WTEC Group Bhd (XKLS:0352) Beneish M-Score: -0.58 (As of Jul. 02, 2026)


XKLS:0352 WTEC Group Bhd XKLS:0352
22 GF Score
Price RM0.11
! 3 Warning Signs
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What is WTEC Group Bhd Beneish M-Score?

WTEC Group Bhd XKLS:0352 22 Beneish M-Score is -0.58 as of Jul. 02, 2026. GuruFocus rates XKLS:0352 with a GF Score™ of 22/100. The stock has 3 warning signs investors should review. Among 1,527 Chemicals companies, WTEC Group Bhd ranks worse than 94.17% 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 -0.58 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:0352' s Beneish M-Score Range Over the Past 10 Years
Min: -0.58   Med: -0.58   Max: -0.58
Current: -0.58

During the past 5 years, the highest Beneish M-Score of WTEC Group Bhd was -0.58. The lowest was -0.58. And the median was -0.58.

WTEC Group Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for WTEC 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.

WTEC Group Bhd Beneish M-Score Chart

WTEC Group Bhd Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 0.00 0.00

WTEC Group Bhd Quarterly Data
Dec21 Dec22 Dec23 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 0.00 0.00 0.00 -0.58

XKLS:0352 vs DOW: Beneish M-Score Comparison

For the Chemicals subindustry, WTEC 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.

WTEC Group Bhd Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, WTEC Group Bhd's Beneish M-Score distribution charts can be found below:

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


XKLS:0352
22GF Score
WTEC Group Bhd XKLS:0352
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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WTEC Group 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 WTEC 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 * 0.1948+0.528 * 0.9773+0.404 * 0.6382+0.892 * 4.3938+0.115 * 0.2672
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0747+4.679 * -0.050061-0.327 * 0.6706
=-0.58

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was RM8.73 Mil.
Revenue was 10.767 + 12.3 + 12.73 + 13.251 = RM49.05 Mil.
Gross Profit was 3.476 + 4.125 + 4.351 + 4.355 = RM16.31 Mil.
Total Current Assets was RM46.41 Mil.
Total Assets was RM66.72 Mil.
Property, Plant and Equipment(Net PPE) was RM17.51 Mil.
Depreciation, Depletion and Amortization(DDA) was RM2.16 Mil.
Selling, General, & Admin. Expense(SGA) was RM10.50 Mil.
Total Current Liabilities was RM7.63 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.54 Mil.
Net Income was 1.046 + 1.384 + 1.727 + 0.331 = RM4.49 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 3.221 + 3.049 + -0.329 + 1.887 = RM7.83 Mil.
 Total Receivables was RM10.20 Mil.
Revenue was 11.163 + 0 + 0 + 0 = RM11.16 Mil.
Gross Profit was 3.627 + 0 + 0 + 0 = RM3.63 Mil.
Total Current Assets was RM22.46 Mil.
Total Assets was RM42.96 Mil.
Property, Plant and Equipment(Net PPE) was RM17.67 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.54 Mil.
Selling, General, & Admin. Expense(SGA) was RM2.22 Mil.
Total Current Liabilities was RM6.74 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.10 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)
=(8.73 / 49.048) / (10.201 / 11.163)
=0.177989 / 0.913822
=0.1948

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)
=(3.627 / 11.163) / (16.307 / 49.048)
=0.324913 / 0.33247
=0.9773

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 - (46.41 + 17.508) / 66.719) / (1 - (22.458 + 17.674) / 42.958)
=0.041982 / 0.065785
=0.6382

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
=49.048 / 11.163
=4.3938

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))
=(0.535 / (0.535 + 17.674)) / (2.163 / (2.163 + 17.508))
=0.029381 / 0.109959
=0.2672

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)
=(10.497 / 49.048) / (2.223 / 11.163)
=0.214015 / 0.19914
=1.0747

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)
=((0.535 + 7.63) / 66.719) / ((1.097 + 6.742) / 42.958)
=0.122379 / 0.182481
=0.6706

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
=(4.488 - 0 - 7.828) / 66.719
=-0.050061

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.

WTEC Group Bhd has a M-score of -0.58 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 -0.58 mean?
WTEC Group Bhd (XKLS:0352) has a Beneish M-Score of -0.58 as of Jul. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on WTEC Group Bhd and its competitors. According to the industry distribution chart, WTEC Group Bhd ranks #1438 out of 1527 companies in the Chemicals industry, placing it in the top 94.2%.
Is WTEC Group Bhd's Beneish M-Score too high?
WTEC Group Bhd's current Beneish M-Score is -0.58. Based on the distribution chart, WTEC Group Bhd ranks #1438 out of 1527 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, WTEC Group Bhd has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does WTEC Group Bhd's Beneish M-Score compare to DOW?
According to the Chemicals industry distribution chart, WTEC Group Bhd ranks #1438 out of 1527 companies for Beneish M-Score. This places WTEC 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 WTEC Group Bhd and its competitors. WTEC Group Bhd's current Beneish M-Score is -0.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is WTEC Group Bhd stock overvalued right now?
WTEC Group Bhd (XKLS:0352) has a current Beneish M-Score of -0.58. The current Beneish M-Score is -0.58. WTEC Group Bhd's overall GF Score™ is 22/100 with 3 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 WTEC Group Bhd (XKLS:0352), the current Beneish M-Score is -0.58 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.

WTEC Group Bhd Business Description

Address Kawasan Perindustrian Kajang Jaya, PT. 1558, Semenyih, SGR, MYS, 43500
WTEC Group Bhd is principally involved in the manufacturing and trading of foam and non-foam products and has its principal place of business in Malaysia. The manufacturing of foam products involves producing semi-finished and finished products using mainly PU and to a lesser extent PE, NBR, PVC, and EVA foam. The types of foam products: - foam-backed laminates used for a wide variety of applications; - parts for the automotive industry; - parts for the electrical and electronics industry; - construction materials; - medical and personal protective equipment parts; and - others such as protective packaging, cleaning sponges, and foam profiles. The types of non-foam products It manufactures are mainly non-woven fabric parts for the automotive industry, such as padding used for armrests.
22GF Score

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

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