Naim Holdings BhdXKLS:5073 33 Beneish M-Score is -0.79 as of Jun. 26, 2026. GuruFocus rates XKLS:5073 with a GF Score™ of 33/100 and a GF Value™ of RM0.42 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 1,704 Construction companies, Naim Holdings Bhd ranks worse than 92.72% 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 -0.79 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Naim Holdings Bhd's Beneish M-Score or its related term are showing as below:
XKLS:5073'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.04 Med: -2.49 Max: -0.28
Current: -0.79
During the past 13 years, the highest Beneish M-Score of Naim Holdings Bhd was -0.28. The lowest was -4.04. And the median was -2.49.
Naim Holdings Bhd Beneish M-Score Related Terms
Naim Holdings Bhd Beneish M-Score Historical Data
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The historical data trend for Naim Holdings 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.
XKLS:5073 vs PWR, FIX, EME: Beneish M-Score Comparison
For the Engineering & Construction subindustry, Naim Holdings 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.
Naim Holdings Bhd Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Naim Holdings Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Naim Holdings Bhd's Beneish M-Score falls into.
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 Naim Holdings 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 * 2.1471
+
0.528 * 3.2358
+
0.404 * 0.9908
+
0.892 * 0.4312
+
0.115 * 0.9717
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.9826
+
4.679 * 0.019198
-
0.327 * 0.8623
=
-0.79
* 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.
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.
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))
=
(11.533 / (11.533 + 123.04))
/
(12.179 / (12.179 + 125.903))
=
0.085701
/
0.088201
=
0.9717
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
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
=
(32.339 - 0
-
-3.283)
/
1855.493
=
0.019198
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.
Naim Holdings Bhd has a M-score of -0.79 signals that the company is likely to be a manipulator.
Naim Holdings Bhd (XKLS:5073) has a Beneish M-Score of -0.79 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Naim Holdings Bhd and its competitors. According to the industry distribution chart, Naim Holdings Bhd ranks #1580 out of 1704 companies in the Construction industry, placing it in the top 92.7%.
Is Naim Holdings Bhd's Beneish M-Score too high?
Naim Holdings Bhd's current Beneish M-Score is -0.79. Based on the distribution chart, Naim Holdings Bhd ranks #1580 out of 1704 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, Naim Holdings Bhd has a GF Score™ of 33/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Naim Holdings Bhd's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Naim Holdings Bhd ranks #1580 out of 1704 companies for Beneish M-Score. This places Naim Holdings 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 Naim Holdings Bhd and its competitors. Naim Holdings Bhd's current Beneish M-Score is -0.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Naim Holdings Bhd stock overvalued right now?
Based on GuruFocus' analysis, Naim Holdings Bhd (XKLS:5073) is currently considered Significantly Overvalued. The stock's GF Value™ is RM0.42, compared to a current price of RM0.75 — trading 78.6% above its estimated fair value. The current Beneish M-Score is -0.79. Naim Holdings Bhd's overall GF Score™ is 33/100 with 4 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 Naim Holdings Bhd (XKLS:5073), the current Beneish M-Score is -0.79 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.
Is Naim Holdings Bhd (XKLS:5073) Overvalued in 2026?
Based on GuruFocus' analysis, Naim Holdings Bhd stock appears to be overvalued.
The current stock price of RM0.75 is trading 78.6% above its estimated GF Value™ of RM0.42.
GuruFocus considers Naim Holdings Bhd to be Significantly Overvalued.
Key valuation signals for XKLS:5073:
Beneish M-Score: -0.79
GF Value™: RM0.42 vs. price of RM0.75 (78.6% above fair value)
No single metric tells the full story. See the XKLS:5073 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Naim Holdings Bhd is an investment holding company engaged in property developments, construction, civil engineering, infrastructure projects, and oil and gas services. It operates in three reportable segments. The property development segment includes the development and construction of residential and commercial properties and the sale of vacant land. The Construction segment includes the construction of buildings, roads, bridges, and other infrastructures and engineering works, including oil and gas-related construction projects, and Other segments include the manufacture and sale of buildings and construction materials, property investment, and quarry operation. It generates maximum revenue from the Construction segment. The Group is mainly domiciled in Malaysia.
33GF Score
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