Pasdec Holdings Bhd (XKLS:6912) Beneish M-Score: -2.58 (As of Jul. 12, 2026)

What is Pasdec Holdings Bhd Beneish M-Score?

Pasdec Holdings Bhd XKLS:6912 +1.69% 49 Beneish M-Score is -2.58 as of Jul. 12, 2026. GuruFocus rates XKLS:6912 with a GF Score™ of 49/100 and a GF Value™ of RM0.91 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 1,685 Real Estate companies, Pasdec Holdings Bhd ranks better than 64.21% 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:6912' s Beneish M-Score Range Over the Past 10 Years
Min: -3.77 Med: -2.64 Max: -1.35
Current: -2.58

During the past 13 years, the highest Beneish M-Score of Pasdec Holdings Bhd was -1.35. The lowest was -3.77. And the median was -2.64.

Pasdec Holdings Bhd Beneish M-Score Related Terms

Pasdec Holdings Bhd Beneish M-Score Historical Data

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The historical data trend for Pasdec Holdings 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.

Pasdec Holdings Bhd Beneish M-Score Chart

Pasdec Holdings Bhd Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.25

-3.77

-1.35

-3.15

-2.58

Pasdec Holdings 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															0.00	0.00	0.00	-2.58	0.00

Pasdec Holdings Bhd Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, Pasdec Holdings 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.

Pasdec Holdings Bhd Beneish M-Score vs Real Estate Industry

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

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

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49GF Score

Pasdec Holdings Bhd XKLS:6912

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

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Pasdec Holdings 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 Pasdec Holdings 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 * 0.7709

0.528 * 0.9783

0.404 * 0.894

0.892 * 1.1149

0.115 * 1.0111

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8996

4.679 * 0.020386

0.327 * 1.1585

-2.58

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was RM12.33 Mil.
Revenue was RM32.87 Mil.
Gross Profit was RM21.47 Mil.
Total Current Assets was RM191.46 Mil.
Total Assets was RM407.33 Mil.
Property, Plant and Equipment(Net PPE) was RM8.00 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.66 Mil.
Selling, General, & Admin. Expense(SGA) was RM3.68 Mil.
Total Current Liabilities was RM26.13 Mil.
Long-Term Debt & Capital Lease Obligation was RM13.56 Mil.
Net Income was RM8.26 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM-0.05 Mil.

Total Receivables was RM14.35 Mil.
Revenue was RM29.48 Mil.
Gross Profit was RM18.84 Mil.
Total Current Assets was RM163.06 Mil.
Total Assets was RM398.38 Mil.
Property, Plant and Equipment(Net PPE) was RM7.91 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.66 Mil.
Selling, General, & Admin. Expense(SGA) was RM3.67 Mil.
Total Current Liabilities was RM24.46 Mil.
Long-Term Debt & Capital Lease Obligation was RM9.04 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)
	=	(12.334 / 32.87)	/	(14.35 / 29.483)
	=	0.375236	/	0.486721
	=	0.7709

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)
	=	(18.844 / 29.483)	/	(21.474 / 32.87)
	=	0.639148	/	0.653301
	=	0.9783

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 - (191.458 + 7.999) / 407.333)	/	(1 - (163.064 + 7.907) / 398.38)
	=	0.510334	/	0.570834
	=	0.894

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
	=	32.87	/	29.483
	=	1.1149

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))
	=	(1.66 / (1.66 + 7.907))	/	(1.657 / (1.657 + 7.999))
	=	0.173513	/	0.171603
	=	1.0111

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)
	=	(3.676 / 32.87)	/	(3.665 / 29.483)
	=	0.111834	/	0.124309
	=	0.8996

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)
	=	((13.556 + 26.126) / 407.333)	/	((9.043 + 24.457) / 398.38)
	=	0.097419	/	0.084091
	=	1.1585

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
	=	(8.256 - 0	-	-0.048)	/	407.333
	=	0.020386

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.

Pasdec Holdings Bhd has a M-score of -2.58 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 -2.58 mean?

Pasdec Holdings Bhd (XKLS:6912) has a Beneish M-Score of -2.58 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pasdec Holdings Bhd and its competitors. According to the industry distribution chart, Pasdec Holdings Bhd ranks #603 out of 1685 companies in the Real Estate industry, placing it in the top 35.8%.

Is Pasdec Holdings Bhd's Beneish M-Score too high?

Pasdec Holdings Bhd's current Beneish M-Score is -2.58. Based on the distribution chart, Pasdec Holdings Bhd ranks #603 out of 1685 companies in the Real Estate industry, which is above the industry midpoint. Overall, Pasdec Holdings Bhd has a GF Score™ of 49/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Pasdec Holdings Bhd's Beneish M-Score compare to competitors?

According to the Real Estate industry distribution chart, Pasdec Holdings Bhd ranks #603 out of 1685 companies for Beneish M-Score. This puts Pasdec Holdings Bhd in the upper 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 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 Pasdec Holdings Bhd and its competitors. Pasdec Holdings Bhd's current Beneish M-Score is -2.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Pasdec Holdings Bhd stock overvalued right now?

Based on GuruFocus' analysis, Pasdec Holdings Bhd (XKLS:6912) is currently considered Possible Value Trap. The stock's GF Value™ is RM0.91, compared to a current price of RM0.30 — trading 67% below its estimated fair value. The current Beneish M-Score is -2.58. Pasdec Holdings Bhd's overall GF Score™ is 49/100 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 Pasdec Holdings Bhd (XKLS:6912), the current Beneish M-Score is -2.58 as of Jul. 12, 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 Pasdec Holdings Bhd (XKLS:6912) Overvalued in 2026?

Based on GuruFocus' analysis, Pasdec Holdings Bhd stock appears to be undervalued. The current stock price of RM0.30 is trading 67% below its estimated GF Value™ of RM0.91. GuruFocus considers Pasdec Holdings Bhd to be Possible Value Trap.

Key valuation signals for XKLS:6912:

Beneish M-Score: -2.58
GF Value™: RM0.91 vs. price of RM0.30 (67% below fair value)
GF Score™: 49/100 with 3 warning signs

No single metric tells the full story. See the XKLS:6912 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Pasdec Holdings Bhd Business Description

Industry Real Estate Real Estate

Comparable Companies XKLS:3158 XKLS:3913 XKLS:1538 XKLS:7071 XKLS:6815 XKLS:2259 XKLS:7120 XKLS:6181 XKLS:5062 XKLS:7079 HKSE:00016 DFM:EMAAR HKSE:01109 STC:VHM HKSE:01113 ADX:ALDAR TSE:1925 HKSE:00688 BOM:532868 DFM:EMAARDEV

Address Level 21, Jalan Putra Square 6, Silk Ballroom, Level 3, Menara Zenith, The Zenith Hotel Kuantan, Putra Square, Kauntan, PHG, MYS, 25200

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

Pasdec Holdings Bhd is an investment holding company. The business of the company operates in segments that include Investment Holding, which provides management services; Property Development, which develops residential and commercial properties; Construction, that builds and constructs residential and commercial properties; and Others, which provides property management services. The Property Development segment generates the maximum revenue for the company. Geographically, it derives a majority of revenue from Malaysia.

49GF Score

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

RM0.30

Price

RM0.91

GF Value

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