Leon Fuat Bhd (XKLS:5232) Beneish M-Score: -2.66 (As of Jun. 27, 2026)

What is Leon Fuat Bhd Beneish M-Score?

Leon Fuat Bhd XKLS:5232 +4.29% 45 Beneish M-Score is -2.66 as of Jun. 27, 2026. GuruFocus rates XKLS:5232 with a GF Score™ of 45/100 and a GF Value™ of RM0.46 (Modestly Undervalued). The stock has 10 warning signs investors should review. Among 592 Steel companies, Leon Fuat Bhd ranks better than 61.99% 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:5232' s Beneish M-Score Range Over the Past 10 Years
Min: -3.26 Med: -2.72 Max: -1.7
Current: -2.66

During the past 13 years, the highest Beneish M-Score of Leon Fuat Bhd was -1.70. The lowest was -3.26. And the median was -2.72.

Leon Fuat Bhd Beneish M-Score Related Terms

Leon Fuat Bhd Beneish M-Score Historical Data

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The historical data trend for Leon Fuat 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.

Leon Fuat Bhd Beneish M-Score Chart

Leon Fuat Bhd Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

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Dec25

Beneish M-Score

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-1.70

0.00

-2.77

Leon Fuat 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															0.00	0.00	0.00	-2.77	-2.66

XKLS:5232 vs NUE, STLD, RS: Beneish M-Score Comparison

For the Steel subindustry, Leon Fuat 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.

Leon Fuat Bhd Beneish M-Score vs Steel Industry

For the Steel industry and Basic Materials sector, Leon Fuat Bhd's Beneish M-Score distribution charts can be found below:

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

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45GF Score

Leon Fuat Bhd XKLS:5232

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

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Leon Fuat 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 Leon Fuat 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 * 1.0028

0.528 * 0.7924

0.404 * 0.758

0.892 * 0.993

0.115 * 0.8987

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0378

4.679 * 0.010249

0.327 * 0.9923

-2.66

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was RM256.0 Mil.
Revenue was 214.837 + 217.809 + 248.121 + 228.842 = RM909.6 Mil.
Gross Profit was 24.09 + 18.806 + 24.712 + 24.115 = RM91.7 Mil.
Total Current Assets was RM759.0 Mil.
Total Assets was RM1,128.2 Mil.
Property, Plant and Equipment(Net PPE) was RM368.6 Mil.
Depreciation, Depletion and Amortization(DDA) was RM25.1 Mil.
Selling, General, & Admin. Expense(SGA) was RM48.2 Mil.
Total Current Liabilities was RM431.5 Mil.
Long-Term Debt & Capital Lease Obligation was RM80.1 Mil.
Net Income was 4.047 + -0.127 + 4.825 + 5.366 = RM14.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 26.171 + 6.451 + 15.798 + -45.872 = RM2.5 Mil.

Total Receivables was RM257.1 Mil.
Revenue was 212.515 + 246.036 + 230.443 + 227.001 = RM916.0 Mil.
Gross Profit was 19.538 + 14.586 + 17.998 + 21.071 = RM73.2 Mil.
Total Current Assets was RM723.8 Mil.
Total Assets was RM1,112.3 Mil.
Property, Plant and Equipment(Net PPE) was RM387.8 Mil.
Depreciation, Depletion and Amortization(DDA) was RM23.5 Mil.
Selling, General, & Admin. Expense(SGA) was RM46.8 Mil.
Total Current Liabilities was RM408.7 Mil.
Long-Term Debt & Capital Lease Obligation was RM99.6 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)
	=	(256.043 / 909.609)	/	(257.126 / 915.995)
	=	0.281487	/	0.280707
	=	1.0028

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)
	=	(73.193 / 915.995)	/	(91.723 / 909.609)
	=	0.079905	/	0.100838
	=	0.7924

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 - (759.048 + 368.569) / 1128.207)	/	(1 - (723.789 + 387.76) / 1112.316)
	=	0.000523	/	0.00069
	=	0.758

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
	=	909.609	/	915.995
	=	0.993

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))
	=	(23.527 / (23.527 + 387.76))	/	(25.056 / (25.056 + 368.569))
	=	0.057203	/	0.063654
	=	0.8987

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)
	=	(48.219 / 909.609)	/	(46.789 / 915.995)
	=	0.053011	/	0.05108
	=	1.0378

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)
	=	((80.065 + 431.498) / 1128.207)	/	((99.556 + 408.733) / 1112.316)
	=	0.45343	/	0.456965
	=	0.9923

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
	=	(14.111 - 0	-	2.548)	/	1128.207
	=	0.010249

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.

