MCOM Holdings Bhd (XKLS:03022) Beneish M-Score: -22.21 (As of Jul. 02, 2026)


What is MCOM Holdings Bhd Beneish M-Score?

MCOM Holdings Bhd XKLS:03022 Beneish M-Score is -22.21 as of Jul. 02, 2026. The stock has 4 warning signs investors should review.

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 -22.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:03022' s Beneish M-Score Range Over the Past 10 Years
Min: -22.21   Med: -3.29   Max: -0.21
Current: -22.21

During the past 8 years, the highest Beneish M-Score of MCOM Holdings Bhd was -0.21. The lowest was -22.21. And the median was -3.29.

MCOM Holdings Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for MCOM 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.

MCOM Holdings Bhd Beneish M-Score Chart

MCOM Holdings Bhd Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Jun25
Beneish M-Score
Get a 7-Day Free Trial -0.21 -0.26 -12.45 -4.13 -22.21

MCOM Holdings Bhd Semi-Annual Data
Dec16 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec24 Jun25 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 -4.13 0.00 0.00 -22.21 0.00

XKLS:03022 vs IBM, ACN, CTSH: Beneish M-Score Comparison

For the Information Technology Services subindustry, MCOM 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.

MCOM Holdings Bhd Beneish M-Score vs Software Industry

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

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


MCOM 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 MCOM 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 * 0.2165+0.528 * 0.1347+0.404 * 0+0.892 * 0.1812+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5955+4.679 * -3.076056-0.327 * 9.9253
=-22.21

* 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 (Jun25) TTM:Last Year (Dec22) TTM:
Total Receivables was RM0.07 Mil.
Revenue was RM0.64 Mil.
Gross Profit was RM0.34 Mil.
Total Current Assets was RM0.29 Mil.
Total Assets was RM0.36 Mil.
Property, Plant and Equipment(Net PPE) was RM0.06 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.00 Mil.
Selling, General, & Admin. Expense(SGA) was RM1.21 Mil.
Total Current Liabilities was RM7.54 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.14 Mil.
Net Income was RM-0.72 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM0.37 Mil.
 Total Receivables was RM1.81 Mil.
Revenue was RM3.52 Mil.
Gross Profit was RM0.25 Mil.
Total Current Assets was RM3.48 Mil.
Total Assets was RM4.07 Mil.
Property, Plant and Equipment(Net PPE) was RM0.53 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.39 Mil.
Selling, General, & Admin. Expense(SGA) was RM4.17 Mil.
Total Current Liabilities was RM8.37 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.50 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)
=(0.071 / 0.638) / (1.81 / 3.521)
=0.111285 / 0.514059
=0.2165

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)
=(0.249 / 3.521) / (0.335 / 0.638)
=0.070719 / 0.525078
=0.1347

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 - (0.291 + 0.064) / 0.355) / (1 - (3.477 + 0.528) / 4.071)
=0 / 0.016212
=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
=0.638 / 3.521
=0.1812

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))
=(0.387 / (0.387 + 0.528)) / (0 / (0 + 0.064))
=0.422951 / 0
=1

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)
=(1.205 / 0.638) / (4.168 / 3.521)
=1.888715 / 1.183755
=1.5955

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)
=((0.136 + 7.535) / 0.355) / ((0.496 + 8.367) / 4.071)
=21.608451 / 2.177106
=9.9253

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
=(-0.722 - 0 - 0.37) / 0.355
=-3.076056

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.

MCOM Holdings Bhd has a M-score of -22.21 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 -22.21 mean?
MCOM Holdings Bhd (XKLS:03022) has a Beneish M-Score of -22.21 as of Jul. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on MCOM Holdings Bhd and its competitors.
Is MCOM Holdings Bhd's Beneish M-Score too high?
MCOM Holdings Bhd's current Beneish M-Score is -22.21.
How does MCOM Holdings Bhd's Beneish M-Score compare to IBM and ACN?
MCOM Holdings Bhd's Beneish M-Score of -22.21 can be compared against companies in the Software 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 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 MCOM Holdings Bhd and its competitors. MCOM Holdings Bhd's current Beneish M-Score is -22.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MCOM Holdings Bhd stock overvalued right now?
MCOM Holdings Bhd (XKLS:03022) has a current Beneish M-Score of -22.21. The stock's GF Value™ is RM0.03, compared to a current price of RM0.05 — trading 66.7% above its estimated fair value. The current Beneish M-Score is -22.21. 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 MCOM Holdings Bhd (XKLS:03022), the current Beneish M-Score is -22.21 as of Jul. 02, 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.

MCOM Holdings Bhd Business Description

Address Jalan Puteri 4/6, No 2-7 & 3-7, Bandar Puteri Puchong, Puchong, SGR, MYS, 47100
MCOM Holdings Bhd provides mobile advertising and payment solutions. It operates through Mobile Payment Solutions; Mobile Advertising Platform; Internet Services; and Investment Holding segments. The company offers a micropayment gateway for direct carrier billing services, as well as third-party payment gateways; and manages, deploys, and monitors mobile advertisements. It also provides internet services, and related information technology services; and management services. It generates the majority of its revenue from the Mobile Advertising Platform segment.