Al-Salam Real Estate Investment Trust (XKLS:5269) Beneish M-Score: -26.24 (As of Jul. 14, 2026)

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XKLS:5269 Al-Salam Real Estate Investment Trust XKLS:5269
49 GF Score
Price RM0.59
GF Value RM0.49
Valuation Modestly Overvalued
! 9 Warning Signs
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What is Al-Salam Real Estate Investment Trust Beneish M-Score?

Al-Salam Real Estate Investment Trust XKLS:5269 +3.54% 49 Beneish M-Score is -26.24 as of Jul. 14, 2026. GuruFocus rates XKLS:5269 with a GF Score™ of 49/100 and a GF Value™ of RM0.49 (Modestly Overvalued). The stock has 9 warning signs investors should review. Among 758 REITs companies, Al-Salam Real Estate Investment Trust ranks better than 99.87% 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 -26.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Al-Salam Real Estate Investment Trust's Beneish M-Score or its related term are showing as below:

XKLS:5269' s Beneish M-Score Range Over the Past 10 Years
Min: -26.24   Med: -2.45   Max: -0.6
Current: -26.24

During the past 11 years, the highest Beneish M-Score of Al-Salam Real Estate Investment Trust was -0.60. The lowest was -26.24. And the median was -2.45.

Al-Salam Real Estate Investment Trust Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Al-Salam Real Estate Investment Trust'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.

Al-Salam Real Estate Investment Trust Beneish M-Score Chart

Al-Salam Real Estate Investment Trust Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.98 -2.45 -2.65 -2.47 -2.73

Al-Salam Real Estate Investment Trust 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.65 -2.41 -2.62 -2.73 -26.24

XKLS:5269 vs VICI, WPC, BNL: Beneish M-Score Comparison

For the REIT - Diversified subindustry, Al-Salam Real Estate Investment Trust'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.

Al-Salam Real Estate Investment Trust Beneish M-Score vs REITs Industry

For the REITs industry and Real Estate sector, Al-Salam Real Estate Investment Trust's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Al-Salam Real Estate Investment Trust's Beneish M-Score falls into.


XKLS:5269
49GF Score
Al-Salam Real Estate Investment Trust XKLS:5269
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Al-Salam Real Estate Investment Trust 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 Al-Salam Real Estate Investment Trust 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 * 0.972+0.528 * 0.9551+0.404 * 1.0114+0.892 * 1.1268+0.115 * -204.8068
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1561+4.679 * -0.028077-0.327 * 0.992
=-26.24

* 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 RM42.58 Mil.
Revenue was 22.625 + 23.145 + 22.229 + 22.069 = RM90.07 Mil.
Gross Profit was 14.952 + 16.345 + 14.51 + 14.578 = RM60.39 Mil.
Total Current Assets was RM103.14 Mil.
Total Assets was RM1,317.93 Mil.
Property, Plant and Equipment(Net PPE) was RM0.76 Mil.
Depreciation, Depletion and Amortization(DDA) was RM-0.00 Mil.
Selling, General, & Admin. Expense(SGA) was RM1.70 Mil.
Total Current Liabilities was RM143.18 Mil.
Long-Term Debt & Capital Lease Obligation was RM512.38 Mil.
Net Income was 6.161 + 3.972 + 3.335 + 3.035 = RM16.50 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 8.34 + 17.322 + 20.432 + 7.412 = RM53.51 Mil.
 Total Receivables was RM38.88 Mil.
Revenue was 21.382 + 19.899 + 19.163 + 19.491 = RM79.94 Mil.
Gross Profit was 14.22 + 12.555 + 11.645 + 12.763 = RM51.18 Mil.
Total Current Assets was RM116.85 Mil.
Total Assets was RM1,320.26 Mil.
Property, Plant and Equipment(Net PPE) was RM0.88 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.33 Mil.
Selling, General, & Admin. Expense(SGA) was RM1.31 Mil.
Total Current Liabilities was RM67.22 Mil.
Long-Term Debt & Capital Lease Obligation was RM594.79 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)
=(42.579 / 90.068) / (38.877 / 79.935)
=0.472743 / 0.486358
=0.972

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)
=(51.183 / 79.935) / (60.385 / 90.068)
=0.640308 / 0.670438
=0.9551

