Eckem Holdings Bhd (XKLS:0463) Beneish M-Score: 0.00 (As of Jul. 27, 2026)

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XKLS:0463 Eckem Holdings Bhd XKLS:0463
10 GF Score
Price RM0.12
! 4 Warning Signs
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What is Eckem Holdings Bhd Beneish M-Score?

Eckem Holdings Bhd XKLS:0463 10 Beneish M-Score is 0.00 as of Jul. 27, 2026. GuruFocus rates XKLS:0463 with a GF Score™ of 10/100. The stock has 4 warning signs investors should review. Among 1,527 Chemicals companies, Eckem Holdings Bhd ranks worse than 65487.82% 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.

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

During the past 4 years, the highest Beneish M-Score of Eckem Holdings Bhd was 0.00. The lowest was 0.00. And the median was 0.00.

Eckem Holdings Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Eckem 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.

Eckem Holdings Bhd Beneish M-Score Chart

Eckem Holdings Bhd Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 0.00

Eckem Holdings Bhd Semi-Annual Data
Dec22 Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 0.00 0.00

XKLS:0463 vs LIN, SHW, ECL: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, Eckem 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.

Eckem Holdings Bhd Beneish M-Score vs Chemicals Industry

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

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


XKLS:0463
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Eckem Holdings Bhd XKLS:0463
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Eckem 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 Eckem 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 * 1.0244+0.528 * 0.9898+0.404 * 2.9668+0.892 * 0.88+0.115 * 0.3937
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0753+4.679 * -0.015084-0.327 * 0.8641
=-1.88

* 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 RM7.53 Mil.
Revenue was RM38.66 Mil.
Gross Profit was RM10.74 Mil.
Total Current Assets was RM37.39 Mil.
Total Assets was RM94.01 Mil.
Property, Plant and Equipment(Net PPE) was RM14.30 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.59 Mil.
Selling, General, & Admin. Expense(SGA) was RM1.15 Mil.
Total Current Liabilities was RM6.74 Mil.
Long-Term Debt & Capital Lease Obligation was RM36.91 Mil.
Net Income was RM4.48 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM5.90 Mil.
 Total Receivables was RM8.36 Mil.
Revenue was RM43.93 Mil.
Gross Profit was RM12.08 Mil.
Total Current Assets was RM24.34 Mil.
Total Assets was RM74.95 Mil.
Property, Plant and Equipment(Net PPE) was RM39.24 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.62 Mil.
Selling, General, & Admin. Expense(SGA) was RM1.21 Mil.
Total Current Liabilities was RM6.78 Mil.
Long-Term Debt & Capital Lease Obligation was RM33.49 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)
=(7.533 / 38.662) / (8.356 / 43.932)
=0.194842 / 0.190203
=1.0244

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)
=(12.08 / 43.932) / (10.74 / 38.662)
=0.27497 / 0.277792
=0.9898

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 - (37.388 + 14.296) / 94.007) / (1 - (24.338 + 39.235) / 74.946)
=0.450211 / 0.151749
=2.9668

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
=38.662 / 43.932
=0.88

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))
=(0.622 / (0.622 + 39.235)) / (0.59 / (0.59 + 14.296))
=0.015606 / 0.039635
=0.3937

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)
=(1.146 / 38.662) / (1.211 / 43.932)
=0.029642 / 0.027565
=1.0753

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)
=((36.909 + 6.738) / 94.007) / ((33.49 + 6.779) / 74.946)
=0.464295 / 0.537307
=0.8641

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
=(4.478 - 0 - 5.896) / 94.007
=-0.015084

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.

Eckem Holdings Bhd has a M-score of -1.88 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 0.00 mean?
Eckem Holdings Bhd (XKLS:0463) has a Beneish M-Score of 0.00 as of Jul. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Eckem Holdings Bhd and its competitors. According to the industry distribution chart, Eckem Holdings Bhd ranks #999999 out of 1527 companies in the Chemicals industry.
Is Eckem Holdings Bhd's Beneish M-Score too high?
Eckem Holdings Bhd's current Beneish M-Score is 0.00. Based on the distribution chart, Eckem Holdings Bhd ranks #999999 out of 1527 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Eckem Holdings Bhd has a GF Score™ of 10/100, reflecting its overall financial health beyond just this single metric.
How does Eckem Holdings Bhd's Beneish M-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, Eckem Holdings Bhd ranks #999999 out of 1527 companies for Beneish M-Score. This places Eckem 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 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 Eckem Holdings Bhd and its competitors. Eckem Holdings Bhd's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Eckem Holdings Bhd stock overvalued right now?
Eckem Holdings Bhd (XKLS:0463) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Eckem Holdings Bhd's overall GF Score™ is 10/100 with 4 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 Eckem Holdings Bhd (XKLS:0463), the current Beneish M-Score is 0.00 as of Jul. 27, 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.

Eckem Holdings Bhd Business Description

Address No. 3, Jalan Anggerik Mokara 31/60, Seksyen 31, Kota Kemuning, Shah Alam, SGR, MYS, 40460
Eckem Holdings Bhd is an investment holding company. Through its subsidiaries, the company is principally focused on the distribution, sales and application formulation of specialty industrial chemical products as well as manufacturing and trading of rubber products. Its offerings include Additives, Resins, Pigments, Fillers, and Rubber Products. The company has two reportable segments as follows: (i) Trading - involved in distribution, sales and application formulation of specialty industrial chemical products, and (ii) Manufacturing - involved in manufacturing and trading of rubber products. The majority of the company's revenue is derived from the Trading segment. Geographically, the company operates predominantly in Malaysia.
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Get the complete analysis for XKLS:0463

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

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