Mercury Industries Bhd (XKLS:8192) Beneish M-Score: -1.66 (As of Jun. 25, 2026)


XKLS:8192 Mercury Industries Bhd XKLS:8192
57 GF Score
Price RM0.60
GF Value RM6.61
Valuation Possible Value Trap
! 3 Warning Signs
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What is Mercury Industries Bhd Beneish M-Score?

Mercury Industries Bhd XKLS:8192 57 Beneish M-Score is -1.66 as of Jun. 25, 2026. GuruFocus rates XKLS:8192 with a GF Score™ of 57/100 and a GF Value™ of RM6.61 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 1,704 Construction companies, Mercury Industries Bhd ranks worse than 84.33% 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 -1.66 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:8192' s Beneish M-Score Range Over the Past 10 Years
Min: -3.65   Med: -2   Max: -0.19
Current: -1.66

During the past 13 years, the highest Beneish M-Score of Mercury Industries Bhd was -0.19. The lowest was -3.65. And the median was -2.00.

Mercury Industries Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Mercury 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.

Mercury Industries Bhd Beneish M-Score Chart

Mercury Industries Bhd Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Jun25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.26 -2.79 -3.65 -2.00 -1.66

Mercury Industries Bhd Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 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 -1.66 0.00 0.00 0.00

XKLS:8192 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Mercury 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.

Mercury Industries Bhd Beneish M-Score vs Construction Industry

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

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


XKLS:8192
57GF Score
Mercury Industries Bhd XKLS:8192
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Mercury 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 Mercury 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 * 0.3811+0.528 * -0.245+0.404 * 0.7582+0.892 * 2.6657+0.115 * 3.9004
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.083408-0.327 * 1.1914
=-1.66

* 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 (Jun25) TTM:Last Year (Dec23) TTM:
Total Receivables was RM20.26 Mil.
Revenue was RM19.27 Mil.
Gross Profit was RM3.95 Mil.
Total Current Assets was RM40.07 Mil.
Total Assets was RM80.77 Mil.
Property, Plant and Equipment(Net PPE) was RM0.15 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.04 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.00 Mil.
Total Current Liabilities was RM29.74 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.78 Mil.
Net Income was RM4.76 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM-1.98 Mil.
 Total Receivables was RM19.94 Mil.
Revenue was RM7.23 Mil.
Gross Profit was RM-0.36 Mil.
Total Current Assets was RM25.48 Mil.
Total Assets was RM75.49 Mil.
Property, Plant and Equipment(Net PPE) was RM0.02 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.09 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.00 Mil.
Total Current Liabilities was RM24.72 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.00 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)
=(20.259 / 19.273) / (19.943 / 7.23)
=1.05116 / 2.758368
=0.3811

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)
=(-0.363 / 7.23) / (3.95 / 19.273)
=-0.050207 / 0.20495
=-0.245

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 - (40.066 + 0.152) / 80.772) / (1 - (25.478 + 0.018) / 75.485)
=0.50208 / 0.662238
=0.7582

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
=19.273 / 7.23
=2.6657

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))
=(0.087 / (0.087 + 0.018)) / (0.041 / (0.041 + 0.152))
=0.828571 / 0.212435
=3.9004

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)
=(0 / 19.273) / (0 / 7.23)
=0 / 0
=1

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)
=((1.78 + 29.739) / 80.772) / ((0 + 24.723) / 75.485)
=0.390222 / 0.327522
=1.1914

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
=(4.76 - 0 - -1.977) / 80.772
=0.083408

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.

Mercury Industries Bhd has a M-score of -1.66 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 -1.66 mean?
Mercury Industries Bhd (XKLS:8192) has a Beneish M-Score of -1.66 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mercury Industries Bhd and its competitors. According to the industry distribution chart, Mercury Industries Bhd ranks #1437 out of 1704 companies in the Construction industry, placing it in the top 84.3%.
Is Mercury Industries Bhd's Beneish M-Score too high?
Mercury Industries Bhd's current Beneish M-Score is -1.66. Based on the distribution chart, Mercury Industries Bhd ranks #1437 out of 1704 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, Mercury Industries Bhd has a GF Score™ of 57/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Mercury Industries Bhd's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Mercury Industries Bhd ranks #1437 out of 1704 companies for Beneish M-Score. This places Mercury Industries 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 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 Mercury Industries Bhd and its competitors. Mercury Industries Bhd's current Beneish M-Score is -1.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mercury Industries Bhd stock overvalued right now?
Based on GuruFocus' analysis, Mercury Industries Bhd (XKLS:8192) is currently considered Possible Value Trap. The stock's GF Value™ is RM6.61, compared to a current price of RM0.60 — trading 90.9% below its estimated fair value. The current Beneish M-Score is -1.66. Mercury Industries Bhd's overall GF Score™ is 57/100 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 Mercury Industries Bhd (XKLS:8192), the current Beneish M-Score is -1.66 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.

Is Mercury Industries Bhd (XKLS:8192) Overvalued in 2026?

Based on GuruFocus' analysis, Mercury Industries Bhd stock appears to be undervalued. The current stock price of RM0.60 is trading 90.9% below its estimated GF Value™ of RM6.61. GuruFocus considers Mercury Industries Bhd to be Possible Value Trap.

Key valuation signals for XKLS:8192:

  • Beneish M-Score: -1.66
  • GF Value™: RM6.61 vs. price of RM0.60 (90.9% below fair value)
  • GF Score™: 57/100 with 3 warning signs

No single metric tells the full story. See the XKLS:8192 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Mercury Industries Bhd Business Description

Address No. 9, Jalan 16/11, Off Jalan Damansara, Unit 3A10, Block G Phileo Damansara 1, Petaling Jaya, SGR, MYS, 46350
Mercury Industries Bhd is an investment holding company engaged in civil and building construction works. Its principal activities include sourcing and trading building materials and other associated products used in the construction and property development industry. The company's segments are property development, which undertakes the development of commercial and residential properties; investment holding, involving investment holding and provision of management services; and complementary business, covering civil and building construction and trading of building materials. and majority of revenue comes from property development. the company operates in Malaysia.
57GF Score

Get the complete analysis for XKLS:8192

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

RM0.60
Price
RM6.61
GF Value