Aquawalk Group Bhd (XKLS:0380) Beneish M-Score: -2.91 (As of Jul. 05, 2026)


XKLS:0380 Aquawalk Group Bhd XKLS:0380
17 GF Score
Price RM0.19
! 2 Warning Signs
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What is Aquawalk Group Bhd Beneish M-Score?

Aquawalk Group Bhd XKLS:0380 -2.63% 17 Beneish M-Score is -2.91 as of Jul. 05, 2026. GuruFocus rates XKLS:0380 with a GF Score™ of 17/100. The stock has 2 warning signs investors should review. Among 820 Travel & Leisure companies, Aquawalk Group Bhd ranks better than 73.54% 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 -2.91 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0380' s Beneish M-Score Range Over the Past 10 Years
Min: -3.14   Med: -2.91   Max: -2.51
Current: -2.91

During the past 5 years, the highest Beneish M-Score of Aquawalk Group Bhd was -2.51. The lowest was -3.14. And the median was -2.91.

Aquawalk Group Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Aquawalk 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.

Aquawalk Group Bhd Beneish M-Score Chart

Aquawalk Group Bhd Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.51 -3.14 -2.91

Aquawalk Group Bhd Semi-Annual Data
Dec21 Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -2.51 0.00 -3.14 0.00 -2.91

XKLS:0380 vs AS, HAS, LTH: Beneish M-Score Comparison

For the Leisure subindustry, Aquawalk 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.

Aquawalk Group Bhd Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Aquawalk Group Bhd's Beneish M-Score distribution charts can be found below:

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


XKLS:0380
17GF Score
Aquawalk Group Bhd XKLS:0380
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Aquawalk 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 Aquawalk 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 * 0.4529+0.528 * 0.9546+0.404 * 0.6238+0.892 * 1.0818+0.115 * 1.2369
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.02933-0.327 * 0.6631
=-2.91

* 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 RM1.6 Mil.
Revenue was RM111.7 Mil.
Gross Profit was RM66.1 Mil.
Total Current Assets was RM185.6 Mil.
Total Assets was RM372.6 Mil.
Property, Plant and Equipment(Net PPE) was RM169.2 Mil.
Depreciation, Depletion and Amortization(DDA) was RM12.8 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.0 Mil.
Total Current Liabilities was RM41.1 Mil.
Long-Term Debt & Capital Lease Obligation was RM97.4 Mil.
Net Income was RM37.2 Mil.
Gross Profit was RM0.0 Mil.
Cash Flow from Operations was RM48.2 Mil.
 Total Receivables was RM3.2 Mil.
Revenue was RM103.2 Mil.
Gross Profit was RM58.3 Mil.
Total Current Assets was RM41.0 Mil.
Total Assets was RM194.7 Mil.
Property, Plant and Equipment(Net PPE) was RM138.8 Mil.
Depreciation, Depletion and Amortization(DDA) was RM13.2 Mil.
Selling, General, & Admin. Expense(SGA) was RM1.8 Mil.
Total Current Liabilities was RM44.9 Mil.
Long-Term Debt & Capital Lease Obligation was RM64.2 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)
=(1.566 / 111.658) / (3.196 / 103.213)
=0.014025 / 0.030965
=0.4529

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)
=(58.326 / 103.213) / (66.1 / 111.658)
=0.565103 / 0.591986
=0.9546

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 - (185.58 + 169.241) / 372.591) / (1 - (41.029 + 138.761) / 194.673)
=0.047693 / 0.076451
=0.6238

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
=111.658 / 103.213
=1.0818

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))
=(13.173 / (13.173 + 138.761)) / (12.758 / (12.758 + 169.241))
=0.086702 / 0.070099
=1.2369

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)
=(0 / 111.658) / (1.777 / 103.213)
=0 / 0.017217
=0

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)
=((97.364 + 41.081) / 372.591) / ((64.16 + 44.934) / 194.673)
=0.371574 / 0.560396
=0.6631

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
=(37.243 - 0 - 48.171) / 372.591
=-0.02933

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.

Aquawalk Group Bhd has a M-score of -2.91 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 -2.91 mean?
Aquawalk Group Bhd (XKLS:0380) has a Beneish M-Score of -2.91 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aquawalk Group Bhd and its competitors. According to the industry distribution chart, Aquawalk Group Bhd ranks #217 out of 820 companies in the Travel & Leisure industry, placing it in the top 26.5%.
Is Aquawalk Group Bhd's Beneish M-Score too high?
Aquawalk Group Bhd's current Beneish M-Score is -2.91. Based on the distribution chart, Aquawalk Group Bhd ranks #217 out of 820 companies in the Travel & Leisure industry, which is above the industry midpoint. Overall, Aquawalk Group Bhd has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does Aquawalk Group Bhd's Beneish M-Score compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, Aquawalk Group Bhd ranks #217 out of 820 companies for Beneish M-Score. This puts Aquawalk Group Bhd in the upper 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 Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure 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 Aquawalk Group Bhd and its competitors. Aquawalk Group Bhd's current Beneish M-Score is -2.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aquawalk Group Bhd stock overvalued right now?
Aquawalk Group Bhd (XKLS:0380) has a current Beneish M-Score of -2.91. The current Beneish M-Score is -2.91. Aquawalk Group Bhd's overall GF Score™ is 17/100 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 Aquawalk Group Bhd (XKLS:0380), the current Beneish M-Score is -2.91 as of Jul. 05, 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.

Aquawalk Group Bhd Business Description

Address No. 12, Jalan Pinang, Level 3A-01, Menara Darussalam, Kuala Lumpur, SGR, MYS, 50450
Aquawalk Group Bhd is an investment holding company. The principal activities are mainly involved in managing and operating aquariums, providing design services and construction of aquariums. The group has three reportable segments Aquawalk Malaysia, Aquawalk Thailand, and Others: Malaysia (non-aquarium business), Indonesia and Singapore. The company generates majority of revenue from Aquawalk Malaysia segment. The Group predominantly operates in Malaysia, Thailand and Indonesia. The company generates majority of revenue from Malaysia.
17GF Score

Get the complete analysis for XKLS:0380

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

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