Cheeding Holdings Bhd (XKLS:0372) Beneish M-Score: -2.23 (As of Jul. 03, 2026)


XKLS:0372 Cheeding Holdings Bhd XKLS:0372
22 GF Score
Price RM0.68
! 2 Warning Signs
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What is Cheeding Holdings Bhd Beneish M-Score?

Cheeding Holdings Bhd XKLS:0372 22 Beneish M-Score is -2.23 as of Jul. 03, 2026. GuruFocus rates XKLS:0372 with a GF Score™ of 22/100. The stock has 2 warning signs investors should review. Among 1,700 Construction companies, Cheeding Holdings Bhd ranks worse than 67.29% 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 -2.23 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0372' s Beneish M-Score Range Over the Past 10 Years
Min: -7.03   Med: -2.23   Max: -1.27
Current: -2.23

During the past 5 years, the highest Beneish M-Score of Cheeding Holdings Bhd was -1.27. The lowest was -7.03. And the median was -2.23.

Cheeding Holdings Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Cheeding 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.

Cheeding Holdings Bhd Beneish M-Score Chart

Cheeding Holdings Bhd Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.27 -7.03 -2.23

Cheeding Holdings Bhd Semi-Annual Data
Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 -1.27 -7.03 -2.23

XKLS:0372 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Cheeding 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.

Cheeding Holdings Bhd Beneish M-Score vs Construction Industry

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

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


XKLS:0372
22GF Score
Cheeding Holdings Bhd XKLS:0372
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Cheeding 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 Cheeding 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 * 1.2356+0.528 * 0.6833+0.404 * 0.8186+0.892 * 0.9406+0.115 * 0.7112
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5793+4.679 * 0.064676-0.327 * 0.5255
=-2.23

* 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 RM36.8 Mil.
Revenue was RM110.7 Mil.
Gross Profit was RM62.1 Mil.
Total Current Assets was RM141.8 Mil.
Total Assets was RM160.6 Mil.
Property, Plant and Equipment(Net PPE) was RM10.6 Mil.
Depreciation, Depletion and Amortization(DDA) was RM2.2 Mil.
Selling, General, & Admin. Expense(SGA) was RM15.9 Mil.
Total Current Liabilities was RM24.3 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.9 Mil.
Net Income was RM35.3 Mil.
Gross Profit was RM0.0 Mil.
Cash Flow from Operations was RM24.9 Mil.
 Total Receivables was RM31.7 Mil.
Revenue was RM117.7 Mil.
Gross Profit was RM45.1 Mil.
Total Current Assets was RM115.4 Mil.
Total Assets was RM138.1 Mil.
Property, Plant and Equipment(Net PPE) was RM14.0 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.9 Mil.
Selling, General, & Admin. Expense(SGA) was RM10.7 Mil.
Total Current Liabilities was RM41.2 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.0 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)
=(36.838 / 110.69) / (31.697 / 117.683)
=0.332803 / 0.269342
=1.2356

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)
=(45.076 / 117.683) / (62.05 / 110.69)
=0.383029 / 0.560575
=0.6833

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 - (141.789 + 10.581) / 160.646) / (1 - (115.382 + 14.014) / 138.086)
=0.051517 / 0.062932
=0.8186

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
=110.69 / 117.683
=0.9406

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))
=(1.918 / (1.918 + 14.014)) / (2.156 / (2.156 + 10.581))
=0.120387 / 0.169271
=0.7112

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)
=(15.948 / 110.69) / (10.736 / 117.683)
=0.144078 / 0.091228
=1.5793

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)
=((0.898 + 24.277) / 160.646) / ((0 + 41.177) / 138.086)
=0.156711 / 0.298198
=0.5255

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
=(35.27 - 0 - 24.88) / 160.646
=0.064676

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.

Cheeding Holdings Bhd has a M-score of -2.23 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 -2.23 mean?
Cheeding Holdings Bhd (XKLS:0372) has a Beneish M-Score of -2.23 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cheeding Holdings Bhd and its competitors. According to the industry distribution chart, Cheeding Holdings Bhd ranks #1144 out of 1700 companies in the Construction industry, placing it in the top 67.3%.
Is Cheeding Holdings Bhd's Beneish M-Score too high?
Cheeding Holdings Bhd's current Beneish M-Score is -2.23. Based on the distribution chart, Cheeding Holdings Bhd ranks #1144 out of 1700 companies in the Construction industry, which is below the industry midpoint. Overall, Cheeding Holdings Bhd has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does Cheeding Holdings Bhd's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Cheeding Holdings Bhd ranks #1144 out of 1700 companies for Beneish M-Score. This places Cheeding Holdings 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 Cheeding Holdings Bhd and its competitors. Cheeding Holdings Bhd's current Beneish M-Score is -2.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cheeding Holdings Bhd stock overvalued right now?
Cheeding Holdings Bhd (XKLS:0372) has a current Beneish M-Score of -2.23. The current Beneish M-Score is -2.23. Cheeding Holdings Bhd's overall GF Score™ is 22/100 with 2 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 Cheeding Holdings Bhd (XKLS:0372), the current Beneish M-Score is -2.23 as of Jul. 03, 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.

Cheeding Holdings Bhd Business Description

Address No. 9, Jalan PJS 8/9, Suite 923, Block B1, Level 9, Leisure Commerce Square, Petaling Jaya, SGR, MYS, 46150
Cheeding Holdings Bhd is an investment holding company. Through its subsidiaries, It is predominantly involved in the provision of utilities engineering solutions where the main activities involve the EPCC and maintenance of overhead infrastructure for utilities, EPCC of underground infrastructure for utilities and substation engineering services.
22GF Score

Get the complete analysis for XKLS:0372

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

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