Apex Healthcare Bhd (XKLS:7090) Beneish M-Score: -2.58 (As of Jun. 26, 2026)

What is Apex Healthcare Bhd Beneish M-Score?

Apex Healthcare Bhd XKLS:7090 63 Beneish M-Score is -2.58 as of Jun. 26, 2026. GuruFocus rates XKLS:7090 with a GF Score™ of 63/100 and a GF Value™ of RM2.27. The stock has 7 warning signs investors should review.

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 Apex Healthcare Bhd's Beneish M-Score or its related term are showing as below:

XKLS:7090' s Beneish M-Score Range Over the Past 10 Years
Min: -2.81 Med: -2.39 Max: -0.55
Current: -2.58

During the past 13 years, the highest Beneish M-Score of Apex Healthcare Bhd was -0.55. The lowest was -2.81. And the median was -2.39.

Apex Healthcare Bhd Beneish M-Score Related Terms

Apex Healthcare Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Apex Healthcare 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.

Apex Healthcare Bhd Beneish M-Score Chart

Apex Healthcare Bhd Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.74

-2.26

-2.05

-0.69

-2.49

Apex Healthcare Bhd Quarterly Data
	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25
Beneish M-Score	Get a 7-Day Free Trial															-2.28	-2.49	-2.64	-2.71	-2.58

XKLS:7090 vs MCK, COR, CAH: Beneish M-Score Comparison

For the Medical Distribution subindustry, Apex Healthcare 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.

Apex Healthcare Bhd Beneish M-Score vs Medical Distribution Industry

For the Medical Distribution industry and Healthcare sector, Apex Healthcare Bhd's Beneish M-Score distribution charts can be found below:

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

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63GF Score

Apex Healthcare Bhd XKLS:7090

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

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Apex Healthcare 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 Apex Healthcare 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 * 1.0828

0.528 * 0.9773

0.404 * 0.8906

0.892 * 1.0061

0.115 * 0.8718

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0126

4.679 * -0.025834

0.327 * 0.9772

-2.58

This Year (Sep25) TTM:

Last Year (Sep24) TTM:

Total Receivables was RM215.0 Mil.
Revenue was 253.019 + 240.752 + 238.87 + 237.501 = RM970.1 Mil.
Gross Profit was 56.279 + 58.819 + 55.568 + 56.51 = RM227.2 Mil.
Total Current Assets was RM559.0 Mil.
Total Assets was RM998.3 Mil.
Property, Plant and Equipment(Net PPE) was RM257.0 Mil.
Depreciation, Depletion and Amortization(DDA) was RM23.3 Mil.
Selling, General, & Admin. Expense(SGA) was RM129.4 Mil.
Total Current Liabilities was RM166.9 Mil.
Long-Term Debt & Capital Lease Obligation was RM40.9 Mil.
Net Income was 15.6 + 18.818 + 17.584 + 13.461 = RM65.5 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 29.411 + 9.242 + 18.921 + 33.679 = RM91.3 Mil.

Total Receivables was RM197.4 Mil.
Revenue was 237.366 + 238.735 + 248.178 + 239.997 = RM964.3 Mil.
Gross Profit was 57.284 + 56.036 + 55.765 + 51.599 = RM220.7 Mil.
Total Current Assets was RM548.9 Mil.
Total Assets was RM1,023.8 Mil.
Property, Plant and Equipment(Net PPE) was RM265.0 Mil.
Depreciation, Depletion and Amortization(DDA) was RM20.7 Mil.
Selling, General, & Admin. Expense(SGA) was RM127.0 Mil.
Total Current Liabilities was RM166.8 Mil.
Long-Term Debt & Capital Lease Obligation was RM51.3 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)
	=	(215.012 / 970.142)	/	(197.374 / 964.276)
	=	0.221629	/	0.204686
	=	1.0828

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)
	=	(220.684 / 964.276)	/	(227.176 / 970.142)
	=	0.22886	/	0.234168
	=	0.9773

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 - (559.007 + 256.981) / 998.296)	/	(1 - (548.911 + 264.982) / 1023.842)
	=	0.182619	/	0.20506
	=	0.8906

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
	=	970.142	/	964.276
	=	1.0061

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))
	=	(20.703 / (20.703 + 264.982))	/	(23.299 / (23.299 + 256.981))
	=	0.072468	/	0.083128
	=	0.8718

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)
	=	(129.424 / 970.142)	/	(127.036 / 964.276)
	=	0.133407	/	0.131742
	=	1.0126

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)
	=	((40.941 + 166.87) / 998.296)	/	((51.286 + 166.813) / 1023.842)
	=	0.208166	/	0.21302
	=	0.9772

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
	=	(65.463 - 0	-	91.253)	/	998.296
	=	-0.025834

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.

Apex Healthcare 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?

Apex Healthcare Bhd (XKLS:7090) has a Beneish M-Score of -2.58 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Apex Healthcare Bhd and its competitors.

Is Apex Healthcare Bhd's Beneish M-Score too high?

Apex Healthcare Bhd's current Beneish M-Score is -2.58. Overall, Apex Healthcare Bhd has a GF Score™ of 63/100, reflecting its overall financial health beyond just this single metric.

How does Apex Healthcare Bhd's Beneish M-Score compare to MCK and COR?

Apex Healthcare Bhd's Beneish M-Score of -2.58 can be compared against companies in the Medical Distribution 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 Medical Distribution company?

A good Beneish M-Score depends on the Medical Distribution 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 Apex Healthcare Bhd and its competitors. Apex Healthcare 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 Apex Healthcare Bhd stock overvalued right now?

Apex Healthcare Bhd (XKLS:7090) has a current Beneish M-Score of -2.58. The stock's GF Value™ is RM2.27, compared to a current price of RM2.61 — trading 15% above its estimated fair value. The current Beneish M-Score is -2.58. Apex Healthcare Bhd's overall GF Score™ is 63/100 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 Apex Healthcare Bhd (XKLS:7090), the current Beneish M-Score is -2.58 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.

Is Apex Healthcare Bhd (XKLS:7090) Overvalued in 2026?

Based on GuruFocus' analysis, Apex Healthcare Bhd stock appears to be overvalued. The current stock price of RM2.61 is trading 15% above its estimated GF Value™ of RM2.27.

Key valuation signals for XKLS:7090:

Beneish M-Score: -2.58
GF Value™: RM2.27 vs. price of RM2.61 (15% above fair value)
GF Score™: 63/100 with 7 warning signs

No single metric tells the full story. See the XKLS:7090 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Apex Healthcare Bhd Business Description

Industry Healthcare Medical Distribution

Comparable Companies XKLS:7081 XKLS:0187 MCK COR CAH ASX:SIG HSIC SHSE:601607 HKSE:01099 XSWX:GALE SHSE:600332 SHSE:600998 TSE:7459 MIL:AMP HKSE:02656 OSTO:ASKER NZSE:EBO SHSE:600511 TSE:2784 TSE:9987

Address 1-5 Jalan TTC 1, Cheng Industrial Estate, Melaka, MLA, MYS, 75250

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

Apex Healthcare Bhd is an investment holding company for a group of companies engaged in the development, manufacturing, marketing, and distribution of pharmaceuticals, diagnostics, consumer healthcare products, and orthopedic devices. It has direct operations in Malaysia, Singapore and Others. The company has two manufacturing plants in Melaka and Penang. It has three segments: Manufacturing, Distribution and Corporate. It derives maximum revenue from Malaysia and also has a presence in Singapore and other couintries.

63GF Score

Get the complete analysis for XKLS:7090

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

RM2.61

Price

RM2.27

GF Value

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