3REN Bhd (XKLS:0328) Beneish M-Score: -2.03 (As of Jun. 25, 2026)


XKLS:0328 3REN Bhd XKLS:0328
40 GF Score
Price RM0.42
! 8 Warning Signs
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What is 3REN Bhd Beneish M-Score?

3REN Bhd XKLS:0328 +3.75% 40 Beneish M-Score is -2.03 as of Jun. 25, 2026. GuruFocus rates XKLS:0328 with a GF Score™ of 40/100. The stock has 8 warning signs investors should review. Among 1,704 Construction companies, 3REN Bhd ranks worse than 75.53% 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 -2.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for 3REN Bhd's Beneish M-Score or its related term are showing as below:

XKLS:0328' s Beneish M-Score Range Over the Past 10 Years
Min: -4.16   Med: -2.39   Max: -1.22
Current: -2.03

During the past 6 years, the highest Beneish M-Score of 3REN Bhd was -1.22. The lowest was -4.16. And the median was -2.39.

3REN Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for 3REN 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.

3REN Bhd Beneish M-Score Chart

3REN Bhd Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -1.22 -2.75 -4.16 -2.03

3REN Bhd Quarterly Data
Dec20 Dec21 Dec22 Dec23 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 0.00 0.00 0.00 -2.03 0.00

XKLS:0328 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, 3REN 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.

3REN Bhd Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, 3REN Bhd's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where 3REN Bhd's Beneish M-Score falls into.


XKLS:0328
40GF Score
3REN Bhd XKLS:0328
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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3REN 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 3REN 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 * 1.0562+0.528 * 1.2052+0.404 * 1.1006+0.892 * 1.0356+0.115 * 0.9119
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9497+4.679 * 0.048152-0.327 * 1.0155
=-2.03

* 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 RM40.7 Mil.
Revenue was RM107.1 Mil.
Gross Profit was RM23.8 Mil.
Total Current Assets was RM103.0 Mil.
Total Assets was RM127.7 Mil.
Property, Plant and Equipment(Net PPE) was RM16.8 Mil.
Depreciation, Depletion and Amortization(DDA) was RM2.7 Mil.
Selling, General, & Admin. Expense(SGA) was RM15.9 Mil.
Total Current Liabilities was RM12.3 Mil.
Long-Term Debt & Capital Lease Obligation was RM9.8 Mil.
Net Income was RM8.4 Mil.
Gross Profit was RM0.0 Mil.
Cash Flow from Operations was RM2.3 Mil.
 Total Receivables was RM37.2 Mil.
Revenue was RM103.4 Mil.
Gross Profit was RM27.7 Mil.
Total Current Assets was RM94.9 Mil.
Total Assets was RM119.6 Mil.
Property, Plant and Equipment(Net PPE) was RM18.1 Mil.
Depreciation, Depletion and Amortization(DDA) was RM2.6 Mil.
Selling, General, & Admin. Expense(SGA) was RM16.2 Mil.
Total Current Liabilities was RM9.9 Mil.
Long-Term Debt & Capital Lease Obligation was RM10.4 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)
=(40.723 / 107.102) / (37.23 / 103.416)
=0.380226 / 0.360002
=1.0562

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)
=(27.695 / 103.416) / (23.798 / 107.102)
=0.267802 / 0.222199
=1.2052

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 - (103.045 + 16.835) / 127.699) / (1 - (94.871 + 18.051) / 119.574)
=0.06123 / 0.055631
=1.1006

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
=107.102 / 103.416
=1.0356

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))
=(2.566 / (2.566 + 18.051)) / (2.661 / (2.661 + 16.835))
=0.12446 / 0.13649
=0.9119

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)
=(15.946 / 107.102) / (16.213 / 103.416)
=0.148886 / 0.156775
=0.9497

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)
=((9.751 + 12.338) / 127.699) / ((10.444 + 9.924) / 119.574)
=0.172977 / 0.170338
=1.0155

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
=(8.426 - 0 - 2.277) / 127.699
=0.048152

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.

3REN Bhd has a M-score of -2.03 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 -2.03 mean?
3REN Bhd (XKLS:0328) has a Beneish M-Score of -2.03 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on 3REN Bhd and its competitors. According to the industry distribution chart, 3REN Bhd ranks #1287 out of 1704 companies in the Construction industry, placing it in the top 75.5%.
Is 3REN Bhd's Beneish M-Score too high?
3REN Bhd's current Beneish M-Score is -2.03. Based on the distribution chart, 3REN Bhd ranks #1287 out of 1704 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, 3REN Bhd has a GF Score™ of 40/100, reflecting its overall financial health beyond just this single metric.
How does 3REN Bhd's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, 3REN Bhd ranks #1287 out of 1704 companies for Beneish M-Score. This places 3REN 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 Construction company?
A good Beneish M-Score depends on the Construction 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 3REN Bhd and its competitors. 3REN Bhd's current Beneish M-Score is -2.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is 3REN Bhd stock overvalued right now?
3REN Bhd (XKLS:0328) has a current Beneish M-Score of -2.03. The current Beneish M-Score is -2.03. 3REN Bhd's overall GF Score™ is 40/100 with 8 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 3REN Bhd (XKLS:0328), the current Beneish M-Score is -2.03 as of Jun. 25, 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.

3REN Bhd Business Description

Address No. 9, Jalan Industri Tangkas 1, Taman Industri Tangkas, Bukit Mertajam, PNG, MYS, 14000
3REN Bhd is principally an investment holding company that operates through subsidiaries and is principally engaged in automation solutions and engineering services. Its business activities include the provision of product engineering services, the provision of engineering support services for IC assembly and testing, the design, development, and sale of digitalised solutions, and the design, development, and sale of automated equipment. The Group serves a diverse range of industries, including semiconductor and electronics, automotive, consumer electronics, fast-moving consumer goods (FMCG), medical device manufacturing, and life sciences. The company operates in three segments: Manufacturing operating solutions and services, Product engineering services, and Others.
40GF Score

Get the complete analysis for XKLS:0328

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

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