Olympia Industries Bhd (XKLS:3018) Beneish M-Score: -3.10 (As of Jun. 25, 2026)


What is Olympia Industries Bhd Beneish M-Score?

Olympia Industries Bhd XKLS:3018 Beneish M-Score is -3.10 as of Jun. 25, 2026. The stock has 5 warning signs investors should review. Among 824 Travel & Leisure companies, Olympia Industries Bhd ranks better than 81.8% 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 -3.1 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:3018' s Beneish M-Score Range Over the Past 10 Years
Min: -3.92   Med: -2.72   Max: -1.3
Current: -3.1

During the past 13 years, the highest Beneish M-Score of Olympia Industries Bhd was -1.30. The lowest was -3.92. And the median was -2.72.

Olympia Industries Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Olympia Industries 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.

Olympia Industries Bhd Beneish M-Score Chart

Olympia Industries Bhd Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.37 -1.83 -2.89 -1.35 -3.10

Olympia Industries 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 -3.10 0.00

XKLS:3018 vs FLUT, DKNG, LNWO: Beneish M-Score Comparison

For the Gambling subindustry, Olympia Industries 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.

Olympia Industries Bhd Beneish M-Score vs Travel & Leisure Industry

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

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


Olympia Industries 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 Olympia Industries 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 * 0.4562+0.528 * 1.136+0.404 * 1.0231+0.892 * 0.9902+0.115 * 0.9673
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.0378-0.327 * 1.0475
=-3.10

* 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 RM2.30 Mil.
Revenue was RM82.44 Mil.
Gross Profit was RM12.77 Mil.
Total Current Assets was RM42.09 Mil.
Total Assets was RM546.70 Mil.
Property, Plant and Equipment(Net PPE) was RM4.80 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.43 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.00 Mil.
Total Current Liabilities was RM215.45 Mil.
Long-Term Debt & Capital Lease Obligation was RM26.15 Mil.
Net Income was RM-18.22 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM2.45 Mil.
 Total Receivables was RM5.08 Mil.
Revenue was RM83.26 Mil.
Gross Profit was RM14.65 Mil.
Total Current Assets was RM53.66 Mil.
Total Assets was RM559.28 Mil.
Property, Plant and Equipment(Net PPE) was RM5.85 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.67 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.00 Mil.
Total Current Liabilities was RM95.85 Mil.
Long-Term Debt & Capital Lease Obligation was RM140.11 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)
=(2.295 / 82.442) / (5.08 / 83.255)
=0.027838 / 0.061017
=0.4562

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)
=(14.653 / 83.255) / (12.773 / 82.442)
=0.176001 / 0.154933
=1.136

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 - (42.093 + 4.802) / 546.696) / (1 - (53.655 + 5.853) / 559.28)
=0.914221 / 0.893599
=1.0231

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
=82.442 / 83.255
=0.9902

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))
=(1.672 / (1.672 + 5.853)) / (1.432 / (1.432 + 4.802))
=0.222193 / 0.229708
=0.9673

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 / 82.442) / (0 / 83.255)
=0 / 0
=1

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)
=((26.149 + 215.452) / 546.696) / ((140.109 + 95.851) / 559.28)
=0.441929 / 0.4219
=1.0475

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
=(-18.218 - 0 - 2.447) / 546.696
=-0.0378

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.

Olympia Industries Bhd has a M-score of -3.10 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 -3.10 mean?
Olympia Industries Bhd (XKLS:3018) has a Beneish M-Score of -3.10 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Olympia Industries Bhd and its competitors. According to the industry distribution chart, Olympia Industries Bhd ranks #150 out of 824 companies in the Travel & Leisure industry, placing it in the top 18.2%.
Is Olympia Industries Bhd's Beneish M-Score too high?
Olympia Industries Bhd's current Beneish M-Score is -3.10. Based on the distribution chart, Olympia Industries Bhd ranks #150 out of 824 companies in the Travel & Leisure industry, which is in the top quartile — a strong position relative to peers.
How does Olympia Industries Bhd's Beneish M-Score compare to FLUT and DKNG?
According to the Travel & Leisure industry distribution chart, Olympia Industries Bhd ranks #150 out of 824 companies for Beneish M-Score. This places Olympia Industries Bhd in the top 18% 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 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 Olympia Industries Bhd and its competitors. Olympia Industries Bhd's current Beneish M-Score is -3.10. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Olympia Industries Bhd stock overvalued right now?
Based on GuruFocus' analysis, Olympia Industries Bhd (XKLS:3018) is currently considered Fairly Valued. The stock's GF Value™ is RM0.07, compared to a current price of RM0.07 — trading 7.1% below its estimated fair value. The current Beneish M-Score is -3.10. 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 Olympia Industries Bhd (XKLS:3018), the current Beneish M-Score is -3.10 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.

Olympia Industries Bhd Business Description

Address Jalan Raja Chulan, No. 8, Level 24, Menara Olympia, Kuala Lumpur, MYS, 50200
Olympia Industries Bhd is an investment holding company. Along with its subsidiaries, it operates in the following reportable segments: Leasing, Property development, Gaming, and Investment holding and dormant. The majority of the Group's revenue is generated from the Gaming segment, which includes organising, managing, and selling several forecast pools and public lotteries. The Property development segment includes the development of residential and commercial properties; the Leasing segment includes the rental of office and retail spaces and other related activities; and the Investment holding and dormant segment includes investment holding and other business units, including trading and retailing business. Geographically, the Group derives all its revenue from Malaysia.