Ni Hsin Group Bhd (XKLS:7215) Beneish M-Score: -2.46 (As of Jun. 25, 2026)


What is Ni Hsin Group Bhd Beneish M-Score?

Ni Hsin Group Bhd XKLS:7215 Beneish M-Score is -2.46 as of Jun. 25, 2026. The stock has 4 warning signs investors should review. Among 419 Furnishings, Fixtures & Appliances companies, Ni Hsin Group Bhd ranks worse than 59.43% 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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:7215' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28   Med: -2.46   Max: -0.52
Current: -2.46

During the past 13 years, the highest Beneish M-Score of Ni Hsin Group Bhd was -0.52. The lowest was -3.28. And the median was -2.46.

Ni Hsin Group Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Ni Hsin 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.

Ni Hsin Group Bhd Beneish M-Score Chart

Ni Hsin Group Bhd Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.13 -0.87 -2.80 -2.96 -2.46

Ni Hsin 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 0.00 0.00

XKLS:7215 vs SN, SGI, MHK: Beneish M-Score Comparison

For the Furnishings, Fixtures & Appliances subindustry, Ni Hsin 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.

Ni Hsin Group Bhd Beneish M-Score vs Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Ni Hsin Group Bhd's Beneish M-Score distribution charts can be found below:

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


Ni Hsin 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 Ni Hsin 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 * 1.1185+0.528 * 1.4975+0.404 * 1.323+0.892 * 0.8304+0.115 * 0.9879
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0987+4.679 * -0.068225-0.327 * 0.9739
=-2.46

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was RM2.05 Mil.
Revenue was RM28.84 Mil.
Gross Profit was RM5.60 Mil.
Total Current Assets was RM39.89 Mil.
Total Assets was RM107.47 Mil.
Property, Plant and Equipment(Net PPE) was RM58.25 Mil.
Depreciation, Depletion and Amortization(DDA) was RM3.30 Mil.
Selling, General, & Admin. Expense(SGA) was RM13.92 Mil.
Total Current Liabilities was RM4.98 Mil.
Long-Term Debt & Capital Lease Obligation was RM2.33 Mil.
Net Income was RM-7.25 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM0.08 Mil.
 Total Receivables was RM2.20 Mil.
Revenue was RM34.73 Mil.
Gross Profit was RM10.09 Mil.
Total Current Assets was RM51.07 Mil.
Total Assets was RM116.02 Mil.
Property, Plant and Equipment(Net PPE) was RM57.34 Mil.
Depreciation, Depletion and Amortization(DDA) was RM3.21 Mil.
Selling, General, & Admin. Expense(SGA) was RM15.26 Mil.
Total Current Liabilities was RM6.63 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.46 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)
=(2.047 / 28.839) / (2.204 / 34.73)
=0.07098 / 0.063461
=1.1185

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)
=(10.09 / 34.73) / (5.595 / 28.839)
=0.290527 / 0.194008
=1.4975

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 - (39.894 + 58.245) / 107.468) / (1 - (51.066 + 57.338) / 116.016)
=0.086807 / 0.065612
=1.323

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
=28.839 / 34.73
=0.8304

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))
=(3.209 / (3.209 + 57.338)) / (3.302 / (3.302 + 58.245))
=0.053 / 0.05365
=0.9879

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)
=(13.919 / 28.839) / (15.256 / 34.73)
=0.482645 / 0.439274
=1.0987

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)
=((2.325 + 4.979) / 107.468) / ((1.463 + 6.633) / 116.016)
=0.067964 / 0.069783
=0.9739

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
=(-7.253 - 0 - 0.079) / 107.468
=-0.068225

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.

Ni Hsin Group Bhd has a M-score of -2.46 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 -2.46 mean?
Ni Hsin Group Bhd (XKLS:7215) has a Beneish M-Score of -2.46 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ni Hsin Group Bhd and its competitors. According to the industry distribution chart, Ni Hsin Group Bhd ranks #249 out of 419 companies in the Furnishings, Fixtures & Appliances industry, placing it in the top 59.4%.
Is Ni Hsin Group Bhd's Beneish M-Score too high?
Ni Hsin Group Bhd's current Beneish M-Score is -2.46. Based on the distribution chart, Ni Hsin Group Bhd ranks #249 out of 419 companies in the Furnishings, Fixtures & Appliances industry, which is below the industry midpoint.
How does Ni Hsin Group Bhd's Beneish M-Score compare to SN and SGI?
According to the Furnishings, Fixtures & Appliances industry distribution chart, Ni Hsin Group Bhd ranks #249 out of 419 companies for Beneish M-Score. This places Ni Hsin 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 Furnishings, Fixtures & Appliances company?
A good Beneish M-Score depends on the Furnishings, Fixtures & Appliances 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 Ni Hsin Group Bhd and its competitors. Ni Hsin Group Bhd's current Beneish M-Score is -2.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ni Hsin Group Bhd stock overvalued right now?
Based on GuruFocus' analysis, Ni Hsin Group Bhd (XKLS:7215) is currently considered Possible Value Trap. The stock's GF Value™ is RM0.17, compared to a current price of RM0.07 — trading 58.8% below its estimated fair value. The current Beneish M-Score is -2.46. 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 Ni Hsin Group Bhd (XKLS:7215), the current Beneish M-Score is -2.46 as of Jun. 25, 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.

Ni Hsin Group Bhd Business Description

Address 45, Jalan Taming Dua, Taman Taming Jaya, Seri Kembangan, SGR, MYS, 43300
Ni Hsin Group Bhd is a manufacturer of premium stainless-steel multi-ply cookware in Malaysia. The business of the company is organized into the following product segments, Cookware, Stainless-steel products, Food and beverages, Logistics services, and Electric vehicles. Cookware Design: manufacture and sale of all kinds of kitchenware and cookware, Stainless steel products: Research, development and manufacture of stainless steel products, Food and beverages: Manufacture and trading in all kinds of food and beverages, cafe and restaurant business, Logistic services, Electric vehicles: Assembling, promoting and marketing of all kinds of electric vehicles.