Kee Ming Group Bhd (XKLS:0392) Beneish M-Score: -1.80 (As of Jul. 06, 2026)


XKLS:0392 Kee Ming Group Bhd XKLS:0392
21 GF Score
Price RM1.76
! 3 Warning Signs
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What is Kee Ming Group Bhd Beneish M-Score?

Kee Ming Group Bhd XKLS:0392 -2.22% 21 Beneish M-Score is -1.80 as of Jul. 06, 2026. GuruFocus rates XKLS:0392 with a GF Score™ of 21/100. The stock has 3 warning signs investors should review. Among 2,917 Industrial Products companies, Kee Ming Group Bhd ranks worse than 83.82% 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 -1.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0392' s Beneish M-Score Range Over the Past 10 Years
Min: -1.8   Med: -1.19   Max: -0.58
Current: -1.8

During the past 4 years, the highest Beneish M-Score of Kee Ming Group Bhd was -0.58. The lowest was -1.80. And the median was -1.19.

Kee Ming Group Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Kee Ming 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.

Kee Ming Group Bhd Beneish M-Score Chart

Kee Ming Group Bhd Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -0.58 -1.80

Kee Ming Group Bhd Semi-Annual Data
Mar23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -0.58 0.00 -1.80

XKLS:0392 vs GEV, ETN, PH: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, Kee Ming 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.

Kee Ming Group Bhd Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Kee Ming Group Bhd's Beneish M-Score distribution charts can be found below:

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


XKLS:0392
21GF Score
Kee Ming Group Bhd XKLS:0392
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Kee Ming 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 Kee Ming 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 * 0.6583+0.528 * 1.0278+0.404 * 0.4211+0.892 * 2.4274+0.115 * 0.8494
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1283+4.679 * -0.017659-0.327 * 0.8174
=-1.80

* 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 RM67.8 Mil.
Revenue was RM151.5 Mil.
Gross Profit was RM36.0 Mil.
Total Current Assets was RM115.2 Mil.
Total Assets was RM118.6 Mil.
Property, Plant and Equipment(Net PPE) was RM3.3 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.6 Mil.
Selling, General, & Admin. Expense(SGA) was RM11.2 Mil.
Total Current Liabilities was RM56.2 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.1 Mil.
Net Income was RM16.3 Mil.
Gross Profit was RM0.0 Mil.
Cash Flow from Operations was RM18.4 Mil.
 Total Receivables was RM42.4 Mil.
Revenue was RM62.4 Mil.
Gross Profit was RM15.2 Mil.
Total Current Assets was RM48.0 Mil.
Total Assets was RM51.1 Mil.
Property, Plant and Equipment(Net PPE) was RM3.0 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.4 Mil.
Selling, General, & Admin. Expense(SGA) was RM4.1 Mil.
Total Current Liabilities was RM29.0 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.2 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)
=(67.785 / 151.494) / (42.419 / 62.411)
=0.447443 / 0.679672
=0.6583

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)
=(15.242 / 62.411) / (35.997 / 151.494)
=0.24422 / 0.237613
=1.0278

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 - (115.161 + 3.304) / 118.638) / (1 - (47.953 + 2.991) / 51.121)
=0.001458 / 0.003462
=0.4211

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
=151.494 / 62.411
=2.4274

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))
=(0.444 / (0.444 + 2.991)) / (0.593 / (0.593 + 3.304))
=0.129258 / 0.152168
=0.8494

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)
=(11.213 / 151.494) / (4.094 / 62.411)
=0.074016 / 0.065597
=1.1283

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)
=((1.119 + 56.18) / 118.638) / ((1.23 + 28.976) / 51.121)
=0.482973 / 0.590873
=0.8174

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
=(16.266 - 0 - 18.361) / 118.638
=-0.017659

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.

Kee Ming Group Bhd has a M-score of -1.80 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 -1.80 mean?
Kee Ming Group Bhd (XKLS:0392) has a Beneish M-Score of -1.80 as of Jul. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kee Ming Group Bhd and its competitors. According to the industry distribution chart, Kee Ming Group Bhd ranks #2445 out of 2917 companies in the Industrial Products industry, placing it in the top 83.8%.
Is Kee Ming Group Bhd's Beneish M-Score too high?
Kee Ming Group Bhd's current Beneish M-Score is -1.80. Based on the distribution chart, Kee Ming Group Bhd ranks #2445 out of 2917 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Kee Ming Group Bhd has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Kee Ming Group Bhd's Beneish M-Score compare to GEV and ETN?
According to the Industrial Products industry distribution chart, Kee Ming Group Bhd ranks #2445 out of 2917 companies for Beneish M-Score. This places Kee Ming 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Kee Ming Group Bhd and its competitors. Kee Ming Group Bhd's current Beneish M-Score is -1.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kee Ming Group Bhd stock overvalued right now?
Kee Ming Group Bhd (XKLS:0392) has a current Beneish M-Score of -1.80. The current Beneish M-Score is -1.80. Kee Ming Group Bhd's overall GF Score™ is 21/100 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 Kee Ming Group Bhd (XKLS:0392), the current Beneish M-Score is -1.80 as of Jul. 06, 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.

Kee Ming Group Bhd Business Description

Address Jalan Pusat Perniagaan Falim 3, No. 19, 19A & 19B, Pusat Perniagaan Falim, Ipoh, PRK, MYS, 30200
Kee Ming Group Bhd is an investment holding company. The company, along with its subsidiaries, operates as a provider of mechanical and electrical (M&E) engineering solutions in Malaysia. Its business segments are: Provision of M&E engineering services that involves providing M&E engineering services for a wide range of facilities including residential, commercial and industrial developments, as well as other clean energy, public infrastructure and interconnection facilities; and Provision of maintenance and repair services that includes offering ongoing maintenance and repair services for M&E equipment and systems. The majority of the company's revenue is derived from the M&E engineering services segment. Geographically, it operates only in Malaysia.
21GF Score

Get the complete analysis for XKLS:0392

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

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