Zecon Bhd (XKLS:7028) Beneish M-Score: -1.78 (As of Jul. 05, 2026)

What is Zecon Bhd Beneish M-Score?

Zecon Bhd XKLS:7028 31 Beneish M-Score is -1.78 as of Jul. 05, 2026. GuruFocus rates XKLS:7028 with a GF Score™ of 31/100. The stock has 7 warning signs investors should review. Among 1,700 Construction companies, Zecon Bhd ranks worse than 82.47% 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 -1.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:7028' s Beneish M-Score Range Over the Past 10 Years
Min: -3.96 Med: -1.95 Max: 28.91
Current: -1.78

During the past 13 years, the highest Beneish M-Score of Zecon Bhd was 28.91. The lowest was -3.96. And the median was -1.95.

Zecon Bhd Beneish M-Score Related Terms

Zecon Bhd Beneish M-Score Historical Data

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The historical data trend for Zecon 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.

Zecon Bhd Beneish M-Score Chart

Zecon Bhd Annual Data

Trend

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.01

-2.68

-2.56

-2.55

-1.87

Zecon Bhd Quarterly Data
	Dec20	Mar21	Sep21	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															-2.39	0.00	0.00	-1.87	-1.78

XKLS:7028 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Zecon 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.

Zecon Bhd Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Zecon Bhd's Beneish M-Score distribution charts can be found below:

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

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31GF Score

Zecon Bhd XKLS:7028

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

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Zecon 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 Zecon 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 * 0.6851

0.528 * 1.6365

0.404 * 0.9491

0.892 * 1.5883

0.115 * 1.2345

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5662

4.679 * 0.008264

0.327 * 0.982

-1.78

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was RM162.6 Mil.
Revenue was 15.082 + 55.113 + 18.655 + 16.057 = RM104.9 Mil.
Gross Profit was 11.133 + 9.166 + 9.657 + 9.338 = RM39.3 Mil.
Total Current Assets was RM300.8 Mil.
Total Assets was RM1,718.3 Mil.
Property, Plant and Equipment(Net PPE) was RM7.6 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.2 Mil.
Selling, General, & Admin. Expense(SGA) was RM33.7 Mil.
Total Current Liabilities was RM365.0 Mil.
Long-Term Debt & Capital Lease Obligation was RM735.5 Mil.
Net Income was -1.088 + 6.372 + -2.178 + -2.49 = RM0.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 2.835 + -26.509 + 10.523 + -0.433 = RM-13.6 Mil.

Total Receivables was RM149.4 Mil.
Revenue was 15.09 + -77.27 + 19.966 + 108.265 = RM66.1 Mil.
Gross Profit was 11.277 + -1.909 + 14.354 + 16.766 = RM40.5 Mil.
Total Current Assets was RM217.2 Mil.
Total Assets was RM1,659.4 Mil.
Property, Plant and Equipment(Net PPE) was RM7.6 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.5 Mil.
Selling, General, & Admin. Expense(SGA) was RM37.4 Mil.
Total Current Liabilities was RM309.0 Mil.
Long-Term Debt & Capital Lease Obligation was RM773.4 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)
	=	(162.574 / 104.907)	/	(149.411 / 66.051)
	=	1.549696	/	2.262055
	=	0.6851

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)
	=	(40.488 / 66.051)	/	(39.294 / 104.907)
	=	0.612981	/	0.37456
	=	1.6365

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 - (300.826 + 7.591) / 1718.284)	/	(1 - (217.171 + 7.592) / 1659.432)
	=	0.820509	/	0.864554
	=	0.9491

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
	=	104.907	/	66.051
	=	1.5883

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))
	=	(1.508 / (1.508 + 7.592))	/	(1.177 / (1.177 + 7.591))
	=	0.165714	/	0.134238
	=	1.2345

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)
	=	(33.662 / 104.907)	/	(37.429 / 66.051)
	=	0.320875	/	0.566668
	=	0.5662

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)
	=	((735.531 + 365.033) / 1718.284)	/	((773.398 + 308.997) / 1659.432)
	=	0.640502	/	0.652268
	=	0.982

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
	=	(0.616 - 0	-	-13.584)	/	1718.284
	=	0.008264

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.

Zecon Bhd has a M-score of -1.78 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 -1.78 mean?

Zecon Bhd (XKLS:7028) has a Beneish M-Score of -1.78 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Zecon Bhd and its competitors. According to the industry distribution chart, Zecon Bhd ranks #1402 out of 1700 companies in the Construction industry, placing it in the top 82.5%.

Is Zecon Bhd's Beneish M-Score too high?

Zecon Bhd's current Beneish M-Score is -1.78. Based on the distribution chart, Zecon Bhd ranks #1402 out of 1700 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, Zecon Bhd has a GF Score™ of 31/100, reflecting its overall financial health beyond just this single metric.

How does Zecon Bhd's Beneish M-Score compare to PWR and FIX?

According to the Construction industry distribution chart, Zecon Bhd ranks #1402 out of 1700 companies for Beneish M-Score. This places Zecon Bhd in the lower 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 Construction company?

A good Beneish M-Score depends on the Construction 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 Zecon Bhd and its competitors. Zecon Bhd's current Beneish M-Score is -1.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Zecon Bhd stock overvalued right now?

Zecon Bhd (XKLS:7028) has a current Beneish M-Score of -1.78. The current Beneish M-Score is -1.78. Zecon Bhd's overall GF Score™ is 31/100 with 7 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 Zecon Bhd (XKLS:7028), the current Beneish M-Score is -1.78 as of Jul. 05, 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.

Zecon Bhd Business Description

Industry Industrials Construction

Comparable Companies XKLS:5190 XKLS:9717 XKLS:0347 XKLS:5297 XKLS:7078 XKLS:0237 XKLS:0226 XKLS:7070 XKLS:0353 XKLS:7544 PWR XPAR:DG FIX NSE:LT XKRX:028260 XAMS:FER XTER:HOT XMAD:ACS EME MTZ

Address Jalan Satok, Menara Zecon, Number 92, Lot 393, 8th Floor, Section 5 KTLD, Kuching, SWK, MYS, 93400

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

Zecon Bhd provides civil engineering and building construction services. The company operates through the following business segments: Construction, Property Development, Service Concession, Property Holding, Renewable Energy, Hotel Operations, Car Park Management, and Others. The Construction segment engages in piling works, foundation engineering, and building construction. The Property Development segment engages in property holding and development. The Service Concession segment engages in the construction, operation, and maintenance of the hospital. The Other segment engages in management services. The firm derives the majority of its revenue from the Service concession segment.

31GF Score

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

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