Tune Protect Group Bhd (XKLS:5230) Beneish M-Score: -2.79 (As of Jul. 13, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

XKLS:5230 Tune Protect Group Bhd XKLS:5230
57 GF Score
Price RM0.28
GF Value RM0.38
Valuation Modestly Undervalued
! 3 Warning Signs
View Full Analysis

What is Tune Protect Group Bhd Beneish M-Score?

Tune Protect Group Bhd XKLS:5230 57 Beneish M-Score is -2.79 as of Jul. 13, 2026. GuruFocus rates XKLS:5230 with a GF Score™ of 57/100 and a GF Value™ of RM0.38 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 399 Insurance companies, Tune Protect Group Bhd ranks better than 78.2% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:5230' s Beneish M-Score Range Over the Past 10 Years
Min: -3.96   Med: -2.45   Max: -0.26
Current: -2.79

During the past 13 years, the highest Beneish M-Score of Tune Protect Group Bhd was -0.26. The lowest was -3.96. And the median was -2.45.

XKLS:5230
57GF Score
Tune Protect Group Bhd XKLS:5230
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Tune Protect Group 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 Tune Protect Group 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 * 0.8751+0.528 * 1+0.404 * 0.994+0.892 * 0.9218+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.022044-0.327 * 1.7046
=-2.79

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was RM49.8 Mil.
Revenue was 72.54 + 89.125 + 83.641 + 86.241 = RM331.5 Mil.
Gross Profit was 72.54 + 89.125 + 83.641 + 86.241 = RM331.5 Mil.
Total Current Assets was RM0.0 Mil.
Total Assets was RM1,141.7 Mil.
Property, Plant and Equipment(Net PPE) was RM17.2 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.0 Mil.
Total Current Liabilities was RM0.0 Mil.
Long-Term Debt & Capital Lease Obligation was RM8.1 Mil.
Net Income was 3.296 + 5.723 + 6.328 + 8.503 = RM23.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was -15.227 + 18.103 + 2.352 + -6.546 = RM-1.3 Mil.
 Total Receivables was RM61.8 Mil.
Revenue was 84.113 + 92.673 + 95.138 + 87.766 = RM359.7 Mil.
Gross Profit was 84.113 + 92.673 + 95.138 + 87.766 = RM359.7 Mil.
Total Current Assets was RM0.0 Mil.
Total Assets was RM1,252.5 Mil.
Property, Plant and Equipment(Net PPE) was RM11.4 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.0 Mil.
Total Current Liabilities was RM0.0 Mil.
Long-Term Debt & Capital Lease Obligation was RM5.2 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)
=(49.818 / 331.547) / (61.76 / 359.69)
=0.150259 / 0.171703
=0.8751

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)
=(359.69 / 359.69) / (331.547 / 331.547)
=1 / 1
=1

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 - (0 + 17.218) / 1141.696) / (1 - (0 + 11.433) / 1252.543)
=0.984919 / 0.990872
=0.994

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
=331.547 / 359.69
=0.9218

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 + 11.433)) / (0 / (0 + 17.218))
=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)
=(0 / 331.547) / (0 / 359.69)
=0 / 0
=1

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)
=((8.084 + 0) / 1141.696) / ((5.203 + 0) / 1252.543)
=0.007081 / 0.004154
=1.7046

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
=(23.85 - 0 - -1.318) / 1141.696
=0.022044

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.

Tune Protect Group Bhd has a M-score of -2.79 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 -2.79 mean?
Tune Protect Group Bhd (XKLS:5230) has a Beneish M-Score of -2.79 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tune Protect Group Bhd and its competitors. According to the industry distribution chart, Tune Protect Group Bhd ranks #87 out of 399 companies in the Insurance industry, placing it in the top 21.8%.
Is Tune Protect Group Bhd's Beneish M-Score too high?
Tune Protect Group Bhd's current Beneish M-Score is -2.79. Based on the distribution chart, Tune Protect Group Bhd ranks #87 out of 399 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, Tune Protect Group Bhd has a GF Score™ of 57/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Tune Protect Group Bhd's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Tune Protect Group Bhd ranks #87 out of 399 companies for Beneish M-Score. This places Tune Protect Group Bhd in the top 22% of its industry — outperforming the majority of peers. 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 Tune Protect Group Bhd and its competitors. Tune Protect Group Bhd's current Beneish M-Score is -2.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tune Protect Group Bhd stock overvalued right now?
Based on GuruFocus' analysis, Tune Protect Group Bhd (XKLS:5230) is currently considered Modestly Undervalued. The stock's GF Value™ is RM0.38, compared to a current price of RM0.28 — trading 27.6% below its estimated fair value. The current Beneish M-Score is -2.79. Tune Protect Group Bhd's overall GF Score™ is 57/100 with 3 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 Tune Protect Group Bhd (XKLS:5230), the current Beneish M-Score is -2.79 as of Jul. 13, 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 Tune Protect Group Bhd (XKLS:5230) Overvalued in 2026?

Based on GuruFocus' analysis, Tune Protect Group Bhd stock appears to be undervalued. The current stock price of RM0.28 is trading 27.6% below its estimated GF Value™ of RM0.38. GuruFocus considers Tune Protect Group Bhd to be Modestly Undervalued.

Key valuation signals for XKLS:5230:

  • Beneish M-Score: -2.79
  • GF Value™: RM0.38 vs. price of RM0.28 (27.6% below fair value)
  • GF Score™: 57/100 with 3 warning signs

No single metric tells the full story. See the XKLS:5230 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Tune Protect Group Bhd Business Description

Address Level 9, Wisma Capital A, No. 19 Lorong Dungun, Damansara Heights, Wilayah Persekutuan, Kuala Lumpur, MYS, 50490
Tune Protect Group Bhd is a Malaysian investment holding company that underwrites and reinsures non-life insurance products through its subsidiary companies. The group is organized into business segments as investment holding, and others, collective investment schemes, general reinsurance, general insurance business, and Life insurance business. The company has two general insurance businesses, Tune Protect Malaysia Berhad, as well as an associate company, Tune Protect Thailand. Both offer varieties of products while also underwriting travel businesses in their respective countries. The company generates the majority of its revenue from the General Insurance Business segment.
57GF Score

Get the complete analysis for XKLS:5230

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

RM0.28
Price
RM0.38
GF Value