D'Nonce Technology Bhd (XKLS:7114) Beneish M-Score: -2.90 (As of Jul. 06, 2026)


What is D'Nonce Technology Bhd Beneish M-Score?

D'Nonce Technology Bhd XKLS:7114 Beneish M-Score is -2.90 as of Jul. 06, 2026. The stock has 7 warning signs investors should review. Among 373 Packaging & Containers companies, D'Nonce Technology Bhd ranks better than 80.43% 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 -2.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:7114' s Beneish M-Score Range Over the Past 10 Years
Min: -2.94   Med: -2.85   Max: -2.44
Current: -2.9

During the past 13 years, the highest Beneish M-Score of D'Nonce Technology Bhd was -2.44. The lowest was -2.94. And the median was -2.85.

D'Nonce Technology Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for D'Nonce 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.

D'Nonce Technology Bhd Beneish M-Score Chart

D'Nonce Technology Bhd Annual Data
Trend Aug12 Aug13 Aug14 Aug15 Aug16 Aug17 Apr21 Mar23 Mar24 Mar25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.51 -2.55 -2.93 -2.94 -2.90

D'Nonce Technology Bhd Quarterly Data
Apr21 Jul21 Oct21 Jan22 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 -2.90 0.00 0.00 0.00 -2.44

XKLS:7114 vs SW, PKG, IP: Beneish M-Score Comparison

For the Packaging & Containers subindustry, D'Nonce 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.

D'Nonce Technology Bhd Beneish M-Score vs Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, D'Nonce Technology Bhd's Beneish M-Score distribution charts can be found below:

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


D'Nonce 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 D'Nonce Technology 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 * 0.9865+0.528 * 1.1047+0.404 * 0.9653+0.892 * 1.124+0.115 * 1.1305
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7548+4.679 * -0.118176-0.327 * 1.1876
=-2.90

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was RM34.9 Mil.
Revenue was RM198.3 Mil.
Gross Profit was RM75.0 Mil.
Total Current Assets was RM127.5 Mil.
Total Assets was RM323.7 Mil.
Property, Plant and Equipment(Net PPE) was RM163.8 Mil.
Depreciation, Depletion and Amortization(DDA) was RM10.6 Mil.
Selling, General, & Admin. Expense(SGA) was RM1.7 Mil.
Total Current Liabilities was RM51.2 Mil.
Long-Term Debt & Capital Lease Obligation was RM41.9 Mil.
Net Income was RM-24.1 Mil.
Gross Profit was RM0.0 Mil.
Cash Flow from Operations was RM14.1 Mil.
 Total Receivables was RM31.4 Mil.
Revenue was RM176.4 Mil.
Gross Profit was RM73.7 Mil.
Total Current Assets was RM157.0 Mil.
Total Assets was RM334.2 Mil.
Property, Plant and Equipment(Net PPE) was RM142.4 Mil.
Depreciation, Depletion and Amortization(DDA) was RM10.5 Mil.
Selling, General, & Admin. Expense(SGA) was RM2.0 Mil.
Total Current Liabilities was RM48.5 Mil.
Long-Term Debt & Capital Lease Obligation was RM32.4 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)
=(34.865 / 198.257) / (31.444 / 176.383)
=0.175858 / 0.178271
=0.9865

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)
=(73.719 / 176.383) / (75.007 / 198.257)
=0.417948 / 0.378332
=1.1047

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 - (127.45 + 163.785) / 323.704) / (1 - (157.023 + 142.434) / 334.181)
=0.100305 / 0.103908
=0.9653

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
=198.257 / 176.383
=1.124

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))
=(10.488 / (10.488 + 142.434)) / (10.578 / (10.578 + 163.785))
=0.068584 / 0.060667
=1.1305

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)
=(1.695 / 198.257) / (1.998 / 176.383)
=0.00855 / 0.011328
=0.7548

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)
=((41.913 + 51.183) / 323.704) / ((32.394 + 48.531) / 334.181)
=0.287596 / 0.242159
=1.1876

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
=(-24.105 - 0 - 14.149) / 323.704
=-0.118176

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.

D'Nonce Technology Bhd has a M-score of -2.90 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 -2.90 mean?
D'Nonce Technology Bhd (XKLS:7114) has a Beneish M-Score of -2.90 as of Jul. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on D'Nonce Technology Bhd and its competitors. According to the industry distribution chart, D'Nonce Technology Bhd ranks #73 out of 373 companies in the Packaging & Containers industry, placing it in the top 19.6%.
Is D'Nonce Technology Bhd's Beneish M-Score too high?
D'Nonce Technology Bhd's current Beneish M-Score is -2.90. Based on the distribution chart, D'Nonce Technology Bhd ranks #73 out of 373 companies in the Packaging & Containers industry, which is in the top quartile — a strong position relative to peers.
How does D'Nonce Technology Bhd's Beneish M-Score compare to SW and PKG?
According to the Packaging & Containers industry distribution chart, D'Nonce Technology Bhd ranks #73 out of 373 companies for Beneish M-Score. This places D'Nonce Technology Bhd in the top 20% 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 a Packaging & Containers company?
A good Beneish M-Score depends on the Packaging & Containers 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 D'Nonce Technology Bhd and its competitors. D'Nonce Technology Bhd's current Beneish M-Score is -2.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is D'Nonce Technology Bhd stock overvalued right now?
Based on GuruFocus' analysis, D'Nonce Technology Bhd (XKLS:7114) is currently considered Modestly Undervalued. The stock's GF Value™ is RM0.04, compared to a current price of RM0.04 — trading 12.5% below its estimated fair value. The current Beneish M-Score is -2.90. 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 D'Nonce Technology Bhd (XKLS:7114), the current Beneish M-Score is -2.90 as of Jul. 06, 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.

D'Nonce Technology Bhd Business Description

Address 51-14-B&C, Jalan Sultan Ahmad Shah, Menara BHL, Georgetown, PNG, MYS, 10050
D'Nonce Technology Bhd is involved in the provision of management services and investment holding activity. The group has three reportable segments: Healthcare; Electrical and electronics; and Other industries. The group's primary revenue generator is the electrical and electronics segment. The electrical and electronics segment includes end-to-end packaging and design solutions, precision polymer engineering services, cleanroom services, and contract manufacturing majorly supporting customers in the electrical and electronics industry In addition, it is also operating as a contract manufacturer of electronic components. Geographically, Malaysian regions account for the majority of revenue.