Azam Jaya Bhd (XKLS:5329) Beneish M-Score: -2.32 (As of Jul. 04, 2026)


XKLS:5329 Azam Jaya Bhd XKLS:5329
12 GF Score
Price RM1.00
! 5 Warning Signs
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What is Azam Jaya Bhd Beneish M-Score?

Azam Jaya Bhd XKLS:5329 12 Beneish M-Score is -2.32 as of Jul. 04, 2026. GuruFocus rates XKLS:5329 with a GF Score™ of 12/100. The stock has 5 warning signs investors should review. Among 1,700 Construction companies, Azam Jaya Bhd ranks worse than 62.18% 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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:5329' s Beneish M-Score Range Over the Past 10 Years
Min: -2.52   Med: -2.42   Max: -2.32
Current: -2.32

During the past 5 years, the highest Beneish M-Score of Azam Jaya Bhd was -2.32. The lowest was -2.52. And the median was -2.42.

Azam Jaya Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Azam Jaya 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.

Azam Jaya Bhd Beneish M-Score Chart

Azam Jaya Bhd Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 0.00 -2.52

Azam Jaya Bhd Quarterly Data
Dec21 Dec22 Dec23 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 0.00 0.00 0.00 -2.52 -2.32

XKLS:5329 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Azam Jaya 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.

Azam Jaya Bhd Beneish M-Score vs Construction Industry

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

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


XKLS:5329
12GF Score
Azam Jaya Bhd XKLS:5329
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Azam Jaya 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 Azam Jaya 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 * 1.4114+0.528 * 0.8534+0.404 * 0.8758+0.892 * 0.8199+0.115 * 0.2769
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1388+4.679 * 0.044154-0.327 * 1.0901
=-2.32

* 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 RM231.5 Mil.
Revenue was 62.988 + 47.503 + 59.376 + 43.077 = RM212.9 Mil.
Gross Profit was 13.097 + 17.601 + 12.451 + 15.997 = RM59.1 Mil.
Total Current Assets was RM325.6 Mil.
Total Assets was RM454.6 Mil.
Property, Plant and Equipment(Net PPE) was RM124.2 Mil.
Depreciation, Depletion and Amortization(DDA) was RM17.3 Mil.
Selling, General, & Admin. Expense(SGA) was RM31.8 Mil.
Total Current Liabilities was RM224.8 Mil.
Long-Term Debt & Capital Lease Obligation was RM34.2 Mil.
Net Income was -0.296 + 5.545 + 4.16 + 2.377 = RM11.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was -17.205 + 44.343 + -14.037 + -21.386 = RM-8.3 Mil.
 Total Receivables was RM200.1 Mil.
Revenue was 58.64 + 67.696 + 58.359 + 75.036 = RM259.7 Mil.
Gross Profit was 13.106 + 16.121 + 12.399 + 19.939 = RM61.6 Mil.
Total Current Assets was RM291.5 Mil.
Total Assets was RM401.3 Mil.
Property, Plant and Equipment(Net PPE) was RM104.9 Mil.
Depreciation, Depletion and Amortization(DDA) was RM3.7 Mil.
Selling, General, & Admin. Expense(SGA) was RM34.0 Mil.
Total Current Liabilities was RM177.7 Mil.
Long-Term Debt & Capital Lease Obligation was RM32.0 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)
=(231.523 / 212.944) / (200.075 / 259.731)
=1.087248 / 0.770316
=1.4114

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)
=(61.565 / 259.731) / (59.146 / 212.944)
=0.237034 / 0.277754
=0.8534

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 - (325.592 + 124.162) / 454.568) / (1 - (291.512 + 104.897) / 401.261)
=0.01059 / 0.012092
=0.8758

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
=212.944 / 259.731
=0.8199

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))
=(3.668 / (3.668 + 104.897)) / (17.253 / (17.253 + 124.162))
=0.033786 / 0.122003
=0.2769

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)
=(31.754 / 212.944) / (34.009 / 259.731)
=0.149119 / 0.130939
=1.1388

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)
=((34.215 + 224.845) / 454.568) / ((32.039 + 177.743) / 401.261)
=0.569904 / 0.522807
=1.0901

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
=(11.786 - 0 - -8.285) / 454.568
=0.044154

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.

Azam Jaya Bhd has a M-score of -2.32 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 -2.32 mean?
Azam Jaya Bhd (XKLS:5329) has a Beneish M-Score of -2.32 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Azam Jaya Bhd and its competitors. According to the industry distribution chart, Azam Jaya Bhd ranks #1057 out of 1700 companies in the Construction industry, placing it in the top 62.2%.
Is Azam Jaya Bhd's Beneish M-Score too high?
Azam Jaya Bhd's current Beneish M-Score is -2.32. Based on the distribution chart, Azam Jaya Bhd ranks #1057 out of 1700 companies in the Construction industry, which is below the industry midpoint. Overall, Azam Jaya Bhd has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Azam Jaya Bhd's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Azam Jaya Bhd ranks #1057 out of 1700 companies for Beneish M-Score. This places Azam Jaya 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 Azam Jaya Bhd and its competitors. Azam Jaya Bhd's current Beneish M-Score is -2.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Azam Jaya Bhd stock overvalued right now?
Azam Jaya Bhd (XKLS:5329) has a current Beneish M-Score of -2.32. The current Beneish M-Score is -2.32. Azam Jaya Bhd's overall GF Score™ is 12/100 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 Azam Jaya Bhd (XKLS:5329), the current Beneish M-Score is -2.32 as of Jul. 04, 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.

Azam Jaya Bhd Business Description

Address Lot 7, Jalan Kolam Centre 1 Hilltop, Kota Kinabalu, SBH, MYS, 88300
Azam Jaya Bhd is an investment holding company. It operates substantially within a single business segment of infrastructure development and construction. It derives revenue from Constructions segment followed by Property development, and Others. The group operates in Malaysia.
12GF Score

Get the complete analysis for XKLS:5329

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

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