TSA Group BhdXKLS:0297 +0.57%35 Beneish M-Score is -0.33 as of Jun. 26, 2026. GuruFocus rates XKLS:0297 with a GF Score™ of 35/100. The stock has 10 warning signs investors should review. Among 592 Steel companies, TSA Group Bhd ranks worse than 90.71% 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.
Warning Sign:
Beneish M-Score -0.33 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for TSA Group Bhd's Beneish M-Score or its related term are showing as below:
XKLS:0297'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.19 Med: -1.29 Max: -0.33
Current: -0.33
During the past 6 years, the highest Beneish M-Score of TSA Group Bhd was -0.33. The lowest was -3.19. And the median was -1.29.
TSA Group Bhd Beneish M-Score Related Terms
TSA Group Bhd Beneish M-Score Historical Data
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The historical data trend for TSA 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.
XKLS:0297 vs NUE, STLD, RS: Beneish M-Score Comparison
For the Steel subindustry, TSA 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.
TSA Group Bhd Beneish M-Score vs Steel Industry
For the Steel industry and Basic Materials sector, TSA Group Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TSA Group Bhd's Beneish M-Score falls into.
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 TSA Group 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 * 1.0393
+
0.528 * 0.9584
+
0.404 * 6.7869
+
0.892 * 0.8965
+
0.115 * 0.9695
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1355
+
4.679 * -0.016509
-
0.327 * 1.0249
=
-0.33
* 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.
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.
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))
=
(3.646 / (3.646 + 54.64))
/
(4.794 / (4.794 + 69.506))
=
0.062554
/
0.064522
=
0.9695
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
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
=
(13.933 - 0
-
18.264)
/
262.341
=
-0.016509
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.
TSA Group Bhd has a M-score of -0.33 signals that the company is likely to be a manipulator.
TSA Group Bhd (XKLS:0297) has a Beneish M-Score of -0.33 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TSA Group Bhd and its competitors. According to the industry distribution chart, TSA Group Bhd ranks #537 out of 592 companies in the Steel industry, placing it in the top 90.7%.
Is TSA Group Bhd's Beneish M-Score too high?
TSA Group Bhd's current Beneish M-Score is -0.33. Based on the distribution chart, TSA Group Bhd ranks #537 out of 592 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, TSA Group Bhd has a GF Score™ of 35/100, reflecting its overall financial health beyond just this single metric.
How does TSA Group Bhd's Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, TSA Group Bhd ranks #537 out of 592 companies for Beneish M-Score. This places TSA Group 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 Steel company?
A good Beneish M-Score depends on the Steel 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 TSA Group Bhd and its competitors. TSA Group Bhd's current Beneish M-Score is -0.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TSA Group Bhd stock overvalued right now?
TSA Group Bhd (XKLS:0297) has a current Beneish M-Score of -0.33. The current Beneish M-Score is -0.33. TSA Group Bhd's overall GF Score™ is 35/100 with 10 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 TSA Group Bhd (XKLS:0297), the current Beneish M-Score is -0.33 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.
TSA Group Bhd is engaged in trading, manufacturing and processing of metal products, mainly of stainless steel. It mainly trades in stainless steel plates, sheets, coils, pipes, square bars, flat bars, round bars, hexagon bars, angle bars, U-channels, chequered and perforated plates, shim and strips, wire, flanges, and pipe fittings. It also supplies products made from other metals comprising copper, aluminum, brass, bronze, lead, and carbon steel. Geographically it operates in Malaysia, Singapore, Bangladesh, Thailand, Indonesia and others, having key revenue from Malaysia.
35GF Score
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