MAA Group Bhd (XKLS:1198) Beneish M-Score: -3.38 (As of Jun. 25, 2026)

What is MAA Group Bhd Beneish M-Score?

MAA Group Bhd XKLS:1198 19 Beneish M-Score is -3.38 as of Jun. 25, 2026. GuruFocus rates XKLS:1198 with a GF Score™ of 19/100 and a GF Value™ of RM0.23 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 397 Insurance companies, MAA Group Bhd ranks better than 91.44% 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 -3.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:1198' s Beneish M-Score Range Over the Past 10 Years
Min: -3.63 Med: -2.27 Max: 17.11
Current: -3.38

During the past 13 years, the highest Beneish M-Score of MAA Group Bhd was 17.11. The lowest was -3.63. And the median was -2.27.

MAA Group Bhd Beneish M-Score Related Terms

MAA Group Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for MAA 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.

MAA Group Bhd Beneish M-Score Chart

MAA Group Bhd Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

Get a 7-Day Free Trial

-2.04

-3.23

-2.58

-1.70

-2.70

MAA Group Bhd Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.04	-2.70	-3.43	-3.63	-3.38

XKLS:1198 vs BRK.A, AIG, HIG: Beneish M-Score Comparison

For the Insurance - Diversified subindustry, MAA 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.

MAA Group Bhd Beneish M-Score vs Insurance Industry

For the Insurance industry and Financial Services sector, MAA Group Bhd's Beneish M-Score distribution charts can be found below:

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

Save Embed

19GF Score

MAA Group Bhd XKLS:1198

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

MAA 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 MAA Group Bhd for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9909

0.528 * 0.9374

0.404 * 0.8956

0.892 * 0.833

0.115 * 2.0374

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.7805

4.679 * -0.115726

0.327 * 1.3371

-3.38

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was RM82.74 Mil.
Revenue was 22.032 + 22.166 + 29.249 + 25.68 = RM99.13 Mil.
Gross Profit was 10.725 + 12.172 + 11.855 + 17.458 = RM52.21 Mil.
Total Current Assets was RM173.15 Mil.
Total Assets was RM406.43 Mil.
Property, Plant and Equipment(Net PPE) was RM133.63 Mil.
Depreciation, Depletion and Amortization(DDA) was RM16.06 Mil.
Selling, General, & Admin. Expense(SGA) was RM95.34 Mil.
Total Current Liabilities was RM100.77 Mil.
Long-Term Debt & Capital Lease Obligation was RM47.22 Mil.
Net Income was -14.292 + 0.534 + -4.989 + -38.173 = RM-56.92 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was -3.371 + 22.8 + -11.386 + -17.929 = RM-9.89 Mil.

Total Receivables was RM100.24 Mil.
Revenue was 26.809 + 30.115 + 31.259 + 30.81 = RM118.99 Mil.
Gross Profit was 15.037 + 12.107 + 12.445 + 19.163 = RM58.75 Mil.
Total Current Assets was RM231.25 Mil.
Total Assets was RM460.57 Mil.
Property, Plant and Equipment(Net PPE) was RM103.23 Mil.
Depreciation, Depletion and Amortization(DDA) was RM28.88 Mil.
Selling, General, & Admin. Expense(SGA) was RM64.28 Mil.
Total Current Liabilities was RM78.80 Mil.
Long-Term Debt & Capital Lease Obligation was RM46.63 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)
	=	(82.743 / 99.127)	/	(100.237 / 118.993)
	=	0.834717	/	0.842377
	=	0.9909

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)
	=	(58.752 / 118.993)	/	(52.21 / 99.127)
	=	0.493743	/	0.526698
	=	0.9374

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 - (173.151 + 133.627) / 406.427)	/	(1 - (231.248 + 103.234) / 460.566)
	=	0.245183	/	0.273759
	=	0.8956

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
	=	99.127	/	118.993
	=	0.833

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))
	=	(28.876 / (28.876 + 103.234))	/	(16.058 / (16.058 + 133.627))
	=	0.218575	/	0.107279
	=	2.0374

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)
	=	(95.336 / 99.127)	/	(64.275 / 118.993)
	=	0.961756	/	0.540158
	=	1.7805

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)
	=	((47.22 + 100.772) / 406.427)	/	((46.626 + 78.8) / 460.566)
	=	0.364129	/	0.27233
	=	1.3371

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
	=	(-56.92 - 0	-	-9.886)	/	406.427
	=	-0.115726

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.

