Kobay Technology Bhd (XKLS:6971) Beneish M-Score: -2.84 (As of Jul. 02, 2026)

What is Kobay Technology Bhd Beneish M-Score?

Kobay Technology Bhd XKLS:6971 +0.78% 71 Beneish M-Score is -2.84 as of Jul. 02, 2026. GuruFocus rates XKLS:6971 with a GF Score™ of 71/100 and a GF Value™ of RM1.89 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 2,918 Industrial Products companies, Kobay Technology Bhd ranks better than 81.05% 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 -2.84 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:6971' s Beneish M-Score Range Over the Past 10 Years
Min: -2.84 Med: -2.4 Max: -1.3
Current: -2.84

During the past 13 years, the highest Beneish M-Score of Kobay Technology Bhd was -1.30. The lowest was -2.84. And the median was -2.40.

Kobay Technology Bhd Beneish M-Score Related Terms

Kobay Technology Bhd Beneish M-Score Historical Data

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The historical data trend for Kobay Technology 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.

Kobay Technology Bhd Beneish M-Score Chart

Kobay Technology Bhd Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-2.64

-1.30

-2.08

-2.60

-2.84

Kobay Technology 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	-2.84	0.00	0.00	0.00

XKLS:6971 vs CRS, ATI, MLI: Beneish M-Score Comparison

For the Metal Fabrication subindustry, Kobay Technology 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.

Kobay Technology Bhd Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Kobay Technology Bhd's Beneish M-Score distribution charts can be found below:

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

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71GF Score

Kobay Technology Bhd XKLS:6971

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

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Kobay Technology 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 Kobay Technology 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 * 1.1193

0.528 * 0.9887

0.404 * 0.8164

0.892 * 1.0347

0.115 * 0.9072

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.6715

4.679 * -0.052864

0.327 * 1.1515

-2.84

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was RM80.8 Mil.
Revenue was RM341.9 Mil.
Gross Profit was RM82.8 Mil.
Total Current Assets was RM312.1 Mil.
Total Assets was RM621.8 Mil.
Property, Plant and Equipment(Net PPE) was RM200.6 Mil.
Depreciation, Depletion and Amortization(DDA) was RM22.2 Mil.
Selling, General, & Admin. Expense(SGA) was RM97.8 Mil.
Total Current Liabilities was RM186.5 Mil.
Long-Term Debt & Capital Lease Obligation was RM41.0 Mil.
Net Income was RM-15.2 Mil.
Gross Profit was RM0.0 Mil.
Cash Flow from Operations was RM17.7 Mil.

Total Receivables was RM69.8 Mil.
Revenue was RM330.4 Mil.
Gross Profit was RM79.1 Mil.
Total Current Assets was RM299.3 Mil.
Total Assets was RM610.2 Mil.
Property, Plant and Equipment(Net PPE) was RM179.7 Mil.
Depreciation, Depletion and Amortization(DDA) was RM17.9 Mil.
Selling, General, & Admin. Expense(SGA) was RM56.5 Mil.
Total Current Liabilities was RM158.4 Mil.
Long-Term Debt & Capital Lease Obligation was RM35.5 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)
	=	(80.831 / 341.927)	/	(69.793 / 330.445)
	=	0.236398	/	0.211209
	=	1.1193

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)
	=	(79.11 / 330.445)	/	(82.798 / 341.927)
	=	0.239404	/	0.242151
	=	0.9887

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 - (312.052 + 200.622) / 621.808)	/	(1 - (299.3 + 179.715) / 610.189)
	=	0.175511	/	0.214973
	=	0.8164

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
	=	341.927	/	330.445
	=	1.0347

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))
	=	(17.85 / (17.85 + 179.715))	/	(22.191 / (22.191 + 200.622))
	=	0.09035	/	0.099595
	=	0.9072

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)
	=	(97.758 / 341.927)	/	(56.52 / 330.445)
	=	0.285903	/	0.171042
	=	1.6715

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)
	=	((41.037 + 186.5) / 621.808)	/	((35.542 + 158.372) / 610.189)
	=	0.365928	/	0.317793
	=	1.1515

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
	=	(-15.176 - 0	-	17.695)	/	621.808
	=	-0.052864

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.

