DKLS Industries Bhd (XKLS:7528) Beneish M-Score: -2.77 (As of Jun. 26, 2026)


XKLS:7528 DKLS Industries Bhd XKLS:7528
72 GF Score
Price RM1.42
GF Value RM1.78
Valuation Modestly Undervalued
! 3 Warning Signs
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What is DKLS Industries Bhd Beneish M-Score?

DKLS Industries Bhd XKLS:7528 72 Beneish M-Score is -2.77 as of Jun. 26, 2026. GuruFocus rates XKLS:7528 with a GF Score™ of 72/100 and a GF Value™ of RM1.78 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,704 Construction companies, DKLS Industries Bhd ranks better than 71.36% 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 -2.77 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:7528' s Beneish M-Score Range Over the Past 10 Years
Min: -8.86   Med: -2.84   Max: 2.33
Current: -2.77

During the past 13 years, the highest Beneish M-Score of DKLS Industries Bhd was 2.33. The lowest was -8.86. And the median was -2.84.

DKLS Industries Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for DKLS Industries 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.

DKLS Industries Bhd Beneish M-Score Chart

DKLS Industries Bhd Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.54 -2.50 -3.01 -2.97 -2.46

DKLS Industries 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 -2.47 -2.59 -2.76 -2.46 -2.77

XKLS:7528 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, DKLS Industries 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.

DKLS Industries Bhd Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, DKLS Industries Bhd's Beneish M-Score distribution charts can be found below:

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


XKLS:7528
72GF Score
DKLS Industries Bhd XKLS:7528
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

DKLS Industries 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 DKLS Industries 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 * 1.0649+0.528 * 0.999+0.404 * 0.9341+0.892 * 0.9785+0.115 * 1.2294
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8388+4.679 * -0.029084-0.327 * 1.6621
=-2.77

* 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 RM45.7 Mil.
Revenue was 36.084 + 49.372 + 46.025 + 36.906 = RM168.4 Mil.
Gross Profit was 36.58 + 49.328 + 45.879 + 36.819 = RM168.6 Mil.
Total Current Assets was RM286.1 Mil.
Total Assets was RM579.9 Mil.
Property, Plant and Equipment(Net PPE) was RM61.3 Mil.
Depreciation, Depletion and Amortization(DDA) was RM4.8 Mil.
Selling, General, & Admin. Expense(SGA) was RM16.3 Mil.
Total Current Liabilities was RM63.4 Mil.
Long-Term Debt & Capital Lease Obligation was RM15.7 Mil.
Net Income was 2.991 + 6.735 + 6.52 + 5.31 = RM21.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 8.523 + 17.882 + 12.282 + -0.265 = RM38.4 Mil.
 Total Receivables was RM43.9 Mil.
Revenue was 33.647 + 45.796 + 50.131 + 42.512 = RM172.1 Mil.
Gross Profit was 33.787 + 45.942 + 49.762 + 42.641 = RM172.1 Mil.
Total Current Assets was RM237.0 Mil.
Total Assets was RM526.3 Mil.
Property, Plant and Equipment(Net PPE) was RM63.4 Mil.
Depreciation, Depletion and Amortization(DDA) was RM6.2 Mil.
Selling, General, & Admin. Expense(SGA) was RM19.8 Mil.
Total Current Liabilities was RM30.3 Mil.
Long-Term Debt & Capital Lease Obligation was RM12.8 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)
=(45.699 / 168.387) / (43.855 / 172.086)
=0.271393 / 0.254844
=1.0649

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)
=(172.132 / 172.086) / (168.606 / 168.387)
=1.000267 / 1.001301
=0.999

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 - (286.112 + 61.288) / 579.905) / (1 - (236.965 + 63.436) / 526.294)
=0.400936 / 0.429214
=0.9341

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
=168.387 / 172.086
=0.9785

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))
=(6.241 / (6.241 + 63.436)) / (4.816 / (4.816 + 61.288))
=0.08957 / 0.072855
=1.2294

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)
=(16.29 / 168.387) / (19.848 / 172.086)
=0.096741 / 0.115338
=0.8388

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)
=((15.656 + 63.404) / 579.905) / ((12.843 + 30.327) / 526.294)
=0.136333 / 0.082026
=1.6621

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
=(21.556 - 0 - 38.422) / 579.905
=-0.029084

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.

DKLS Industries Bhd has a M-score of -2.77 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 -2.77 mean?
DKLS Industries Bhd (XKLS:7528) has a Beneish M-Score of -2.77 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on DKLS Industries Bhd and its competitors. According to the industry distribution chart, DKLS Industries Bhd ranks #488 out of 1704 companies in the Construction industry, placing it in the top 28.6%.
Is DKLS Industries Bhd's Beneish M-Score too high?
DKLS Industries Bhd's current Beneish M-Score is -2.77. Based on the distribution chart, DKLS Industries Bhd ranks #488 out of 1704 companies in the Construction industry, which is above the industry midpoint. Overall, DKLS Industries Bhd has a GF Score™ of 72/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does DKLS Industries Bhd's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, DKLS Industries Bhd ranks #488 out of 1704 companies for Beneish M-Score. This puts DKLS Industries 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 a Construction company?
A good Beneish M-Score depends on the Construction 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 DKLS Industries Bhd and its competitors. DKLS Industries Bhd's current Beneish M-Score is -2.77. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is DKLS Industries Bhd stock overvalued right now?
Based on GuruFocus' analysis, DKLS Industries Bhd (XKLS:7528) is currently considered Modestly Undervalued. The stock's GF Value™ is RM1.78, compared to a current price of RM1.42 — trading 20.2% below its estimated fair value. The current Beneish M-Score is -2.77. DKLS Industries Bhd's overall GF Score™ is 72/100 with 3 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 DKLS Industries Bhd (XKLS:7528), the current Beneish M-Score is -2.77 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 DKLS Industries Bhd (XKLS:7528) Overvalued in 2026?

Based on GuruFocus' analysis, DKLS Industries Bhd stock appears to be undervalued. The current stock price of RM1.42 is trading 20.2% below its estimated GF Value™ of RM1.78. GuruFocus considers DKLS Industries Bhd to be Modestly Undervalued.

Key valuation signals for XKLS:7528:

  • Beneish M-Score: -2.77
  • GF Value™: RM1.78 vs. price of RM1.42 (20.2% below fair value)
  • GF Score™: 72/100 with 3 warning signs

No single metric tells the full story. See the XKLS:7528 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

DKLS Industries Bhd Business Description

Address Jalan Dato Seri Ahmad Said, 16th Floor & Penthouse, Ipoh Tower, Ipoh, PRK, MYS, 30450
DKLS Industries Bhd is a company involved in the engineering and construction business sector. The company has various business segments, including Investment, Construction, Property development, quarry, Utilities, and Others. The company derives maximum revenue from the Quarry segment. Geographically company operates in Malaysia and the Lao People's Democratic Republic, out of which Malaysia accounts for the majority of revenue.
72GF Score

Get the complete analysis for XKLS:7528

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

RM1.42
Price
RM1.78
GF Value