BSL Bhd (XKLS:7221) Beneish M-Score: -2.64 (As of Jul. 04, 2026)


What is BSL Bhd Beneish M-Score?

BSL Bhd XKLS:7221 Beneish M-Score is -2.64 as of Jul. 04, 2026. The stock has 2 warning signs investors should review. Among 2,918 Industrial Products companies, BSL Bhd ranks better than 67.24% 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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:7221' s Beneish M-Score Range Over the Past 10 Years
Min: -9.49   Med: -2.64   Max: 1.13
Current: -2.64

During the past 13 years, the highest Beneish M-Score of BSL Bhd was 1.13. The lowest was -9.49. And the median was -2.64.

BSL Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for BSL 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.

BSL Bhd Beneish M-Score Chart

BSL Bhd Annual Data
Trend Aug14 Aug15 Aug16 Aug17 Aug18 Aug19 Aug20 Aug21 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.88 -3.24 0.00 -5.44 -2.67

BSL Bhd Quarterly Data
Feb21 May21 Aug21 Nov21 Feb22 May22 Nov22 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 -3.98 -3.00 -6.34 -9.49 -2.64

XKLS:7221 vs CRS, ATI, MLI: Beneish M-Score Comparison

For the Metal Fabrication subindustry, BSL 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.

BSL Bhd Beneish M-Score vs Industrial Products Industry

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

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


BSL 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 BSL 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 * 0.8197+0.528 * 3.0139+0.404 * 0.0907+0.892 * 0.6606+0.115 * 5.6423
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8615+4.679 * -0.169421-0.327 * 1.4645
=-2.64

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was RM9.88 Mil.
Revenue was 9.039 + 9.957 + 11.226 + 11.863 = RM42.09 Mil.
Gross Profit was -0.208 + 0.532 + 0.27 + -0.443 = RM0.15 Mil.
Total Current Assets was RM195.71 Mil.
Total Assets was RM279.67 Mil.
Property, Plant and Equipment(Net PPE) was RM83.18 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.61 Mil.
Selling, General, & Admin. Expense(SGA) was RM4.29 Mil.
Total Current Liabilities was RM67.53 Mil.
Long-Term Debt & Capital Lease Obligation was RM7.39 Mil.
Net Income was -1.717 + 3.876 + 0.37 + -2.827 = RM-0.30 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 47.084 + 0 + 0 + 0 = RM47.08 Mil.
 Total Receivables was RM18.25 Mil.
Revenue was 12.491 + 13.894 + 17.325 + 20.001 = RM63.71 Mil.
Gross Profit was -0.516 + 0.58 + 1.826 + -1.201 = RM0.69 Mil.
Total Current Assets was RM145.59 Mil.
Total Assets was RM231.80 Mil.
Property, Plant and Equipment(Net PPE) was RM79.12 Mil.
Depreciation, Depletion and Amortization(DDA) was RM3.41 Mil.
Selling, General, & Admin. Expense(SGA) was RM7.53 Mil.
Total Current Liabilities was RM40.22 Mil.
Long-Term Debt & Capital Lease Obligation was RM2.18 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)
=(9.884 / 42.085) / (18.254 / 63.711)
=0.234858 / 0.286513
=0.8197

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)
=(0.689 / 63.711) / (0.151 / 42.085)
=0.010814 / 0.003588
=3.0139

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 - (195.71 + 83.184) / 279.67) / (1 - (145.591 + 79.122) / 231.802)
=0.002775 / 0.030582
=0.0907

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
=42.085 / 63.711
=0.6606

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))
=(3.412 / (3.412 + 79.122)) / (0.614 / (0.614 + 83.184))
=0.041341 / 0.007327
=5.6423

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)
=(4.287 / 42.085) / (7.533 / 63.711)
=0.101865 / 0.118237
=0.8615

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)
=((7.393 + 67.534) / 279.67) / ((2.184 + 40.222) / 231.802)
=0.267912 / 0.182941
=1.4645

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
=(-0.298 - 0 - 47.084) / 279.67
=-0.169421

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.

BSL Bhd has a M-score of -2.64 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 -2.64 mean?
BSL Bhd (XKLS:7221) has a Beneish M-Score of -2.64 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BSL Bhd and its competitors. According to the industry distribution chart, BSL Bhd ranks #956 out of 2918 companies in the Industrial Products industry, placing it in the top 32.8%.
Is BSL Bhd's Beneish M-Score too high?
BSL Bhd's current Beneish M-Score is -2.64. Based on the distribution chart, BSL Bhd ranks #956 out of 2918 companies in the Industrial Products industry, which is above the industry midpoint.
How does BSL Bhd's Beneish M-Score compare to CRS and ATI?
According to the Industrial Products industry distribution chart, BSL Bhd ranks #956 out of 2918 companies for Beneish M-Score. This puts BSL Bhd in the upper 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 BSL Bhd and its competitors. BSL Bhd's current Beneish M-Score is -2.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BSL Bhd stock overvalued right now?
Based on GuruFocus' analysis, BSL Bhd (XKLS:7221) is currently considered Significantly Overvalued. The stock's GF Value™ is RM0.01, compared to a current price of RM0.02 — trading 100% above its estimated fair value. The current Beneish M-Score is -2.64. 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 BSL Bhd (XKLS:7221), the current Beneish M-Score is -2.64 as of Jul. 04, 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.

BSL Bhd Business Description

Address Lot 4220, Persimpangan Jalan Batu Arang, Lebuhraya PLUS, Rawang, SGR, MYS, 48000
BSL Corp Bhd is a Malaysia-based investment holding company. Its segments include Investment holding; Precision stamping & tooling, which derives the majority of its revenue; PCB(Printed circuit board) & module assembly; Renewable energy; Investment holding and others. Its manufacturing services include Metal Stamping, PCB Assembly, CNC Machining, Welding, Roll forming, Forging, Secondary Processes, Toolmaking, and Warehousing & Logistics.