Jaks Resources Bhd (XKLS:4723) Beneish M-Score: -1.53 (As of Jun. 25, 2026)


What is Jaks Resources Bhd Beneish M-Score?

Jaks Resources Bhd XKLS:4723 Beneish M-Score is -1.53 as of Jun. 25, 2026. The stock has 5 warning signs investors should review. Among 1,704 Construction companies, Jaks Resources Bhd ranks worse than 85.8% 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.

Warning Sign:

Beneish M-Score -1.53 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:4723' s Beneish M-Score Range Over the Past 10 Years
Min: -9.13   Med: -2.11   Max: 0.21
Current: -1.53

During the past 13 years, the highest Beneish M-Score of Jaks Resources Bhd was 0.21. The lowest was -9.13. And the median was -2.11.

Jaks Resources Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Jaks Resources 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.

Jaks Resources Bhd Beneish M-Score Chart

Jaks Resources 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 -2.24 -2.03 -2.95 -0.19 -1.92

Jaks Resources 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 -1.25 0.21 -1.58 -1.92 -1.53

XKLS:4723 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Jaks Resources 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.

Jaks Resources Bhd Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Jaks Resources Bhd's Beneish M-Score distribution charts can be found below:

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


Jaks Resources 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 Jaks Resources 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 * 0.6907+0.528 * 2.52+0.404 * 1.0467+0.892 * 1.2661+0.115 * 0.9676
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6055+4.679 * 0.018478-0.327 * 0.9357
=-1.53

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was RM349.28 Mil.
Revenue was 9.307 + 26.225 + 9.915 + 12.093 = RM57.54 Mil.
Gross Profit was 2.737 + -4.806 + 6.675 + 1.024 = RM5.63 Mil.
Total Current Assets was RM394.99 Mil.
Total Assets was RM2,325.01 Mil.
Property, Plant and Equipment(Net PPE) was RM257.19 Mil.
Depreciation, Depletion and Amortization(DDA) was RM24.16 Mil.
Selling, General, & Admin. Expense(SGA) was RM86.24 Mil.
Total Current Liabilities was RM393.94 Mil.
Long-Term Debt & Capital Lease Obligation was RM388.27 Mil.
Net Income was 16.95 + -29.171 + 26.745 + 9.982 = RM24.51 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 5.86 + -9.017 + -3.306 + -11.993 = RM-18.46 Mil.
 Total Receivables was RM399.42 Mil.
Revenue was 8.795 + 9.459 + 14.103 + 13.09 = RM45.45 Mil.
Gross Profit was 2.069 + -0.244 + 2.438 + 6.943 = RM11.21 Mil.
Total Current Assets was RM458.03 Mil.
Total Assets was RM2,320.65 Mil.
Property, Plant and Equipment(Net PPE) was RM267.46 Mil.
Depreciation, Depletion and Amortization(DDA) was RM24.24 Mil.
Selling, General, & Admin. Expense(SGA) was RM112.49 Mil.
Total Current Liabilities was RM444.60 Mil.
Long-Term Debt & Capital Lease Obligation was RM389.76 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)
=(349.283 / 57.54) / (399.423 / 45.447)
=6.070264 / 8.788765
=0.6907

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)
=(11.206 / 45.447) / (5.63 / 57.54)
=0.246573 / 0.097845
=2.52

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 - (394.99 + 257.193) / 2325.01) / (1 - (458.031 + 267.464) / 2320.648)
=0.719492 / 0.687374
=1.0467

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
=57.54 / 45.447
=1.2661

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))
=(24.239 / (24.239 + 267.464)) / (24.162 / (24.162 + 257.193))
=0.083095 / 0.085877
=0.9676

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)
=(86.237 / 57.54) / (112.487 / 45.447)
=1.498731 / 2.475125
=0.6055

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)
=((388.273 + 393.943) / 2325.01) / ((389.759 + 444.599) / 2320.648)
=0.336436 / 0.359537
=0.9357

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
=(24.506 - 0 - -18.456) / 2325.01
=0.018478

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.

Jaks Resources Bhd has a M-score of -1.53 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.53 mean?
Jaks Resources Bhd (XKLS:4723) has a Beneish M-Score of -1.53 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Jaks Resources Bhd and its competitors. According to the industry distribution chart, Jaks Resources Bhd ranks #1462 out of 1704 companies in the Construction industry, placing it in the top 85.8%.
Is Jaks Resources Bhd's Beneish M-Score too high?
Jaks Resources Bhd's current Beneish M-Score is -1.53. Based on the distribution chart, Jaks Resources Bhd ranks #1462 out of 1704 companies in the Construction industry, which is in the bottom quartile relative to peers.
How does Jaks Resources Bhd's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Jaks Resources Bhd ranks #1462 out of 1704 companies for Beneish M-Score. This places Jaks Resources 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Jaks Resources Bhd and its competitors. Jaks Resources Bhd's current Beneish M-Score is -1.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Jaks Resources Bhd stock overvalued right now?
Based on GuruFocus' analysis, Jaks Resources Bhd (XKLS:4723) is currently considered Possible Value Trap. The stock's GF Value™ is RM0.13, compared to a current price of RM0.08 — trading 38.5% below its estimated fair value. The current Beneish M-Score is -1.53. 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 Jaks Resources Bhd (XKLS:4723), the current Beneish M-Score is -1.53 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.

Jaks Resources Bhd Business Description

Address Jalan 13/6, Unit B-09-28, Tower B, Pacific Towers, Section 13, Petaling Jaya, SGR, MYS, 46200
Jaks Resources Bhd is an investment holding company. It is organized into six segments: Manufacturing segment, which comprises mainly the manufacturing of pipes; Trading segment comprising trading in sheet piles, steel bars, mild steel, and special pipes, other steel related products, building materials, and supply of products for water supply industry; Construction segment comprises mainly the provision of sub-contracting activities, general contractor, supplier of building materials, and also construction; The Property Investment segment consists management of shopping mall; Power Energy engage in the business of renewable energy. and Others. Its geographical segments include Malaysia and Vietnam.