Leon Fuat Bhd has a M-score of -2.66 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 -2.66 mean?

Leon Fuat Bhd (XKLS:5232) has a Beneish M-Score of -2.66 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Leon Fuat Bhd and its competitors. According to the industry distribution chart, Leon Fuat Bhd ranks #225 out of 592 companies in the Steel industry, placing it in the top 38%.

Is Leon Fuat Bhd's Beneish M-Score too high?

Leon Fuat Bhd's current Beneish M-Score is -2.66. Based on the distribution chart, Leon Fuat Bhd ranks #225 out of 592 companies in the Steel industry, which is above the industry midpoint. Overall, Leon Fuat Bhd has a GF Score™ of 45/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Leon Fuat Bhd's Beneish M-Score compare to NUE and STLD?

According to the Steel industry distribution chart, Leon Fuat Bhd ranks #225 out of 592 companies for Beneish M-Score. This puts Leon Fuat Bhd in the upper 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 Steel company?

A good Beneish M-Score depends on the Steel 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 Leon Fuat Bhd and its competitors. Leon Fuat Bhd's current Beneish M-Score is -2.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Leon Fuat Bhd stock overvalued right now?

Based on GuruFocus' analysis, Leon Fuat Bhd (XKLS:5232) is currently considered Modestly Undervalued. The stock's GF Value™ is RM0.46, compared to a current price of RM0.37 — trading 20.7% below its estimated fair value. The current Beneish M-Score is -2.66. Leon Fuat Bhd's overall GF Score™ is 45/100 with 10 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 Leon Fuat Bhd (XKLS:5232), the current Beneish M-Score is -2.66 as of Jun. 27, 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 Leon Fuat Bhd (XKLS:5232) Overvalued in 2026?

Based on GuruFocus' analysis, Leon Fuat Bhd stock appears to be undervalued. The current stock price of RM0.37 is trading 20.7% below its estimated GF Value™ of RM0.46. GuruFocus considers Leon Fuat Bhd to be Modestly Undervalued.

Key valuation signals for XKLS:5232:

Beneish M-Score: -2.66
GF Value™: RM0.46 vs. price of RM0.37 (20.7% below fair value)
GF Score™: 45/100 with 10 warning signs

No single metric tells the full story. See the XKLS:5232 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Leon Fuat Bhd Business Description

Industry Basic Materials Steel

Comparable Companies XKLS:7217 XKLS:9873 XKLS:5797 XKLS:0341 XKLS:9199 XKLS:5021 XKLS:4235 XKLS:0346 XKLS:5087 XKLS:0313 NUE XAMS:MT STLD BOM:500228 NSE:TATASTEEL XKRX:005490 RS SHSE:600019 TSE:5401 SHSE:600010

Address Kawasan Perindustrian, No. 11, Lorong Keluli 1B, Bukit Raja Selatan, Seksyen 7, Shah Alam, SGR, MYS, 40000

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

Leon Fuat Bhd is engaged in cutting, levelling, shearing, profiling, bending, and finishing, along with the production of expanded metal, perforated metal, and welded steel pipes. The company operates in three reportable segments: Trading of steel products, which includes trading of flat carbon steel products, other flat steel products, long carbon steel products, and other long steel products; Processing and/or manufacturing of steel products, which includes processing of flat carbon steel products, other flat steel products, long carbon steel products, and other long steel products; and Others. The majority of its revenue is generated from the processing and/or manufacturing of steel products. Revenue is derived from Malaysia.

45GF Score

Get the complete analysis for XKLS:5232

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

RM0.37

Price

RM0.46

GF Value

View XKLS:5232 Analysis

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