Meridian Bhd (XKLS:5040) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


What is Meridian Bhd Beneish M-Score?

Meridian Bhd XKLS:5040 Beneish M-Score is 0.00 as of Jun. 26, 2026.

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.

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

During the past 13 years, the highest Beneish M-Score of Meridian Bhd was 0.00. The lowest was 0.00. And the median was 0.00.

Meridian Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Meridian 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.

Meridian Bhd Beneish M-Score Chart

Meridian Bhd Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Jun20 Jun21 Jun22
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.44 -1.87 -2.78 -3.56 -2.70

Meridian Bhd Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Sep23 Feb24 May24 Aug24 Nov24 Feb25 May25
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 -1.56 -2.23 -3.30 -3.38 -6.81

XKLS:5040 vs CBRE, BEKE, CSGP: Beneish M-Score Comparison

For the Real Estate Services subindustry, Meridian 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.

Meridian Bhd Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Meridian Bhd's Beneish M-Score distribution charts can be found below:

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


Meridian 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 Meridian 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 * 0.8542+0.528 * 0.4059+0.404 * 1.2987+0.892 * 0.5334+0.115 * -9.5909
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.0558+4.679 * -0.432004-0.327 * 1.4948
=-6.81

* 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 (May25) TTM:Last Year (May24) TTM:
Total Receivables was RM1.23 Mil.
Revenue was 0.511 + 0.338 + 0.56 + 0.869 = RM2.28 Mil.
Gross Profit was 0.164 + 0.122 + -0.293 + -1.328 = RM-1.34 Mil.
Total Current Assets was RM21.37 Mil.
Total Assets was RM130.07 Mil.
Property, Plant and Equipment(Net PPE) was RM9.64 Mil.
Depreciation, Depletion and Amortization(DDA) was RM-0.04 Mil.
Selling, General, & Admin. Expense(SGA) was RM4.74 Mil.
Total Current Liabilities was RM66.01 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.93 Mil.
Net Income was -2.111 + -1.136 + -50.003 + -3.555 = RM-56.81 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 0 + 0 + -0.573 + -0.04 = RM-0.61 Mil.
 Total Receivables was RM2.70 Mil.
Revenue was 2.435 + 0.459 + 0.737 + 0.64 = RM4.27 Mil.
Gross Profit was 0.109 + -0.267 + -0.613 + -0.245 = RM-1.02 Mil.
Total Current Assets was RM64.85 Mil.
Total Assets was RM180.66 Mil.
Property, Plant and Equipment(Net PPE) was RM9.86 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.39 Mil.
Selling, General, & Admin. Expense(SGA) was RM4.32 Mil.
Total Current Liabilities was RM61.31 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.89 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)
=(1.232 / 2.278) / (2.704 / 4.271)
=0.540825 / 0.633107
=0.8542

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)
=(-1.016 / 4.271) / (-1.335 / 2.278)
=-0.237883 / -0.58604
=0.4059

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 - (21.366 + 9.641) / 130.073) / (1 - (64.852 + 9.861) / 180.659)
=0.761618 / 0.586442
=1.2987

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
=2.278 / 4.271
=0.5334

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))
=(0.389 / (0.389 + 9.861)) / (-0.038 / (-0.038 + 9.641))
=0.037951 / -0.003957
=-9.5909

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)
=(4.739 / 2.278) / (4.322 / 4.271)
=2.080334 / 1.011941
=2.0558

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)
=((0.932 + 66.01) / 130.073) / ((0.892 + 61.307) / 180.659)
=0.514649 / 0.34429
=1.4948

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
=(-56.805 - 0 - -0.613) / 130.073
=-0.432004

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.

Meridian Bhd has a M-score of -6.81 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 0.00 mean?
Meridian Bhd (XKLS:5040) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Meridian Bhd and its competitors.
Is Meridian Bhd's Beneish M-Score too high?
Meridian Bhd's current Beneish M-Score is 0.00.
How does Meridian Bhd's Beneish M-Score compare to CBRE and BEKE?
Meridian Bhd's Beneish M-Score of 0.00 can be compared against companies in the Real Estate 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Meridian Bhd and its competitors. Meridian Bhd's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Meridian Bhd stock overvalued right now?
Meridian Bhd (XKLS:5040) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. 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 Meridian Bhd (XKLS:5040), the current Beneish M-Score is 0.00 as of Jun. 26, 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.

Meridian Bhd Business Description

Address No. 8 Persiaran Tropicana, Lot 13.5a, Level 13, Menara Lien Hoe, Tropicana Golf and Country Resort, Petaling Jaya, SGR, MYS, 47410
Meridian Bhd is an investment holding company. Along with its subsidiaries, it is engaged in property development and investment in properties. The group has completed the development of several properties, such as The Summit Subang USJ, The Summit Bukit Mertajam, Aman Larkin, Scott Garden, Scott Tower, The Arc at Cyberjaya, etc., and has many other projects under development. The group's operating segments are: Property investment, Construction, Property development, and Others. Maximum revenue is generated from its Property investment segment, which is involved in rental collection from investment properties and the operation of car parks in commercial properties. Geographically, the group mainly operates in Malaysia.