HCK Capital Group Bhd (XKLS:7105) Beneish M-Score: 1.71 (As of Jul. 05, 2026)

What is HCK Capital Group Bhd Beneish M-Score?

HCK Capital Group Bhd XKLS:7105 +0.47% 64 Beneish M-Score is 1.71 as of Jul. 05, 2026. GuruFocus rates XKLS:7105 with a GF Score™ of 64/100 and a GF Value™ of RM1.19 (Significantly Overvalued). The stock has 10 warning signs investors should review. Among 1,683 Real Estate companies, HCK Capital Group Bhd ranks worse than 93.7% 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.

Warning Sign:

Beneish M-Score 1.71 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:7105' s Beneish M-Score Range Over the Past 10 Years
Min: -3.97 Med: -1.78 Max: 1.71
Current: 1.71

During the past 13 years, the highest Beneish M-Score of HCK Capital Group Bhd was 1.71. The lowest was -3.97. And the median was -1.78.

HCK Capital Group Bhd Beneish M-Score Related Terms

HCK Capital Group Bhd Beneish M-Score Historical Data

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The historical data trend for HCK Capital 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.

HCK Capital Group Bhd Beneish M-Score Chart

HCK Capital Group Bhd Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.05

-2.67

-1.26

-1.75

0.80

HCK Capital 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															-3.22	-3.19	-2.22	0.80	1.71

HCK Capital Group Bhd Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, HCK Capital 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.

HCK Capital Group Bhd Beneish M-Score vs Real Estate Industry

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

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

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64GF Score

HCK Capital Group Bhd XKLS:7105

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

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HCK Capital 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 HCK Capital Group 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 * 5.6176

0.528 * 1.2015

0.404 * 1.1697

0.892 * 0.5055

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.658

4.679 * 0.112193

0.327 * 1.1013

1.71

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was RM180.7 Mil.
Revenue was 31.351 + 50.534 + 38.783 + 32.787 = RM153.5 Mil.
Gross Profit was 12.384 + 10.661 + -3.161 + 7.159 = RM27.0 Mil.
Total Current Assets was RM870.6 Mil.
Total Assets was RM1,299.8 Mil.
Property, Plant and Equipment(Net PPE) was RM47.1 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM77.8 Mil.
Total Current Liabilities was RM274.5 Mil.
Long-Term Debt & Capital Lease Obligation was RM434.4 Mil.
Net Income was -5.184 + 9.963 + 18.041 + -4.282 = RM18.5 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was -21.689 + -22.056 + -51.235 + -32.308 = RM-127.3 Mil.

Total Receivables was RM63.6 Mil.
Revenue was 24.194 + 93.233 + 90.476 + 95.682 = RM303.6 Mil.
Gross Profit was 11.909 + 25.977 + 10.99 + 15.406 = RM64.3 Mil.
Total Current Assets was RM769.4 Mil.
Total Assets was RM1,152.2 Mil.
Property, Plant and Equipment(Net PPE) was RM93.2 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM57.9 Mil.
Total Current Liabilities was RM309.0 Mil.
Long-Term Debt & Capital Lease Obligation was RM261.6 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)
	=	(180.724 / 153.455)	/	(63.645 / 303.585)
	=	1.1777	/	0.209645
	=	5.6176

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)
	=	(64.282 / 303.585)	/	(27.043 / 153.455)
	=	0.211743	/	0.176228
	=	1.2015

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 - (870.597 + 47.066) / 1299.781)	/	(1 - (769.396 + 93.189) / 1152.168)
	=	0.293986	/	0.251337
	=	1.1697

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
	=	153.455	/	303.585
	=	0.5055

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))
	=	(0 / (0 + 93.189))	/	(0 / (0 + 47.066))
	=	0	/	0
	=	1

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)
	=	(77.829 / 153.455)	/	(57.927 / 303.585)
	=	0.507178	/	0.19081
	=	2.658

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)
	=	((434.382 + 274.46) / 1299.781)	/	((261.557 + 308.967) / 1152.168)
	=	0.545355	/	0.495174
	=	1.1013

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
	=	(18.538 - 0	-	-127.288)	/	1299.781
	=	0.112193

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.

HCK Capital Group Bhd has a M-score of 1.71 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 1.71 mean?

HCK Capital Group Bhd (XKLS:7105) has a Beneish M-Score of 1.71 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on HCK Capital Group Bhd and its competitors. According to the industry distribution chart, HCK Capital Group Bhd ranks #1577 out of 1683 companies in the Real Estate industry, placing it in the top 93.7%.

Is HCK Capital Group Bhd's Beneish M-Score too high?

HCK Capital Group Bhd's current Beneish M-Score is 1.71. Based on the distribution chart, HCK Capital Group Bhd ranks #1577 out of 1683 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, HCK Capital Group Bhd has a GF Score™ of 64/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does HCK Capital Group Bhd's Beneish M-Score compare to competitors?

According to the Real Estate industry distribution chart, HCK Capital Group Bhd ranks #1577 out of 1683 companies for Beneish M-Score. This places HCK Capital Group 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 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 HCK Capital Group Bhd and its competitors. HCK Capital Group Bhd's current Beneish M-Score is 1.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is HCK Capital Group Bhd stock overvalued right now?

Based on GuruFocus' analysis, HCK Capital Group Bhd (XKLS:7105) is currently considered Significantly Overvalued. The stock's GF Value™ is RM1.19, compared to a current price of RM2.15 — trading 80.7% above its estimated fair value. The current Beneish M-Score is 1.71. HCK Capital Group Bhd's overall GF Score™ is 64/100 with 10 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 HCK Capital Group Bhd (XKLS:7105), the current Beneish M-Score is 1.71 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.

Is HCK Capital Group Bhd (XKLS:7105) Overvalued in 2026?

Based on GuruFocus' analysis, HCK Capital Group Bhd stock appears to be overvalued. The current stock price of RM2.15 is trading 80.7% above its estimated GF Value™ of RM1.19. GuruFocus considers HCK Capital Group Bhd to be Significantly Overvalued.

Key valuation signals for XKLS:7105:

Beneish M-Score: 1.71
GF Value™: RM1.19 vs. price of RM2.15 (80.7% above fair value)
GF Score™: 64/100 with 10 warning signs

No single metric tells the full story. See the XKLS:7105 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

HCK Capital Group Bhd Business Description

Industry Real Estate Real Estate

Comparable Companies XKLS:6114 XKLS:6718 XKLS:5313 XKLS:3417 XKLS:1287 XKLS:9687 XKLS:5827 XKLS:1503 XKLS:5789 XKLS:1724 HKSE:00016 DFM:EMAAR HKSE:01109 STC:VHM HKSE:01113 ADX:ALDAR TSE:1925 HKSE:00688 BOM:532868 DFM:EMAARDEV

Address No. 8 Jalan Damansara, Level 40, Empire City, HCK Tower, Petaling Jaya, SGR, MYS, 47820

Website https://www.hckgroup.my

HCK Capital Group Bhd is principally engaged in the business of investment holding and the provision of management services. It is principally engaged in property development. The Group operates through two divisions Property division and Platform division. The company has three reportable segments include Property development, property trading and property management services includes fees derived from successful completion of sales of property, income derived from sales of properties, letting of properties and consultancy services; Platforms includes value engineering, consultancy, development and technology services; Others includes investment holding and royalty fee income. It generates majority of revenue from Properties. It operates predominantly in Malaysia.

64GF Score

Get the complete analysis for XKLS:7105

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

RM2.15

Price

RM1.19

GF Value

View XKLS:7105 Analysis

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