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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 -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for CTOS Digital Bhd's Beneish M-Score or its related term are showing as below:
XKLS:5301'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.78 Med: -2.5 Max: -1.63
Current: -2.76
During the past 8 years, the highest Beneish M-Score of CTOS Digital Bhd was -1.63. The lowest was -2.78. And the median was -2.50.
The historical data trend for CTOS Digital 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.
XKLS:5301 vs SPGI, CME, ICE: Beneish M-Score Comparison
For the Financial Data & Stock Exchanges subindustry, CTOS Digital 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.
CTOS Digital Bhd Beneish M-Score vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, CTOS Digital Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CTOS Digital Bhd's Beneish M-Score falls into.
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 CTOS Digital 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 * 0.8553
+
0.528 * 1.0493
+
0.404 * 0.9612
+
0.892 * 1.089
+
0.115 * 0.8497
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.983
+
4.679 * -0.063027
-
0.327 * 0.7798
=
-2.76
* 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.
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.
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))
=
(17.122 / (17.122 + 29.745))
/
(14.644 / (14.644 + 19.417))
=
0.365332
/
0.429935
=
0.8497
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
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
=
(110.424 - 0
-
161.117)
/
804.304
=
-0.063027
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.
CTOS Digital Bhd has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
CTOS Digital Bhd (XKLS:5301) has a Beneish M-Score of -2.76 as of Aug. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CTOS Digital Bhd and its competitors. According to the industry distribution chart, CTOS Digital Bhd ranks #158 out of 706 companies in the Capital Markets industry, placing it in the top 22.4%.
Is CTOS Digital Bhd's Beneish M-Score too high?
CTOS Digital Bhd's current Beneish M-Score is -2.76. Based on the distribution chart, CTOS Digital Bhd ranks #158 out of 706 companies in the Capital Markets industry, which is in the top quartile — a strong position relative to peers. Overall, CTOS Digital Bhd has a GF Score™ of 87/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does CTOS Digital Bhd's Beneish M-Score compare to SPGI and CME?
According to the Capital Markets industry distribution chart, CTOS Digital Bhd ranks #158 out of 706 companies for Beneish M-Score. This places CTOS Digital 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 a Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 CTOS Digital Bhd and its competitors. CTOS Digital Bhd's current Beneish M-Score is -2.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CTOS Digital Bhd stock overvalued right now?
Based on GuruFocus' analysis, CTOS Digital Bhd (XKLS:5301) is currently considered Significantly Undervalued. The stock's GF Value™ is RM1.36, compared to a current price of RM0.67 — trading 51.1% below its estimated fair value. The current Beneish M-Score is -2.76. CTOS Digital Bhd's overall GF Score™ is 87/100 with 5 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 CTOS Digital Bhd (XKLS:5301), the current Beneish M-Score is -2.76 as of Aug. 17, 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 CTOS Digital Bhd (XKLS:5301) Overvalued in 2026?
Based on GuruFocus' analysis, CTOS Digital Bhd stock appears to be undervalued.
The current stock price of RM0.67 is trading 51.1% below its estimated GF Value™ of RM1.36.
GuruFocus considers CTOS Digital Bhd to be Significantly Undervalued.
Key valuation signals for XKLS:5301:
Beneish M-Score: -2.76
GF Value™: RM1.36 vs. price of RM0.67 (51.1% below fair value)
No single metric tells the full story. See the XKLS:5301 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
CTOS Digital Bhd is engaged in activities such as credit reporting agency, digital software-related services including software development, outsourcing, provision of training services, and provision of alternative data credit scoring. It serves three types of customers, namely Key Accounts, Commercial, and Direct-to-Consumer. The company's geographical segments include Malaysia which generates key revenue, and International.
87GF Score
Get the complete analysis for XKLS:5301
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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