ASTEEL Group Bhd (XKLS:7020) Beneish M-Score: -2.59 (As of Jun. 26, 2026)


What is ASTEEL Group Bhd Beneish M-Score?

ASTEEL Group Bhd XKLS:7020 Beneish M-Score is -2.59 as of Jun. 26, 2026. The stock has 4 warning signs investors should review. Among 592 Steel companies, ASTEEL Group Bhd ranks better than 57.09% 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:7020' s Beneish M-Score Range Over the Past 10 Years
Min: -4.68   Med: -2.91   Max: 94.82
Current: -2.59

During the past 13 years, the highest Beneish M-Score of ASTEEL Group Bhd was 94.82. The lowest was -4.68. And the median was -2.91.

ASTEEL Group Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for ASTEEL Group 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.

ASTEEL Group Bhd Beneish M-Score Chart

ASTEEL Group Bhd Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.97 -2.47 -2.43 -2.91 -2.59

ASTEEL Group 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 -2.59 0.00

XKLS:7020 vs NUE, STLD, RS: Beneish M-Score Comparison

For the Steel subindustry, ASTEEL Group 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.

ASTEEL Group Bhd Beneish M-Score vs Steel Industry

For the Steel industry and Basic Materials sector, ASTEEL Group Bhd's Beneish M-Score distribution charts can be found below:

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


ASTEEL Group 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 ASTEEL Group 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 * 0.9226+0.528 * 0.9472+0.404 * 0.9632+0.892 * 1.0965+0.115 * 1.0129
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0076+4.679 * -0.016859-0.327 * 1.012
=-2.59

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was RM72.9 Mil.
Revenue was RM272.0 Mil.
Gross Profit was RM45.4 Mil.
Total Current Assets was RM171.9 Mil.
Total Assets was RM248.2 Mil.
Property, Plant and Equipment(Net PPE) was RM75.4 Mil.
Depreciation, Depletion and Amortization(DDA) was RM9.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM35.9 Mil.
Total Current Liabilities was RM141.5 Mil.
Long-Term Debt & Capital Lease Obligation was RM22.9 Mil.
Net Income was RM0.0 Mil.
Gross Profit was RM0.0 Mil.
Cash Flow from Operations was RM4.2 Mil.
 Total Receivables was RM72.1 Mil.
Revenue was RM248.0 Mil.
Gross Profit was RM39.2 Mil.
Total Current Assets was RM162.7 Mil.
Total Assets was RM243.1 Mil.
Property, Plant and Equipment(Net PPE) was RM79.4 Mil.
Depreciation, Depletion and Amortization(DDA) was RM9.6 Mil.
Selling, General, & Admin. Expense(SGA) was RM32.5 Mil.
Total Current Liabilities was RM136.8 Mil.
Long-Term Debt & Capital Lease Obligation was RM22.3 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)
=(72.922 / 271.951) / (72.083 / 248.025)
=0.268144 / 0.290628
=0.9226

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)
=(39.203 / 248.025) / (45.382 / 271.951)
=0.158061 / 0.166876
=0.9472

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 - (171.885 + 75.355) / 248.182) / (1 - (162.739 + 79.415) / 243.112)
=0.003796 / 0.003941
=0.9632

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
=271.951 / 248.025
=1.0965

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))
=(9.64 / (9.64 + 79.415)) / (9.017 / (9.017 + 75.355))
=0.108248 / 0.106872
=1.0129

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)
=(35.869 / 271.951) / (32.466 / 248.025)
=0.131895 / 0.130898
=1.0076

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)
=((22.898 + 141.513) / 248.182) / ((22.336 + 136.799) / 243.112)
=0.662461 / 0.654575
=1.012

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
=(0.02 - 0 - 4.204) / 248.182
=-0.016859

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.

ASTEEL Group Bhd has a M-score of -2.59 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 -2.59 mean?
ASTEEL Group Bhd (XKLS:7020) has a Beneish M-Score of -2.59 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ASTEEL Group Bhd and its competitors. According to the industry distribution chart, ASTEEL Group Bhd ranks #254 out of 592 companies in the Steel industry, placing it in the top 42.9%.
Is ASTEEL Group Bhd's Beneish M-Score too high?
ASTEEL Group Bhd's current Beneish M-Score is -2.59. Based on the distribution chart, ASTEEL Group Bhd ranks #254 out of 592 companies in the Steel industry, which is above the industry midpoint.
How does ASTEEL Group Bhd's Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, ASTEEL Group Bhd ranks #254 out of 592 companies for Beneish M-Score. This puts ASTEEL Group 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 Steel company?
A good Beneish M-Score depends on the Steel 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 ASTEEL Group Bhd and its competitors. ASTEEL Group Bhd's current Beneish M-Score is -2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ASTEEL Group Bhd stock overvalued right now?
Based on GuruFocus' analysis, ASTEEL Group Bhd (XKLS:7020) is currently considered Possible Value Trap. The stock's GF Value™ is RM0.09, compared to a current price of RM0.06 — trading 33.3% below its estimated fair value. The current Beneish M-Score is -2.59. 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 ASTEEL Group Bhd (XKLS:7020), the current Beneish M-Score is -2.59 as of Jun. 26, 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.

ASTEEL Group Bhd Business Description

Address No. 2 Jalan Setia Prima S U13/S, No. 52-4 and 53-4 Setia Avenue, Seksyen U13, Setia Alam, Shah Alam, SGR, MYS, 40170
ASTEEL Group Bhd specializes in steel roofing and structure design and building, and focuses on the downstream industry for other building and construction materials. It is involved in the manufacturing of coated steel products and processing of metal roofing, wall cladding & fencing, metal floor decking, light gauge structural components, purlins, and framing systems under the brands ASTEEL and ASTAR. The firm operates in two segments: ARSB and STARSHINE. The ARSB segment that generates the majority of its revenue, engages in manufacturing and selling coated steel products and downstream roofing products, trading of hardware and building materials in Sabah and Sarawak, East Malaysia.