VSTECS Bhd (XKLS:5162) Beneish M-Score: -2.12 (As of Jun. 24, 2026)

What is VSTECS Bhd Beneish M-Score?

VSTECS Bhd XKLS:5162 +6.40% 66 Beneish M-Score is -2.12 as of Jun. 24, 2026. GuruFocus rates XKLS:5162 with a GF Score™ of 66/100 and a GF Value™ of RM1.54 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 2,403 Hardware companies, VSTECS Bhd ranks worse than 73.87% 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 -2.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:5162' s Beneish M-Score Range Over the Past 10 Years
Min: -3.41 Med: -2.1 Max: 0.12
Current: -2.12

During the past 13 years, the highest Beneish M-Score of VSTECS Bhd was 0.12. The lowest was -3.41. And the median was -2.10.

VSTECS Bhd Beneish M-Score Related Terms

VSTECS Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for VSTECS 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.

VSTECS Bhd Beneish M-Score Chart

VSTECS Bhd Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

-1.93

-1.86

-2.68

-2.08

-1.74

VSTECS 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															-2.58	-1.98	-1.81	-1.74	-2.12

XKLS:5162 vs SNX, ARW, AVT: Beneish M-Score Comparison

For the Electronics & Computer Distribution subindustry, VSTECS 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.

VSTECS Bhd Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, VSTECS Bhd's Beneish M-Score distribution charts can be found below:

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

Save Embed

66GF Score

VSTECS Bhd XKLS:5162

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

View Full Analysis

VSTECS 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 VSTECS 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 * 1.1549

0.528 * 1.0117

0.404 * 0.7157

0.892 * 1.3277

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8807

4.679 * 0.020774

0.327 * 1.2473

-2.12

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was RM583 Mil.
Revenue was 1046.926 + 1094.883 + 991.943 + 818.869 = RM3,953 Mil.
Gross Profit was 56.385 + 70.516 + 61.241 + 49.674 = RM238 Mil.
Total Current Assets was RM1,112 Mil.
Total Assets was RM1,176 Mil.
Property, Plant and Equipment(Net PPE) was RM10 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM110 Mil.
Total Current Liabilities was RM579 Mil.
Long-Term Debt & Capital Lease Obligation was RM0 Mil.
Net Income was 22.883 + 34.482 + 25.778 + 20.168 = RM103 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 167.509 + 28.224 + -53.352 + -63.491 = RM79 Mil.

Total Receivables was RM380 Mil.
Revenue was 691.668 + 819.196 + 841.764 + 624.393 = RM2,977 Mil.
Gross Profit was 46.911 + 47.877 + 48.919 + 37.499 = RM181 Mil.
Total Current Assets was RM797 Mil.
Total Assets was RM860 Mil.
Property, Plant and Equipment(Net PPE) was RM8 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM94 Mil.
Total Current Liabilities was RM338 Mil.
Long-Term Debt & Capital Lease Obligation was RM2 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)
	=	(582.913 / 3952.621)	/	(380.138 / 2977.021)
	=	0.147475	/	0.127691
	=	1.1549

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)
	=	(181.206 / 2977.021)	/	(237.816 / 3952.621)
	=	0.060868	/	0.060167
	=	1.0117

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 - (1111.829 + 9.9) / 1175.533)	/	(1 - (797.123 + 7.667) / 859.777)
	=	0.04577	/	0.063955
	=	0.7157

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
	=	3952.621	/	2977.021
	=	1.3277

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 + 7.667))	/	(0 / (0 + 9.9))
	=	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)
	=	(110.335 / 3952.621)	/	(94.359 / 2977.021)
	=	0.027914	/	0.031696
	=	0.8807

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)
	=	((0.275 + 578.908) / 1175.533)	/	((1.657 + 337.97) / 859.777)
	=	0.492698	/	0.395018
	=	1.2473

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
	=	(103.311 - 0	-	78.89)	/	1175.533
	=	0.020774

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.

VSTECS Bhd has a M-score of -2.12 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 -2.12 mean?

VSTECS Bhd (XKLS:5162) has a Beneish M-Score of -2.12 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on VSTECS Bhd and its competitors. According to the industry distribution chart, VSTECS Bhd ranks #1775 out of 2403 companies in the Hardware industry, placing it in the top 73.9%.

Is VSTECS Bhd's Beneish M-Score too high?

VSTECS Bhd's current Beneish M-Score is -2.12. Based on the distribution chart, VSTECS Bhd ranks #1775 out of 2403 companies in the Hardware industry, which is below the industry midpoint. Overall, VSTECS Bhd has a GF Score™ of 66/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does VSTECS Bhd's Beneish M-Score compare to SNX and ARW?

According to the Hardware industry distribution chart, VSTECS Bhd ranks #1775 out of 2403 companies for Beneish M-Score. This places VSTECS 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 Hardware company?

A good Beneish M-Score depends on the Hardware 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 VSTECS Bhd and its competitors. VSTECS Bhd's current Beneish M-Score is -2.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is VSTECS Bhd stock overvalued right now?

Based on GuruFocus' analysis, VSTECS Bhd (XKLS:5162) is currently considered Modestly Overvalued. The stock's GF Value™ is RM1.54, compared to a current price of RM1.83 — trading 18.8% above its estimated fair value. The current Beneish M-Score is -2.12. VSTECS Bhd's overall GF Score™ is 66/100 with 2 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 VSTECS Bhd (XKLS:5162), the current Beneish M-Score is -2.12 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 VSTECS Bhd (XKLS:5162) Overvalued in 2026?

Based on GuruFocus' analysis, VSTECS Bhd stock appears to be overvalued. The current stock price of RM1.83 is trading 18.8% above its estimated GF Value™ of RM1.54. GuruFocus considers VSTECS Bhd to be Modestly Overvalued.

Key valuation signals for XKLS:5162:

Beneish M-Score: -2.12
GF Value™: RM1.54 vs. price of RM1.83 (18.8% above fair value)
GF Score™: 66/100 with 2 warning signs

No single metric tells the full story. See the XKLS:5162 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

VSTECS Bhd Business Description

Industry Technology Hardware

Comparable Companies XKLS:0259 XKLS:0196 XKLS:9377 XKLS:0202 XKLS:3514 XKLS:5037 XKLS:0038 XKLS:0218 XKLS:0006 XKLS:0086 SNX XPAR:RXL SZSE:000938 ARW AVT TPE:3702 LSE:SCT TPE:2347 SZSE:000062 SZSE:002402

Address Lot 3, Jalan Teknologi 3/5, Taman Sains Selangor, Kota Damansara, Petaling Jaya, SGR, MYS, 47810

Website https://www.vstecs.com.my

VSTECS Bhd is engaged in the provision of e-commerce systems and solutions. The company distributes information and communications technology (ICT) products in Malaysia. These products consist of notebooks, personal computers, smartphones, tablets, wearables, printers, software, network and communication infrastructure, servers, and enterprise software. It operates in three segments. The ICT distribution segment distributes products to resellers, comprising mainly retailers. Its Enterprise systems segment markets products to system integrators and corporate dealers. The ICT services segment is involved in the provision of ICT services. The Enterprise Systems segment generates the maximum revenue.

66GF Score

Get the complete analysis for XKLS:5162

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

RM1.83

Price

RM1.54

GF Value

View XKLS:5162 Analysis

See Beneish M-Score data for all stocks →