Kobay Technology Bhd has a M-score of -2.84 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 -2.84 mean?

Kobay Technology Bhd (XKLS:6971) has a Beneish M-Score of -2.84 as of Jul. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kobay Technology Bhd and its competitors. According to the industry distribution chart, Kobay Technology Bhd ranks #553 out of 2918 companies in the Industrial Products industry, placing it in the top 19%.

Is Kobay Technology Bhd's Beneish M-Score too high?

Kobay Technology Bhd's current Beneish M-Score is -2.84. Based on the distribution chart, Kobay Technology Bhd ranks #553 out of 2918 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers. Overall, Kobay Technology Bhd has a GF Score™ of 71/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Kobay Technology Bhd's Beneish M-Score compare to CRS and ATI?

According to the Industrial Products industry distribution chart, Kobay Technology Bhd ranks #553 out of 2918 companies for Beneish M-Score. This places Kobay Technology Bhd in the top 19% 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 an Industrial Products company?

A good Beneish M-Score depends on the Industrial Products 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 Kobay Technology Bhd and its competitors. Kobay Technology Bhd's current Beneish M-Score is -2.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Kobay Technology Bhd stock overvalued right now?

Based on GuruFocus' analysis, Kobay Technology Bhd (XKLS:6971) is currently considered Significantly Overvalued. The stock's GF Value™ is RM1.89, compared to a current price of RM2.58 — trading 36.5% above its estimated fair value. The current Beneish M-Score is -2.84. Kobay Technology Bhd's overall GF Score™ is 71/100 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 Kobay Technology Bhd (XKLS:6971), the current Beneish M-Score is -2.84 as of Jul. 02, 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 Kobay Technology Bhd (XKLS:6971) Overvalued in 2026?

Based on GuruFocus' analysis, Kobay Technology Bhd stock appears to be overvalued. The current stock price of RM2.58 is trading 36.5% above its estimated GF Value™ of RM1.89. GuruFocus considers Kobay Technology Bhd to be Significantly Overvalued.

Key valuation signals for XKLS:6971:

Beneish M-Score: -2.84
GF Value™: RM1.89 vs. price of RM2.58 (36.5% above fair value)
GF Score™: 71/100 with 5 warning signs

No single metric tells the full story. See the XKLS:6971 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Kobay Technology Bhd Business Description

Industry Industrials Industrial Products

Comparable Companies XKLS:0251 XKLS:7197 XKLS:0240 XKLS:0391 XKLS:9466 XKLS:0298 XKLS:5843 XKLS:7233 XKLS:0368 XKLS:7225 CRS ATI MLI SHSE:688409 XTER:NDA CMC ESAB SHSE:603308 SZSE:000039 XBRU:VIO

Address No. 42-B Jalan Rangoon, 3rd Floor, Wisma Kobay, Georgetown, PNG, MYS, 10400

Website https://www.kobaytech.com

Kobay Technology Bhd is an investment holding company. Along with its subsidiaries, the company operates in the following segments: Manufacturing, Property development, Pharmaceutical and healthcare, Asset Management, Investment holding, and Others. It generates maximum revenue from the Manufacturing segment, which is engaged in the manufacturing of precision machined components, precision stamping, sheet metal parts, surface treatment, precision moulds, tooling and form dies, semiconductor assembly and testing equipment, metal works and structures, modules and parts for oil and gas production and extraction equipment, and components and sub-assemblies for aerospace parts. Geographically, it derives key revenue from Malaysia and the rest from Singapore, the USA, and other regions.

71GF Score

Get the complete analysis for XKLS:6971

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

RM2.58

Price

RM1.89

GF Value

View XKLS:6971 Analysis

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