Ingenieur Gudang Bhd (XKLS:5178) Beneish M-Score: -2.07 (As of Jun. 25, 2026)

What is Ingenieur Gudang Bhd Beneish M-Score?

Ingenieur Gudang Bhd XKLS:5178 Beneish M-Score is -2.07 as of Jun. 25, 2026. The stock has 4 warning signs investors should review. Among 1,704 Construction companies, Ingenieur Gudang Bhd ranks worse than 74.41% 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 -2.07 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:5178' s Beneish M-Score Range Over the Past 10 Years
Min: -4.94 Med: -1.56 Max: 46.53
Current: -2.07

During the past 13 years, the highest Beneish M-Score of Ingenieur Gudang Bhd was 46.53. The lowest was -4.94. And the median was -1.56.

Ingenieur Gudang Bhd Beneish M-Score Related Terms

Ingenieur Gudang Bhd Beneish M-Score Historical Data

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The historical data trend for Ingenieur Gudang 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.

Ingenieur Gudang Bhd Beneish M-Score Chart

Ingenieur Gudang Bhd Annual Data

Trend

Dec14

May16

May17

May18

Nov20

Nov21

Nov22

Nov23

Nov24

Nov25

Beneish M-Score

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-3.78

-3.88

-0.47

-0.14

-1.74

Ingenieur Gudang Bhd Quarterly Data
	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Aug24	Nov24	Feb25	May25	Aug25	Nov25	Feb26
Beneish M-Score	Get a 7-Day Free Trial															-0.77	-1.68	-0.28	-1.74	-2.07

XKLS:5178 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Ingenieur Gudang 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.

Ingenieur Gudang Bhd Beneish M-Score vs Construction Industry

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

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

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Ingenieur Gudang 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 Ingenieur Gudang 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 * 1.2669

0.528 * 1.232

0.404 * 0.9537

0.892 * 0.891

0.115 * 4.0642

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.0584

4.679 * -0.00312

0.327 * 0.9866

-2.07

This Year (Feb26) TTM:

Last Year (Feb25) TTM:

Total Receivables was RM33.11 Mil.
Revenue was 3.773 + 4.924 + 28.586 + 5.334 = RM42.62 Mil.
Gross Profit was 1.129 + 2.244 + 7.504 + 2.296 = RM13.17 Mil.
Total Current Assets was RM58.13 Mil.
Total Assets was RM268.57 Mil.
Property, Plant and Equipment(Net PPE) was RM0.54 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.09 Mil.
Selling, General, & Admin. Expense(SGA) was RM5.10 Mil.
Total Current Liabilities was RM32.04 Mil.
Long-Term Debt & Capital Lease Obligation was RM24.07 Mil.
Net Income was -1.456 + 0.772 + 5.966 + 1.686 = RM6.97 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 0 + 3.255 + -1.033 + 5.584 = RM7.81 Mil.

Total Receivables was RM29.33 Mil.
Revenue was 5.873 + 14.786 + 14.884 + 12.29 = RM47.83 Mil.
Gross Profit was 2.76 + 4.401 + 4.788 + 6.267 = RM18.22 Mil.
Total Current Assets was RM46.94 Mil.
Total Assets was RM260.98 Mil.
Property, Plant and Equipment(Net PPE) was RM0.18 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.24 Mil.
Selling, General, & Admin. Expense(SGA) was RM2.78 Mil.
Total Current Liabilities was RM29.42 Mil.
Long-Term Debt & Capital Lease Obligation was RM25.85 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)
	=	(33.11 / 42.617)	/	(29.333 / 47.833)
	=	0.77692	/	0.613238
	=	1.2669

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)
	=	(18.216 / 47.833)	/	(13.173 / 42.617)
	=	0.380825	/	0.309102
	=	1.232

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 - (58.132 + 0.544) / 268.571)	/	(1 - (46.943 + 0.177) / 260.977)
	=	0.781525	/	0.819448
	=	0.9537

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
	=	42.617	/	47.833
	=	0.891

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))
	=	(0.236 / (0.236 + 0.177))	/	(0.089 / (0.089 + 0.544))
	=	0.571429	/	0.1406
	=	4.0642

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)
	=	(5.102 / 42.617)	/	(2.782 / 47.833)
	=	0.119717	/	0.058161
	=	2.0584

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)
	=	((24.07 + 32.043) / 268.571)	/	((25.846 + 29.423) / 260.977)
	=	0.208932	/	0.211777
	=	0.9866

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
	=	(6.968 - 0	-	7.806)	/	268.571
	=	-0.00312

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.

Ingenieur Gudang Bhd has a M-score of -2.07 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 -2.07 mean?

Ingenieur Gudang Bhd (XKLS:5178) has a Beneish M-Score of -2.07 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ingenieur Gudang Bhd and its competitors. According to the industry distribution chart, Ingenieur Gudang Bhd ranks #1268 out of 1704 companies in the Construction industry, placing it in the top 74.4%.

Is Ingenieur Gudang Bhd's Beneish M-Score too high?

Ingenieur Gudang Bhd's current Beneish M-Score is -2.07. Based on the distribution chart, Ingenieur Gudang Bhd ranks #1268 out of 1704 companies in the Construction industry, which is below the industry midpoint.

How does Ingenieur Gudang Bhd's Beneish M-Score compare to PWR and FIX?

According to the Construction industry distribution chart, Ingenieur Gudang Bhd ranks #1268 out of 1704 companies for Beneish M-Score. This places Ingenieur Gudang 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 Ingenieur Gudang Bhd and its competitors. Ingenieur Gudang Bhd's current Beneish M-Score is -2.07. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Ingenieur Gudang Bhd stock overvalued right now?

Based on GuruFocus' analysis, Ingenieur Gudang Bhd (XKLS:5178) is currently considered Possible Value Trap. The stock's GF Value™ is RM0.07, compared to a current price of RM0.03 — trading 64.3% below its estimated fair value. The current Beneish M-Score is -2.07. 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 Ingenieur Gudang Bhd (XKLS:5178), the current Beneish M-Score is -2.07 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.

Ingenieur Gudang Bhd Business Description

Industry Industrials Construction

Comparable Companies XKLS:0102 XKLS:0191 XKLS:8192 XKLS:5042 XKLS:7145 XKLS:2283 XKLS:7070 XKLS:0221 XKLS:0255 XKLS:0091 PWR XPAR:DG FIX NSE:LT XAMS:FER XKRX:028260 XTER:HOT XMAD:ACS EME MTZ

Address Taman Perindustrian UEP, Ground Floor, No.3, Jalan TP 2, Subang Jaya, Subang Jaya, SGR, MYS, 47600

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

Ingenieur Gudang Bhd is a Malaysia-based company involved in the construction and property investment businesses. The segments include Property investment and others, and construction. The company earns maximum revenue from the Construction segment.