SHL Consolidated Bhd (XKLS:6017) Beneish M-Score: -2.94 (As of Jul. 04, 2026)

What is SHL Consolidated Bhd Beneish M-Score?

SHL Consolidated Bhd XKLS:6017 65 Beneish M-Score is -2.94 as of Jul. 04, 2026. GuruFocus rates XKLS:6017 with a GF Score™ of 65/100 and a GF Value™ of RM1.10 (Significantly Overvalued). The stock has 9 warning signs investors should review. Among 1,680 Real Estate companies, SHL Consolidated Bhd ranks better than 81.96% 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 -2.94 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:6017' s Beneish M-Score Range Over the Past 10 Years
Min: -3.89 Med: -1.94 Max: 1.06
Current: -2.94

During the past 13 years, the highest Beneish M-Score of SHL Consolidated Bhd was 1.06. The lowest was -3.89. And the median was -1.94.

SHL Consolidated Bhd Beneish M-Score Related Terms

SHL Consolidated Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for SHL Consolidated 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.

SHL Consolidated Bhd Beneish M-Score Chart

SHL Consolidated Bhd Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-0.96

-2.48

-1.40

-3.58

-2.94

SHL Consolidated 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															-3.58	-3.58	-3.34	-3.06	-2.94

XKLS:6017 vs CBRE, BEKE, JLL: Beneish M-Score Comparison

For the Real Estate Services subindustry, SHL Consolidated 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.

SHL Consolidated Bhd Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, SHL Consolidated Bhd's Beneish M-Score distribution charts can be found below:

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

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65GF Score

SHL Consolidated Bhd XKLS:6017

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

View Full Analysis

SHL Consolidated 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 SHL Consolidated 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 * 0.7783

0.528 * 0.9156

0.404 * 0.8615

0.892 * 0.796

0.115 * 1.1698

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2512

4.679 * 0.002732

0.327 * 0.8943

-2.94

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was RM43.92 Mil.
Revenue was 8.767 + 34.391 + 26.962 + 28.478 = RM98.60 Mil.
Gross Profit was 7.655 + 16.307 + 14.513 + 13.237 = RM51.71 Mil.
Total Current Assets was RM748.09 Mil.
Total Assets was RM1,035.89 Mil.
Property, Plant and Equipment(Net PPE) was RM208.12 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.95 Mil.
Selling, General, & Admin. Expense(SGA) was RM22.14 Mil.
Total Current Liabilities was RM39.51 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.00 Mil.
Net Income was 3.227 + 11.524 + 11.613 + 10.4 = RM36.76 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 5.086 + 3.621 + 9.56 + 15.667 = RM33.93 Mil.

Total Receivables was RM70.89 Mil.
Revenue was 29.524 + 27.293 + 34.769 + 32.278 = RM123.86 Mil.
Gross Profit was 9.872 + 15.762 + 18.835 + 15.013 = RM59.48 Mil.
Total Current Assets was RM734.01 Mil.
Total Assets was RM1,034.99 Mil.
Property, Plant and Equipment(Net PPE) was RM208.56 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.12 Mil.
Selling, General, & Admin. Expense(SGA) was RM22.23 Mil.
Total Current Liabilities was RM44.15 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.00 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)
	=	(43.923 / 98.598)	/	(70.894 / 123.864)
	=	0.445476	/	0.572354
	=	0.7783

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)
	=	(59.482 / 123.864)	/	(51.712 / 98.598)
	=	0.48022	/	0.524473
	=	0.9156

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 - (748.087 + 208.122) / 1035.888)	/	(1 - (734.01 + 208.563) / 1034.987)
	=	0.076919	/	0.08929
	=	0.8615

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
	=	98.598	/	123.864
	=	0.796

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))
	=	(1.118 / (1.118 + 208.563))	/	(0.953 / (0.953 + 208.122))
	=	0.005332	/	0.004558
	=	1.1698

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)
	=	(22.14 / 98.598)	/	(22.23 / 123.864)
	=	0.224548	/	0.179471
	=	1.2512

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)
	=	((0 + 39.514) / 1035.888)	/	((0 + 44.145) / 1034.987)
	=	0.038145	/	0.042653
	=	0.8943

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
	=	(36.764 - 0	-	33.934)	/	1035.888
	=	0.002732

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.

SHL Consolidated Bhd has a M-score of -2.94 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 -2.94 mean?

SHL Consolidated Bhd (XKLS:6017) has a Beneish M-Score of -2.94 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SHL Consolidated Bhd and its competitors. According to the industry distribution chart, SHL Consolidated Bhd ranks #303 out of 1680 companies in the Real Estate industry, placing it in the top 18%.

Is SHL Consolidated Bhd's Beneish M-Score too high?

SHL Consolidated Bhd's current Beneish M-Score is -2.94. Based on the distribution chart, SHL Consolidated Bhd ranks #303 out of 1680 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, SHL Consolidated Bhd has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does SHL Consolidated Bhd's Beneish M-Score compare to CBRE and BEKE?

According to the Real Estate industry distribution chart, SHL Consolidated Bhd ranks #303 out of 1680 companies for Beneish M-Score. This places SHL Consolidated Bhd in the top 18% 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 Real Estate company?

A good Beneish M-Score depends on the Real Estate 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 SHL Consolidated Bhd and its competitors. SHL Consolidated Bhd's current Beneish M-Score is -2.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is SHL Consolidated Bhd stock overvalued right now?

Based on GuruFocus' analysis, SHL Consolidated Bhd (XKLS:6017) is currently considered Significantly Overvalued. The stock's GF Value™ is RM1.10, compared to a current price of RM2.35 — trading 113.6% above its estimated fair value. The current Beneish M-Score is -2.94. SHL Consolidated Bhd's overall GF Score™ is 65/100 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 SHL Consolidated Bhd (XKLS:6017), the current Beneish M-Score is -2.94 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.

Is SHL Consolidated Bhd (XKLS:6017) Overvalued in 2026?

Based on GuruFocus' analysis, SHL Consolidated Bhd stock appears to be overvalued. The current stock price of RM2.35 is trading 113.6% above its estimated GF Value™ of RM1.10. GuruFocus considers SHL Consolidated Bhd to be Significantly Overvalued.

Key valuation signals for XKLS:6017:

Beneish M-Score: -2.94
GF Value™: RM1.10 vs. price of RM2.35 (113.6% above fair value)
GF Score™: 65/100 with 9 warning signs

No single metric tells the full story. See the XKLS:6017 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

SHL Consolidated Bhd Business Description

Industry Real Estate Real Estate

Comparable Companies XKLS:1694 XKLS:7003 XKLS:9814 XKLS:4464 STC:VIC CBRE ISX:DCII XMAD:CLNX XTER:VNA TSE:8830 XTAE:AZRG BEKE HKSE:01972 JLL ADX:MODON CSGP HKSE:01209 SGX:9CI XSGO:MALLPLAZA XTER:DWNI

Address 346, Jalan Tun Razak, 6th Floor, Wisma Sin Heap Lee, Kuala Lumpur, SGR, MYS, 50400

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

SHL Consolidated Bhd is an investment holding company. It is an integrated commercial and residential property development group which are also involved in granite quarrying and manufacturing of aggregates, general building construction, earthworks, infrastructure works, renting out of plant and machinery. The company's operating segment includes Investment and services; Property development; Construction; Trading; Manufacturing and Quarrying. The company generates maximum revenue from the Property development segment. Geographically, it operates only in Malaysia.

65GF Score

Get the complete analysis for XKLS:6017

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

RM2.35

Price

RM1.10

GF Value

View XKLS:6017 Analysis

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