ISF Group Bhd (XKLS:0390) Beneish M-Score: -1.72 (As of Jul. 09, 2026)


XKLS:0390 ISF Group Bhd XKLS:0390
18 GF Score
Price RM0.56
! 6 Warning Signs
View Full Analysis

What is ISF Group Bhd Beneish M-Score?

ISF Group Bhd XKLS:0390 -1.77% 18 Beneish M-Score is -1.72 as of Jul. 09, 2026. GuruFocus rates XKLS:0390 with a GF Score™ of 18/100. The stock has 6 warning signs investors should review. Among 1,700 Construction companies, ISF Group Bhd ranks worse than 83.76% 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 -1.72 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:0390' s Beneish M-Score Range Over the Past 10 Years
Min: -1.72   Med: -1.72   Max: -1.72
Current: -1.72

During the past 3 years, the highest Beneish M-Score of ISF Group Bhd was -1.72. The lowest was -1.72. And the median was -1.72.

ISF Group Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for ISF 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.

ISF Group Bhd Beneish M-Score Chart

ISF Group Bhd Annual Data
Trend Dec22 Dec23 Dec24
Beneish M-Score
0.00 0.00 -1.72

ISF Group Bhd Semi-Annual Data
Dec22 Dec23 Dec24
Beneish M-Score 0.00 0.00 -1.72

XKLS:0390 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, ISF 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.

ISF Group Bhd Beneish M-Score vs Construction Industry

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

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


XKLS:0390
18GF Score
ISF Group Bhd XKLS:0390
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

ISF 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 ISF 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 * 1.3846+0.528 * 0.8273+0.404 * 0.2512+0.892 * 1.4125+0.115 * 0.9146
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3264+4.679 * 0.116694-0.327 * 1.1394
=-1.72

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was RM30.64 Mil.
Revenue was RM54.67 Mil.
Gross Profit was RM20.19 Mil.
Total Current Assets was RM43.11 Mil.
Total Assets was RM50.77 Mil.
Property, Plant and Equipment(Net PPE) was RM4.31 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.65 Mil.
Selling, General, & Admin. Expense(SGA) was RM1.66 Mil.
Total Current Liabilities was RM33.15 Mil.
Long-Term Debt & Capital Lease Obligation was RM2.96 Mil.
Net Income was RM9.64 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM3.71 Mil.
 Total Receivables was RM15.67 Mil.
Revenue was RM38.71 Mil.
Gross Profit was RM11.82 Mil.
Total Current Assets was RM26.41 Mil.
Total Assets was RM39.99 Mil.
Property, Plant and Equipment(Net PPE) was RM3.05 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.42 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.89 Mil.
Total Current Liabilities was RM21.38 Mil.
Long-Term Debt & Capital Lease Obligation was RM3.59 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)
=(30.641 / 54.67) / (15.667 / 38.705)
=0.560472 / 0.40478
=1.3846

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)
=(11.823 / 38.705) / (20.186 / 54.67)
=0.305464 / 0.369234
=0.8273

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 - (43.105 + 4.311) / 50.774) / (1 - (26.41 + 3.051) / 39.988)
=0.066136 / 0.263254
=0.2512

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
=54.67 / 38.705
=1.4125

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))
=(0.416 / (0.416 + 3.051)) / (0.651 / (0.651 + 4.311))
=0.119988 / 0.131197
=0.9146

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)
=(1.658 / 54.67) / (0.885 / 38.705)
=0.030327 / 0.022865
=1.3264

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)
=((2.956 + 33.153) / 50.774) / ((3.585 + 21.375) / 39.988)
=0.711171 / 0.624187
=1.1394

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
=(9.636 - 0 - 3.711) / 50.774
=0.116694

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.

ISF Group Bhd has a M-score of -1.72 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 -1.72 mean?
ISF Group Bhd (XKLS:0390) has a Beneish M-Score of -1.72 as of Jul. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ISF Group Bhd and its competitors. According to the industry distribution chart, ISF Group Bhd ranks #1424 out of 1700 companies in the Construction industry, placing it in the top 83.8%.
Is ISF Group Bhd's Beneish M-Score too high?
ISF Group Bhd's current Beneish M-Score is -1.72. Based on the distribution chart, ISF Group Bhd ranks #1424 out of 1700 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, ISF Group Bhd has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does ISF Group Bhd's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, ISF Group Bhd ranks #1424 out of 1700 companies for Beneish M-Score. This places ISF 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 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 ISF Group Bhd and its competitors. ISF Group Bhd's current Beneish M-Score is -1.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ISF Group Bhd stock overvalued right now?
ISF Group Bhd (XKLS:0390) has a current Beneish M-Score of -1.72. The current Beneish M-Score is -1.72. ISF Group Bhd's overall GF Score™ is 18/100 with 6 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 ISF Group Bhd (XKLS:0390), the current Beneish M-Score is -1.72 as of Jul. 09, 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.

ISF Group Bhd Business Description

Address Jalan Parit Mesjid, 763, Taman Anggerik, Pontian, JHR, MYS, 82000
ISF Group Bhd is an investment holding company. The company, along with its subsidiaries, is principally involved in the business of supply and installation of piping systems for end-user premises as well as piping for water supply and sewer infrastructure and maintenance and repair of piping systems. The majority of the company's revenue is derived from the supply and installation of piping systems for end-user premises. Geographically, it derives the maximum revenue from Malaysia.
18GF Score

Get the complete analysis for XKLS:0390

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

RM0.56
Price