Noesis Exed Bhd (XKLS:03071) Beneish M-Score: -2.14 (As of Sep. 01, 2026)

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XKLS:03071 Noesis Exed Bhd XKLS:03071
19 GF Score
Price RM1.46
! 1 Warning Sign
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What is Noesis Exed Bhd Beneish M-Score?

Noesis Exed Bhd XKLS:03071 19 Beneish M-Score is -2.14 as of Sep. 01, 2026. GuruFocus rates XKLS:03071 with a GF Score™ of 19/100. The stock has 1 warning sign investors should review. Among 242 Education companies, Noesis Exed Bhd ranks worse than 79.75% 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 -2.14 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:03071' s Beneish M-Score Range Over the Past 10 Years
Min: -2.14   Med: -2.14   Max: -2.14
Current: -2.14

During the past 3 years, the highest Beneish M-Score of Noesis Exed Bhd was -2.14. The lowest was -2.14. And the median was -2.14.

Noesis Exed Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Noesis Exed 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.

Noesis Exed Bhd Beneish M-Score Chart

Noesis Exed Bhd Annual Data
Trend Jun24 Jun25 Jun26
Beneish M-Score
0.00 0.00 -2.14

Noesis Exed Bhd Semi-Annual Data
Jun24 Dec24 Jun25 Dec25 Jun26
Beneish M-Score 0.00 0.00 0.00 0.00 -2.14

XKLS:03071 vs EDU, TAL, LAUR: Beneish M-Score Comparison

For the Education & Training Services subindustry, Noesis Exed 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.

Noesis Exed Bhd Beneish M-Score vs Education Industry

For the Education industry and Consumer Defensive sector, Noesis Exed Bhd's Beneish M-Score distribution charts can be found below:

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


XKLS:03071
19GF Score
Noesis Exed Bhd XKLS:03071
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Noesis Exed 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 Noesis Exed 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 * 0.9847+0.528 * 0.9747+0.404 * 0.9368+0.892 * 1.2346+0.115 * 1.4824
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.279+4.679 * 0.007943-0.327 * 0.5718
=-2.14

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was RM0.87 Mil.
Revenue was RM4.61 Mil.
Gross Profit was RM3.41 Mil.
Total Current Assets was RM4.41 Mil.
Total Assets was RM11.84 Mil.
Property, Plant and Equipment(Net PPE) was RM4.36 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.32 Mil.
Selling, General, & Admin. Expense(SGA) was RM2.50 Mil.
Total Current Liabilities was RM2.89 Mil.
Long-Term Debt & Capital Lease Obligation was RM2.53 Mil.
Net Income was RM1.11 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM1.01 Mil.
 Total Receivables was RM0.71 Mil.
Revenue was RM3.73 Mil.
Gross Profit was RM2.69 Mil.
Total Current Assets was RM6.31 Mil.
Total Assets was RM13.83 Mil.
Property, Plant and Equipment(Net PPE) was RM3.69 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.42 Mil.
Selling, General, & Admin. Expense(SGA) was RM1.58 Mil.
Total Current Liabilities was RM8.31 Mil.
Long-Term Debt & Capital Lease Obligation was RM2.78 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)
=(0.868 / 4.61) / (0.714 / 3.734)
=0.188286 / 0.191216
=0.9847

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)
=(2.689 / 3.734) / (3.406 / 4.61)
=0.720139 / 0.738829
=0.9747

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 - (4.405 + 4.359) / 11.835) / (1 - (6.307 + 3.69) / 13.827)
=0.259485 / 0.276994
=0.9368

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
=4.61 / 3.734
=1.2346

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))
=(0.419 / (0.419 + 3.69)) / (0.322 / (0.322 + 4.359))
=0.101971 / 0.068789
=1.4824

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)
=(2.495 / 4.61) / (1.58 / 3.734)
=0.541215 / 0.423139
=1.279

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)
=((2.533 + 2.894) / 11.835) / ((2.779 + 8.309) / 13.827)
=0.458555 / 0.801909
=0.5718

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
=(1.108 - 0 - 1.014) / 11.835
=0.007943

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.

Noesis Exed Bhd has a M-score of -2.14 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 -2.14 mean?
Noesis Exed Bhd (XKLS:03071) has a Beneish M-Score of -2.14 as of Sep. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Noesis Exed Bhd and its competitors. According to the industry distribution chart, Noesis Exed Bhd ranks #193 out of 242 companies in the Education industry, placing it in the top 79.8%.
Is Noesis Exed Bhd's Beneish M-Score too high?
Noesis Exed Bhd's current Beneish M-Score is -2.14. Based on the distribution chart, Noesis Exed Bhd ranks #193 out of 242 companies in the Education industry, which is in the bottom quartile relative to peers. Overall, Noesis Exed Bhd has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Noesis Exed Bhd's Beneish M-Score compare to EDU and TAL?
According to the Education industry distribution chart, Noesis Exed Bhd ranks #193 out of 242 companies for Beneish M-Score. This places Noesis Exed 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 an Education company?
A good Beneish M-Score depends on the Education 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 Noesis Exed Bhd and its competitors. Noesis Exed Bhd's current Beneish M-Score is -2.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Noesis Exed Bhd stock overvalued right now?
Noesis Exed Bhd (XKLS:03071) has a current Beneish M-Score of -2.14. The current Beneish M-Score is -2.14. Noesis Exed Bhd's overall GF Score™ is 19/100 with 1 warning sign 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 Noesis Exed Bhd (XKLS:03071), the current Beneish M-Score is -2.14 as of Sep. 01, 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.

Noesis Exed Bhd Business Description

Address Block V02, Level 5, Units 08, V Office 2, Lingkaran SV, Sunway Velocity, Maluri, Wilayah Persekutuan, Kuala Lumpur, MYS, 55100
Noesis Exed Bhd is principally involved in the business training and provision of any other training services. The company offers professional certification preparatory courses, including CFA, CIMA, CIM, CPA Australia, FRM and CIA programmes and other training. These are the company's business segments. The maximum revenue is derived from CFA. Its operating segments include (i) Education services and ii) Property investment. The majority of the revenue is derived from the Education services segment, which is involved in the provision of education and related services, including training courses and other education-related activities. Geographically, it generates the maximum revenue from Malaysia and the rest from Singapore.
19GF Score

Get the complete analysis for XKLS:03071

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

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