Mega First Bhd (XKLS:3069) Beneish M-Score: -3.08 (As of Jul. 04, 2026)

What is Mega First Bhd Beneish M-Score?

Mega First Bhd XKLS:3069 +1.04% 77 Beneish M-Score is -3.08 as of Jul. 04, 2026. GuruFocus rates XKLS:3069 with a GF Score™ of 77/100 and a GF Value™ of RM3.19 (Fairly Valued). The stock has 6 warning signs investors should review. Among 485 Utilities - Regulated companies, Mega First Bhd ranks better than 90.93% 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 -3.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:3069' s Beneish M-Score Range Over the Past 10 Years
Min: -3.19 Med: -2.48 Max: -0.44
Current: -3.08

During the past 13 years, the highest Beneish M-Score of Mega First Bhd was -0.44. The lowest was -3.19. And the median was -2.48.

Mega First Bhd Beneish M-Score Related Terms

Mega First Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Mega First 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.

Mega First Bhd Beneish M-Score Chart

Mega First Bhd Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.26

-2.35

-2.70

-2.53

-3.19

Mega First 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															-2.71	-2.58	-2.54	-3.19	-3.08

XKLS:3069 vs NEE, SO, DUK: Beneish M-Score Comparison

For the Utilities - Regulated Electric subindustry, Mega First 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.

Mega First Bhd Beneish M-Score vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Mega First Bhd's Beneish M-Score distribution charts can be found below:

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

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77GF Score

Mega First Corp Bhd XKLS:3069

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

View Full Analysis

Mega First 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 Mega First 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 * 1.051

0.528 * 0.8201

0.404 * 0.893

0.892 * 0.7835

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2606

4.679 * -0.065172

0.327 * 0.8809

-3.08

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was RM242 Mil.
Revenue was 304.954 + 356.313 + 384.253 + 339.929 = RM1,385 Mil.
Gross Profit was 122.717 + 178.684 + 173.437 + 146.642 = RM621 Mil.
Total Current Assets was RM947 Mil.
Total Assets was RM4,894 Mil.
Property, Plant and Equipment(Net PPE) was RM1,091 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM85 Mil.
Total Current Liabilities was RM774 Mil.
Long-Term Debt & Capital Lease Obligation was RM390 Mil.
Net Income was 62.349 + 118.499 + 120.917 + 84.771 = RM387 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 167.747 + 187.598 + 177.218 + 172.912 = RM705 Mil.

Total Receivables was RM294 Mil.
Revenue was 339.771 + 724.445 + 372.005 + 331.95 = RM1,768 Mil.
Gross Profit was 128.79 + 194.443 + 174.143 + 153.103 = RM650 Mil.
Total Current Assets was RM804 Mil.
Total Assets was RM5,086 Mil.
Property, Plant and Equipment(Net PPE) was RM958 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM86 Mil.
Total Current Liabilities was RM897 Mil.
Long-Term Debt & Capital Lease Obligation was RM476 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)
	=	(242.015 / 1385.449)	/	(293.893 / 1768.171)
	=	0.174683	/	0.166213
	=	1.051

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)
	=	(650.479 / 1768.171)	/	(621.48 / 1385.449)
	=	0.367882	/	0.448577
	=	0.8201

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 - (946.58 + 1090.611) / 4893.774)	/	(1 - (803.868 + 957.516) / 5085.824)
	=	0.583718	/	0.653668
	=	0.893

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
	=	1385.449	/	1768.171
	=	0.7835

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 / (0 + 957.516))	/	(0 / (0 + 1090.611))
	=	0	/	0
	=	1

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)
	=	(84.923 / 1385.449)	/	(85.973 / 1768.171)
	=	0.061296	/	0.048623
	=	1.2606

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)
	=	((389.564 + 774.373) / 4893.774)	/	((476.031 + 897.15) / 5085.824)
	=	0.23784	/	0.270002
	=	0.8809

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
	=	(386.536 - 0	-	705.475)	/	4893.774
	=	-0.065172

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.

Mega First Bhd has a M-score of -3.08 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 -3.08 mean?

Mega First Bhd (XKLS:3069) has a Beneish M-Score of -3.08 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mega First Bhd and its competitors. According to the industry distribution chart, Mega First Bhd ranks #44 out of 485 companies in the Utilities - Regulated industry, placing it in the top 9.1%.

Is Mega First Bhd's Beneish M-Score too high?

Mega First Bhd's current Beneish M-Score is -3.08. Based on the distribution chart, Mega First Bhd ranks #44 out of 485 companies in the Utilities - Regulated industry, which is in the top quartile — a strong position relative to peers. Overall, Mega First Bhd has a GF Score™ of 77/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Mega First Bhd's Beneish M-Score compare to NEE and SO?

According to the Utilities - Regulated industry distribution chart, Mega First Bhd ranks #44 out of 485 companies for Beneish M-Score. This places Mega First 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 Utilities - Regulated company?

A good Beneish M-Score depends on the Utilities - Regulated 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 Mega First Bhd and its competitors. Mega First Bhd's current Beneish M-Score is -3.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Mega First Bhd stock overvalued right now?

Based on GuruFocus' analysis, Mega First Bhd (XKLS:3069) is currently considered Fairly Valued. The stock's GF Value™ is RM3.19, compared to a current price of RM2.92 — trading 8.5% below its estimated fair value. The current Beneish M-Score is -3.08. Mega First Bhd's overall GF Score™ is 77/100 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 Mega First Bhd (XKLS:3069), the current Beneish M-Score is -3.08 as of Jul. 04, 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 Mega First Bhd (XKLS:3069) Overvalued in 2026?

Based on GuruFocus' analysis, Mega First Bhd stock appears to be undervalued. The current stock price of RM2.92 is trading 8.5% below its estimated GF Value™ of RM3.19. GuruFocus considers Mega First Bhd to be Fairly Valued.

Key valuation signals for XKLS:3069:

Beneish M-Score: -3.08
GF Value™: RM3.19 vs. price of RM2.92 (8.5% below fair value)
GF Score™: 77/100 with 6 warning signs

No single metric tells the full story. See the XKLS:3069 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Mega First Bhd Business Description

Industry Utilities Utilities - Regulated

Comparable Companies XKLS:5272 XKLS:5264 XKLS:5041 XKLS:6874 XKLS:5209 NEE SO DUK LSE:NG.AEP D ETR XEL EXC XMAD:ELE PEG ED WEC PCG BOM:532555

Address No. 23 Jalan Barat, A-12-01, Level 12, Block A, PJ8, Seksyen 8, Petaling Jaya, SGR, MYS, 46050

Website https://www.mega-first.com

Mega First Corp Bhd is an investment holding company. The group is organized into three main business segments as follows - Renewable Energy, Resources, Packaging, and Investment Renewable Holding and Others. The Renewable Energy segment builds, owns, and operates renewable power plants. The Resources segment is engaged in the quarrying of limestone, manufacturing and trading of lime products, and calcium carbonate powder. The Packaging segment is engaged in the Manufacturing and distribution of flexible packaging materials and products, paper bags, labels and stickers. The majority of its revenue is derived from the Renewable Energy segment. Geographically, the company derives majority of its revenue from the Lao PDR.

77GF Score

Get the complete analysis for XKLS:3069

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

RM2.92

Price

RM3.19

GF Value

View XKLS:3069 Analysis

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