Lion Industries Bhd (XKLS:4235) Beneish M-Score: -2.30 (As of Jun. 24, 2026)


XKLS:4235 Lion Industries Corp Bhd XKLS:4235
19 GF Score
Price RM0.12
GF Value RM0.14
Valuation Modestly Undervalued
! 6 Warning Signs
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What is Lion Industries Bhd Beneish M-Score?

Lion Industries Bhd XKLS:4235 19 Beneish M-Score is -2.30 as of Jun. 24, 2026. GuruFocus rates XKLS:4235 with a GF Score™ of 19/100 and a GF Value™ of RM0.14 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 593 Steel companies, Lion Industries Bhd ranks worse than 62.9% 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 -2.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:4235' s Beneish M-Score Range Over the Past 10 Years
Min: -3.72   Med: -2.75   Max: -0.81
Current: -2.3

During the past 13 years, the highest Beneish M-Score of Lion Industries Bhd was -0.81. The lowest was -3.72. And the median was -2.75.

Lion Industries Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Lion 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.

Lion Industries Bhd Beneish M-Score Chart

Lion Industries Bhd Annual Data
Trend Jun14 Jun15 Jun16 Jun17 Jun18 Jun19 Jun20 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.87 -3.09 -0.81 -3.43 -2.30

Lion Industries Bhd Quarterly Data
Dec20 Mar21 Sep21 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 -3.16 0.00

XKLS:4235 vs NUE, STLD, RS: Beneish M-Score Comparison

For the Steel subindustry, Lion 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.

Lion Industries Bhd Beneish M-Score vs Steel Industry

For the Steel industry and Basic Materials sector, Lion Industries Bhd's Beneish M-Score distribution charts can be found below:

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


XKLS:4235
19GF Score
Lion Industries Corp Bhd XKLS:4235
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Lion 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 Lion 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 * 1.2154+0.528 * 1.1237+0.404 * 0.922+0.892 * 0.8677+0.115 * 1.0843
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.01357-0.327 * 1.0267
=-2.30

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was RM627 Mil.
Revenue was RM1,662 Mil.
Gross Profit was RM76 Mil.
Total Current Assets was RM1,101 Mil.
Total Assets was RM2,451 Mil.
Property, Plant and Equipment(Net PPE) was RM815 Mil.
Depreciation, Depletion and Amortization(DDA) was RM52 Mil.
Selling, General, & Admin. Expense(SGA) was RM0 Mil.
Total Current Liabilities was RM925 Mil.
Long-Term Debt & Capital Lease Obligation was RM128 Mil.
Net Income was RM-88 Mil.
Gross Profit was RM0 Mil.
Cash Flow from Operations was RM-121 Mil.
 Total Receivables was RM595 Mil.
Revenue was RM1,915 Mil.
Gross Profit was RM99 Mil.
Total Current Assets was RM1,105 Mil.
Total Assets was RM2,601 Mil.
Property, Plant and Equipment(Net PPE) was RM880 Mil.
Depreciation, Depletion and Amortization(DDA) was RM61 Mil.
Selling, General, & Admin. Expense(SGA) was RM0 Mil.
Total Current Liabilities was RM1,052 Mil.
Long-Term Debt & Capital Lease Obligation was RM37 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)
=(627.037 / 1661.53) / (594.576 / 1914.817)
=0.377385 / 0.310513
=1.2154

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)
=(98.781 / 1914.817) / (76.28 / 1661.53)
=0.051588 / 0.045909
=1.1237

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 - (1101.269 + 814.835) / 2451.475) / (1 - (1104.891 + 880.128) / 2601.127)
=0.218387 / 0.236862
=0.922

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
=1661.53 / 1914.817
=0.8677

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))
=(61.177 / (61.177 + 880.128)) / (51.954 / (51.954 + 814.835))
=0.064992 / 0.059938
=1.0843

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 / 1661.53) / (0 / 1914.817)
=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)
=((127.861 + 925.39) / 2451.475) / ((36.818 + 1051.683) / 2601.127)
=0.42964 / 0.418473
=1.0267

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
=(-87.655 - 0 - -120.921) / 2451.475
=0.01357

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.

Lion Industries Bhd has a M-score of -2.30 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 -2.30 mean?
Lion Industries Bhd (XKLS:4235) has a Beneish M-Score of -2.30 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Lion Industries Bhd and its competitors. According to the industry distribution chart, Lion Industries Bhd ranks #373 out of 593 companies in the Steel industry, placing it in the top 62.9%.
Is Lion Industries Bhd's Beneish M-Score too high?
Lion Industries Bhd's current Beneish M-Score is -2.30. Based on the distribution chart, Lion Industries Bhd ranks #373 out of 593 companies in the Steel industry, which is below the industry midpoint. Overall, Lion Industries Bhd has a GF Score™ of 19/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Lion Industries Bhd's Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Lion Industries Bhd ranks #373 out of 593 companies for Beneish M-Score. This places Lion Industries 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 Steel company?
A good Beneish M-Score depends on the Steel 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 Lion Industries Bhd and its competitors. Lion Industries Bhd's current Beneish M-Score is -2.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Lion Industries Bhd stock overvalued right now?
Based on GuruFocus' analysis, Lion Industries Bhd (XKLS:4235) is currently considered Modestly Undervalued. The stock's GF Value™ is RM0.14, compared to a current price of RM0.12 — trading 17.9% below its estimated fair value. The current Beneish M-Score is -2.30. Lion Industries Bhd's overall GF Score™ is 19/100 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 Lion Industries Bhd (XKLS:4235), the current Beneish M-Score is -2.30 as of Jun. 24, 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 Lion Industries Bhd (XKLS:4235) Overvalued in 2026?

Based on GuruFocus' analysis, Lion Industries Bhd stock appears to be undervalued. The current stock price of RM0.12 is trading 17.9% below its estimated GF Value™ of RM0.14. GuruFocus considers Lion Industries Bhd to be Modestly Undervalued.

Key valuation signals for XKLS:4235:

  • Beneish M-Score: -2.30
  • GF Value™: RM0.14 vs. price of RM0.12 (17.9% below fair value)
  • GF Score™: 19/100 with 6 warning signs

No single metric tells the full story. See the XKLS:4235 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Lion Industries Bhd Business Description

Address No. 1 Jalan Nagasari, Level 14, Lion Office Tower, Wilayah Persekutuan, Kuala Lumpur, SGR, MYS, 50200
Lion Industries Corp Bhd is involved in the manufacturing of long steel products in Klang and Banting, Selangor. It produces billets for rolling into steel bars and wire rods, while its plant in Banting produces special grade billets for rolling into specialty bars and wire rods for automotive parts, mattresses and mechanical springs, turning parts, wire rods, wire ropes, and other stringent applications. The steel bars and wire rods produced by the company are used in the construction, fabrication and manufacturing industries. In the property development sector, the company is involved in property management and residential development. Its segments include Steel, Building materials, and Others. It derives revenue from Steel segment.
19GF Score

Get the complete analysis for XKLS:4235

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

RM0.12
Price
RM0.14
GF Value