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 - (103.136 + 0.756) / 1317.93) / (1 - (116.851 + 0.878) / 1320.258)
=0.92117 / 0.910829
=1.0114

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
=90.068 / 79.935
=1.1268

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))
=(0.327 / (0.327 + 0.878)) / (-0.001 / (-0.001 + 0.756))
=0.271369 / -0.001325
=-204.8068

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)
=(1.7 / 90.068) / (1.305 / 79.935)
=0.018875 / 0.016326
=1.1561

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)
=((512.38 + 143.179) / 1317.93) / ((594.791 + 67.223) / 1320.258)
=0.497416 / 0.501428
=0.992

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
=(16.503 - 0 - 53.506) / 1317.93
=-0.028077

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.

Al-Salam Real Estate Investment Trust has a M-score of -26.24 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 -26.24 mean?
Al-Salam Real Estate Investment Trust (XKLS:5269) has a Beneish M-Score of -26.24 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Al-Salam Real Estate Investment Trust and its competitors. According to the industry distribution chart, Al-Salam Real Estate Investment Trust ranks #1 out of 758 companies in the REITs industry, placing it in the top 0.099999999999994%.
Is Al-Salam Real Estate Investment Trust's Beneish M-Score too high?
Al-Salam Real Estate Investment Trust's current Beneish M-Score is -26.24. Based on the distribution chart, Al-Salam Real Estate Investment Trust ranks #1 out of 758 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Al-Salam Real Estate Investment Trust has a GF Score™ of 49/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Al-Salam Real Estate Investment Trust's Beneish M-Score compare to VICI and WPC?
According to the REITs industry distribution chart, Al-Salam Real Estate Investment Trust ranks #1 out of 758 companies for Beneish M-Score. This places Al-Salam Real Estate Investment Trust in the top 0% 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 a REITs company?
A good Beneish M-Score depends on the REITs 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 Al-Salam Real Estate Investment Trust and its competitors. Al-Salam Real Estate Investment Trust's current Beneish M-Score is -26.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Al-Salam Real Estate Investment Trust stock overvalued right now?
Based on GuruFocus' analysis, Al-Salam Real Estate Investment Trust (XKLS:5269) is currently considered Modestly Overvalued. The stock's GF Value™ is RM0.49, compared to a current price of RM0.59 — trading 19.4% above its estimated fair value. The current Beneish M-Score is -26.24. Al-Salam Real Estate Investment Trust's overall GF Score™ is 49/100 with 9 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 Al-Salam Real Estate Investment Trust (XKLS:5269), the current Beneish M-Score is -26.24 as of Jul. 14, 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 Al-Salam Real Estate Investment Trust (XKLS:5269) Overvalued in 2026?

Based on GuruFocus' analysis, Al-Salam Real Estate Investment Trust stock appears to be overvalued. The current stock price of RM0.59 is trading 19.4% above its estimated GF Value™ of RM0.49. GuruFocus considers Al-Salam Real Estate Investment Trust to be Modestly Overvalued.

Key valuation signals for XKLS:5269:

  • Beneish M-Score: -26.24
  • GF Value™: RM0.49 vs. price of RM0.59 (19.4% above fair value)
  • GF Score™: 49/100 with 9 warning signs

No single metric tells the full story. See the XKLS:5269 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Al-Salam Real Estate Investment Trust Business Description

Industry Real EstateREITs
Address V SQUARE, Jalan Utara, Unit 1-19-02, Level 19, Block 1, Bandar Petaling Jaya, Petaling Jaya, SGR, MYS, 46200
Al-Salam Real Estate Investment Trust is an Islamic REIT (Real Estate Investment Trust) based in Malaysia. The principal activity of the trust is investing in Shariah-compliant properties. Its segments include retail outlets, which generate maximum revenue, office buildings, food and beverage (F&B) properties comprising restaurants, industrial and other properties, and other segments comprising fund-level operations. The Fund's key objective is to provide unitholders with regular and stable income distributions, sustainable long-term unit prices, and growth in distributable income and capital while maintaining an appropriate capital structure. The Fund operates solely in Malaysia.
49GF Score

Get the complete analysis for XKLS:5269

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

RM0.59
Price
RM0.49
GF Value