Kenanga Investment Bank Bhd (XKLS:6483) Beneish M-Score: -2.74 (As of Jun. 27, 2026)


XKLS:6483 Kenanga Investment Bank Bhd XKLS:6483
41 GF Score
Price RM0.69
GF Value RM0.92
Valuation Modestly Undervalued
! 3 Warning Signs
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What is Kenanga Investment Bank Bhd Beneish M-Score?

Kenanga Investment Bank Bhd XKLS:6483 41 Beneish M-Score is -2.74 as of Jun. 27, 2026. GuruFocus rates XKLS:6483 with a GF Score™ of 41/100 and a GF Value™ of RM0.92 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 702 Capital Markets companies, Kenanga Investment Bank Bhd ranks better than 76.92% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:6483' s Beneish M-Score Range Over the Past 10 Years
Min: -2.87   Med: -2.51   Max: -1.28
Current: -2.74

During the past 13 years, the highest Beneish M-Score of Kenanga Investment Bank Bhd was -1.28. The lowest was -2.87. And the median was -2.51.

XKLS:6483
41GF Score
Kenanga Investment Bank Bhd XKLS:6483
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Kenanga Investment Bank 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 Kenanga Investment Bank 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+0.528 * 1+0.404 * 0.9994+0.892 * 0.8251+0.115 * 1.0609
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1552+4.679 * -0.024202-0.327 * 0.9046
=-2.74

* 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 RM0.0 Mil.
Revenue was 107.518 + 145.083 + 116.218 + 110.205 = RM479.0 Mil.
Gross Profit was 107.518 + 145.083 + 116.218 + 110.205 = RM479.0 Mil.
Total Current Assets was RM0.0 Mil.
Total Assets was RM7,728.8 Mil.
Property, Plant and Equipment(Net PPE) was RM182.3 Mil.
Depreciation, Depletion and Amortization(DDA) was RM27.5 Mil.
Selling, General, & Admin. Expense(SGA) was RM82.7 Mil.
Total Current Liabilities was RM0.0 Mil.
Long-Term Debt & Capital Lease Obligation was RM154.5 Mil.
Net Income was 4.188 + 31.244 + 6.671 + 2.283 = RM44.4 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 338.619 + -43.406 + 117.363 + -181.134 = RM231.4 Mil.
 Total Receivables was RM0.0 Mil.
Revenue was 111.604 + 223.793 + 121.393 + 123.745 = RM580.5 Mil.
Gross Profit was 111.604 + 223.793 + 121.393 + 123.745 = RM580.5 Mil.
Total Current Assets was RM0.0 Mil.
Total Assets was RM7,565.9 Mil.
Property, Plant and Equipment(Net PPE) was RM173.7 Mil.
Depreciation, Depletion and Amortization(DDA) was RM28.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM86.8 Mil.
Total Current Liabilities was RM0.0 Mil.
Long-Term Debt & Capital Lease Obligation was RM167.2 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)
=(0 / 479.024) / (0 / 580.535)
=0 / 0
=1

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)
=(580.535 / 580.535) / (479.024 / 479.024)
=1 / 1
=1

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 - (0 + 182.289) / 7728.828) / (1 - (0 + 173.66) / 7565.867)
=0.976414 / 0.977047
=0.9994

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
=479.024 / 580.535
=0.8251

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))
=(28.016 / (28.016 + 173.66)) / (27.467 / (27.467 + 182.289))
=0.138916 / 0.130947
=1.0609

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)
=(82.717 / 479.024) / (86.781 / 580.535)
=0.172678 / 0.149485
=1.1552

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)
=((154.526 + 0) / 7728.828) / ((167.215 + 0) / 7565.867)
=0.019993 / 0.022101
=0.9046

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
=(44.386 - 0 - 231.442) / 7728.828
=-0.024202

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.

Kenanga Investment Bank Bhd has a M-score of -2.74 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 -2.74 mean?
Kenanga Investment Bank Bhd (XKLS:6483) has a Beneish M-Score of -2.74 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kenanga Investment Bank Bhd and its competitors. According to the industry distribution chart, Kenanga Investment Bank Bhd ranks #162 out of 702 companies in the Capital Markets industry, placing it in the top 23.1%.
Is Kenanga Investment Bank Bhd's Beneish M-Score too high?
Kenanga Investment Bank Bhd's current Beneish M-Score is -2.74. Based on the distribution chart, Kenanga Investment Bank Bhd ranks #162 out of 702 companies in the Capital Markets industry, which is in the top quartile — a strong position relative to peers. Overall, Kenanga Investment Bank Bhd has a GF Score™ of 41/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Kenanga Investment Bank Bhd's Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, Kenanga Investment Bank Bhd ranks #162 out of 702 companies for Beneish M-Score. This places Kenanga Investment Bank Bhd in the top 23% 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 Kenanga Investment Bank Bhd and its competitors. Kenanga Investment Bank Bhd's current Beneish M-Score is -2.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kenanga Investment Bank Bhd stock overvalued right now?
Based on GuruFocus' analysis, Kenanga Investment Bank Bhd (XKLS:6483) is currently considered Modestly Undervalued. The stock's GF Value™ is RM0.92, compared to a current price of RM0.69 — trading 25.5% below its estimated fair value. The current Beneish M-Score is -2.74. Kenanga Investment Bank Bhd's overall GF Score™ is 41/100 with 3 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 Kenanga Investment Bank Bhd (XKLS:6483), the current Beneish M-Score is -2.74 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 Kenanga Investment Bank Bhd (XKLS:6483) Overvalued in 2026?

Based on GuruFocus' analysis, Kenanga Investment Bank Bhd stock appears to be undervalued. The current stock price of RM0.69 is trading 25.5% below its estimated GF Value™ of RM0.92. GuruFocus considers Kenanga Investment Bank Bhd to be Modestly Undervalued.

Key valuation signals for XKLS:6483:

  • Beneish M-Score: -2.74
  • GF Value™: RM0.92 vs. price of RM0.69 (25.5% below fair value)
  • GF Score™: 41/100 with 3 warning signs

No single metric tells the full story. See the XKLS:6483 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Kenanga Investment Bank Bhd Business Description

Address 237, Jalan Tun Razak, Level 17, Kenanga Tower, Wilayah Persekutuan, Kuala Lumpur, MYS, 50400
Kenanga Investment Bank Bhd is a Malaysia based independent investment bank. It offers the provision of nominee services, private equity, promotion and management of collective investment schemes and management of investment funds. The company has five operating divisions: Investment banking; Stockbroking dealings in securities and investment related services; Listed derivatives is into Futures broking business; Asset and wealth management including management of funds and unit trusts, Corporate and others. It derives its key revenues from Stock broking Dealings.
41GF Score

Get the complete analysis for XKLS:6483

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

RM0.69
Price
RM0.92
GF Value