RTS Technology Holdings Bhd (XKLS:03039) Beneish M-Score: -1.69 (As of Jun. 26, 2026)


XKLS:03039 RTS Technology Holdings Bhd XKLS:03039
34 GF Score
Price RM0.17
GF Value RM0.30
! 5 Warning Signs
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What is RTS Technology Holdings Bhd Beneish M-Score?

RTS Technology Holdings Bhd XKLS:03039 34 Beneish M-Score is -1.69 as of Jun. 26, 2026. GuruFocus rates XKLS:03039 with a GF Score™ of 34/100 and a GF Value™ of RM0.30. The stock has 5 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.

Warning Sign:

Beneish M-Score -1.69 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:03039' s Beneish M-Score Range Over the Past 10 Years
Min: -2.66   Med: -2.39   Max: -0.9
Current: -1.69

During the past 7 years, the highest Beneish M-Score of RTS Technology Holdings Bhd was -0.90. The lowest was -2.66. And the median was -2.39.

RTS Technology Holdings Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for RTS Technology 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.

RTS Technology Holdings Bhd Beneish M-Score Chart

RTS Technology Holdings Bhd Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial -0.90 -2.39 -2.66 -2.40 -1.69

RTS Technology Holdings Bhd Semi-Annual Data
Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only -2.66 0.00 -2.40 0.00 -1.69

XKLS:03039 vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, RTS Technology 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.

RTS Technology Holdings Bhd Beneish M-Score vs Software Industry

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

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


XKLS:03039
34GF Score
RTS Technology Holdings Bhd XKLS:03039
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

RTS Technology 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 RTS Technology 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 * 0.4995+0.528 * 1.7414+0.404 * 1.9586+0.892 * 1.8171+0.115 * 1.1148
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6325+4.679 * -0.050288-0.327 * 1.2964
=-1.69

* 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 RM10.37 Mil.
Revenue was RM17.25 Mil.
Gross Profit was RM7.28 Mil.
Total Current Assets was RM14.85 Mil.
Total Assets was RM19.29 Mil.
Property, Plant and Equipment(Net PPE) was RM2.50 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.44 Mil.
Selling, General, & Admin. Expense(SGA) was RM6.51 Mil.
Total Current Liabilities was RM3.40 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.05 Mil.
Net Income was RM0.56 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM1.53 Mil.
 Total Receivables was RM11.43 Mil.
Revenue was RM9.49 Mil.
Gross Profit was RM6.97 Mil.
Total Current Assets was RM14.48 Mil.
Total Assets was RM17.19 Mil.
Property, Plant and Equipment(Net PPE) was RM1.83 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.36 Mil.
Selling, General, & Admin. Expense(SGA) was RM5.66 Mil.
Total Current Liabilities was RM2.42 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.64 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)
=(10.372 / 17.248) / (11.428 / 9.492)
=0.601345 / 1.203961
=0.4995

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)
=(6.974 / 9.492) / (7.277 / 17.248)
=0.734724 / 0.421904
=1.7414

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 - (14.853 + 2.504) / 19.289) / (1 - (14.484 + 1.825) / 17.188)
=0.100161 / 0.05114
=1.9586

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
=17.248 / 9.492
=1.8171

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))
=(0.364 / (0.364 + 1.825)) / (0.439 / (0.439 + 2.504))
=0.166286 / 0.149168
=1.1148

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)
=(6.506 / 17.248) / (5.661 / 9.492)
=0.377203 / 0.596397
=0.6325

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)
=((1.048 + 3.404) / 19.289) / ((0.638 + 2.422) / 17.188)
=0.230805 / 0.178031
=1.2964

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
=(0.559 - 0 - 1.529) / 19.289
=-0.050288

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.

RTS Technology Holdings Bhd has a M-score of -1.69 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 -1.69 mean?
RTS Technology Holdings Bhd (XKLS:03039) has a Beneish M-Score of -1.69 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on RTS Technology Holdings Bhd and its competitors.
Is RTS Technology Holdings Bhd's Beneish M-Score too high?
RTS Technology Holdings Bhd's current Beneish M-Score is -1.69. Overall, RTS Technology Holdings Bhd has a GF Score™ of 34/100, reflecting its overall financial health beyond just this single metric.
How does RTS Technology Holdings Bhd's Beneish M-Score compare to IBM and ACN?
RTS Technology Holdings Bhd's Beneish M-Score of -1.69 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 RTS Technology Holdings Bhd and its competitors. RTS Technology Holdings Bhd's current Beneish M-Score is -1.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is RTS Technology Holdings Bhd stock overvalued right now?
RTS Technology Holdings Bhd (XKLS:03039) has a current Beneish M-Score of -1.69. The stock's GF Value™ is RM0.30, compared to a current price of RM0.17 — trading 45% below its estimated fair value. The current Beneish M-Score is -1.69. RTS Technology Holdings Bhd's overall GF Score™ is 34/100 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 RTS Technology Holdings Bhd (XKLS:03039), the current Beneish M-Score is -1.69 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 RTS Technology Holdings Bhd (XKLS:03039) Overvalued in 2026?

Based on GuruFocus' analysis, RTS Technology Holdings Bhd stock appears to be undervalued. The current stock price of RM0.17 is trading 45% below its estimated GF Value™ of RM0.30.

Key valuation signals for XKLS:03039:

  • Beneish M-Score: -1.69
  • GF Value™: RM0.30 vs. price of RM0.17 (45% below fair value)
  • GF Score™: 34/100 with 5 warning signs

No single metric tells the full story. See the XKLS:03039 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

RTS Technology Holdings Bhd Business Description

Address Jalan 4/101C, Block F, 11-5-2, Cheras Business Centre, Kuala Lumpur, MYS, 56100
RTS Technology Holdings Bhd is a multi-disciplinary technology company committed to providing solutions to help optimize the operational efficiencies of toll collection operations. Along with its subsidiaries, the company operates in the following business segments; Service rendered which derives key revenue and includes design, engineering, and system integration of expressway toll collection system; and the Sale of software system and equipment-related services segment which represents the sale of goods and service rendered which is trading in nature and maintenance service for the expressway toll collection system. Geographically, it derives maximum revenue from its customers in Malaysia followed by Myanmar and Philippines.
34GF Score

Get the complete analysis for XKLS:03039

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

RM0.17
Price
RM0.30
GF Value