MAA Group Bhd has a M-score of -3.38 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 -3.38 mean?

MAA Group Bhd (XKLS:1198) has a Beneish M-Score of -3.38 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on MAA Group Bhd and its competitors. According to the industry distribution chart, MAA Group Bhd ranks #34 out of 397 companies in the Insurance industry, placing it in the top 8.6%.

Is MAA Group Bhd's Beneish M-Score too high?

MAA Group Bhd's current Beneish M-Score is -3.38. Based on the distribution chart, MAA Group Bhd ranks #34 out of 397 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, MAA Group Bhd has a GF Score™ of 19/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does MAA Group Bhd's Beneish M-Score compare to BRK.A and AIG?

According to the Insurance industry distribution chart, MAA Group Bhd ranks #34 out of 397 companies for Beneish M-Score. This places MAA Group Bhd in the top 9% of its industry — outperforming the majority of peers. 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 Insurance company?

A good Beneish M-Score depends on the Insurance 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 MAA Group Bhd and its competitors. MAA Group Bhd's current Beneish M-Score is -3.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is MAA Group Bhd stock overvalued right now?

Based on GuruFocus' analysis, MAA Group Bhd (XKLS:1198) is currently considered Possible Value Trap. The stock's GF Value™ is RM0.23, compared to a current price of RM0.15 — trading 34.8% below its estimated fair value. The current Beneish M-Score is -3.38. MAA Group Bhd's overall GF Score™ is 19/100 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 MAA Group Bhd (XKLS:1198), the current Beneish M-Score is -3.38 as of Jun. 25, 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.

Is MAA Group Bhd (XKLS:1198) Overvalued in 2026?

Based on GuruFocus' analysis, MAA Group Bhd stock appears to be undervalued. The current stock price of RM0.15 is trading 34.8% below its estimated GF Value™ of RM0.23. GuruFocus considers MAA Group Bhd to be Possible Value Trap.

Key valuation signals for XKLS:1198:

Beneish M-Score: -3.38
GF Value™: RM0.23 vs. price of RM0.15 (34.8% below fair value)
GF Score™: 19/100 with 3 warning signs

No single metric tells the full story. See the XKLS:1198 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

MAA Group Bhd Business Description

Industry Financial Services Insurance

Comparable Companies XKLS:6009 BRK.A XTER:ALV XSWX:ZURN XPAR:CS MIL:G TSX:SLF AIG HIG ACGL XTER:TLX XSWX:SLHN OHEL:SAMPO XSWX:HBAN LSE:AV.XAMS:NN XTAE:PHOE XBRU:AGS XAMS:ASRNL XMAD:MAP

Address No. 566 Jalan Ipoh, 13th Floor, Kuala Lumpur, MYS, 51200

Website https://www.maa.my

MAA Group Bhd is an investment holding company. The company along with its subsidiaries operates in given segments Investment holdings segment is engaged in investment holdings. General Insurance involves the underwriting of all classes of general insurance business. Education Services segment provides private tuition to students, tertiary education for certificates, diplomas, professional and post-graduate degrees; Credit Services involves provision of money lending, debt factoring and other credit activities and Hospitality Services involves provision of hospitality services, Cinema Services food and beverage, retailer of Cigars, and other services including logistics, renovation, facilities management service. It generates maximum revenue from the General insurance segment.

19GF Score

Get the complete analysis for XKLS:1198

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

RM0.15

Price

RM0.23

GF Value

View XKLS:1198 Analysis

See Beneish M-Score data for all stocks →