart

DS Sigma Holdings Bhd Annual Data
Trend Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 0.00 0.00 0.00

DS Sigma Holdings Bhd Quarterly Data
Jun19 Jun20 Jun21 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 0.00 0.00 0.00 0.00 0.00

XKLS:0269 vs SW, PKG, AMCR: Beneish M-Score Comparison

For the Packaging & Containers subindustry, DS Sigma 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.

DS Sigma Holdings Bhd Beneish M-Score vs Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, DS Sigma Holdings Bhd's Beneish M-Score distribution charts can be found below:

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


XKLS:0269
59GF Score
DS Sigma Holdings Bhd XKLS:0269
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

DS Sigma 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 DS Sigma 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was RM15.70 Mil.
Revenue was 20.177 + 21.303 + 23.362 + 23.656 = RM88.50 Mil.
Gross Profit was 4.837 + 5.835 + 7.377 + 7.399 = RM25.45 Mil.
Total Current Assets was RM95.47 Mil.
Total Assets was RM135.50 Mil.
Property, Plant and Equipment(Net PPE) was RM40.03 Mil.
Depreciation, Depletion and Amortization(DDA) was RM4.10 Mil.
Selling, General, & Admin. Expense(SGA) was RM14.26 Mil.
Total Current Liabilities was RM10.37 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.37 Mil.
Net Income was 1.478 + 2.193 + 3.474 + 3.179 = RM10.32 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 0.618 + 5.207 + 5.672 + 3.936 = RM15.43 Mil.
 Total Receivables was RM17.22 Mil.
Revenue was 22.425 + 19.428 + 23.896 + 24.085 = RM89.83 Mil.
Gross Profit was 6.781 + 5.634 + 7.201 + 7.553 = RM27.17 Mil.
Total Current Assets was RM93.63 Mil.
Total Assets was RM135.13 Mil.
Property, Plant and Equipment(Net PPE) was RM41.51 Mil.
Depreciation, Depletion and Amortization(DDA) was RM3.72 Mil.
Selling, General, & Admin. Expense(SGA) was RM16.47 Mil.
Total Current Liabilities was RM15.19 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.70 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)
=(15.701 / 88.498) / (17.217 / 89.834)
=0.177416 / 0.191653
=

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)
=(27.169 / 89.834) / (25.448 / 88.498)
=0.302436 / 0.287555
=

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 - (95.474 + 40.029) / 135.503) / (1 - (93.626 + 41.507) / 135.133)
=-0 / 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
=88.498 / 89.834
=

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))
=(3.718 / (3.718 + 41.507)) / (4.104 / (4.104 + 40.029))
=0.082211 / 0.092992
=

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)
=(14.261 / 88.498) / (16.467 / 89.834)
=0.161145 / 0.183305
=

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)
=((0.367 + 10.373) / 135.503) / ((0.702 + 15.191) / 135.133)
=0.07926 / 0.11761
=

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
=(10.324 - 0 - 15.433) / 135.503
=-0.037704

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?
DS Sigma Holdings Bhd (XKLS:0269) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on DS Sigma Holdings Bhd and its competitors. According to the industry distribution chart, DS Sigma Holdings Bhd ranks #999999 out of 373 companies in the Packaging & Containers industry.
Is DS Sigma Holdings Bhd's Beneish M-Score too high?
DS Sigma Holdings Bhd's current Beneish M-Score is 0.00. Based on the distribution chart, DS Sigma Holdings Bhd ranks #999999 out of 373 companies in the Packaging & Containers industry, which is in the bottom quartile relative to peers. Overall, DS Sigma Holdings Bhd has a GF Score™ of 59/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does DS Sigma Holdings Bhd's Beneish M-Score compare to SW and PKG?
According to the Packaging & Containers industry distribution chart, DS Sigma Holdings Bhd ranks #999999 out of 373 companies for Beneish M-Score. This places DS Sigma 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 Packaging & Containers company?
A good Beneish M-Score depends on the Packaging & Containers 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 DS Sigma Holdings Bhd and its competitors. DS Sigma 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 DS Sigma Holdings Bhd stock overvalued right now?
Based on GuruFocus' analysis, DS Sigma Holdings Bhd (XKLS:0269) is currently considered Modestly Undervalued. The stock's GF Value™ is RM0.31, compared to a current price of RM0.25 — trading 21% below its estimated fair value. The current Beneish M-Score is 0.00. DS Sigma Holdings Bhd's overall GF Score™ is 59/100 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 DS Sigma Holdings Bhd (XKLS:0269), the current Beneish M-Score is 0.00 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 DS Sigma Holdings Bhd (XKLS:0269) Overvalued in 2026?

Based on GuruFocus' analysis, DS Sigma Holdings Bhd stock appears to be undervalued. The current stock price of RM0.25 is trading 21% below its estimated GF Value™ of RM0.31. GuruFocus considers DS Sigma Holdings Bhd to be Modestly Undervalued.

Key valuation signals for XKLS:0269:

  • Beneish M-Score: 0.00
  • GF Value™: RM0.31 vs. price of RM0.25 (21% below fair value)
  • GF Score™: 59/100 with 3 warning signs

No single metric tells the full story. See the XKLS:0269 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

DS Sigma Holdings Bhd Business Description

Address No. 36, Jalan BP 5/6, Bandar Bukit Puchong, Puchong, SGR, MYS, 47100
DS Sigma Holdings Bhd is a total packaging solutions provider in Malaysia. It is principally involved in the manufacturing of corrugated paper packaging products including cartons, protective packaging, and paper pallets as well as supply of non-paper based protective packaging products such as plastic, foam and rubber products. The company operates entirely within Malaysia.
59GF Score

Get the complete analysis for XKLS:0269

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

RM0.25
Price
RM0.31
GF Value