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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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Eco World Development Group Bhd's Beneish M-Score or its related term are showing as below:
XKLS:8206'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.27 Med: -2.5 Max: -1.4
Current: -2.38
During the past 13 years, the highest Beneish M-Score of Eco World Development Group Bhd was -1.40. The lowest was -3.27. And the median was -2.50.
Eco World Development Group Bhd Beneish M-Score Related Terms
Eco World Development Group Bhd Beneish M-Score Historical Data
* 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.
Eco World Development Group Bhd Beneish M-Score Chart
Eco World Development Group Bhd Beneish M-Score Competitor Comparison
For the Real Estate - Development subindustry, Eco World Development 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.
Eco World Development Group Bhd Beneish M-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Eco World Development Group Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Eco World Development Group Bhd's Beneish M-Score falls into.
Eco World Development 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 Eco World Development 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 * 1.0494
+
0.528 * 0.9673
+
0.404 * 0.9666
+
0.892 * 1.4187
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0148
+
4.679 * -0.070513
-
0.327 * 0.8678
=
-2.38
* 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.
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.
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 / (0 + 158.939))
/
(0 / (0 + 163.114))
=
0
/
0
=
1
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
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
=
(513.453 - 0
-
1482.098)
/
13737.026
=
-0.070513
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.
Eco World Development Group Bhd has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
Eco World Development Group Bhd (XKLS:8206) has a Beneish M-Score of -2.38 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Eco World Development Group Bhd and its competitors. According to the industry distribution chart, Eco World Development Group Bhd ranks #824 out of 1685 companies in the Real Estate industry, placing it in the top 48.9%.
Is Eco World Development Group Bhd's Beneish M-Score too high?
Eco World Development Group Bhd's current Beneish M-Score is -2.38. Based on the distribution chart, Eco World Development Group Bhd ranks #824 out of 1685 companies in the Real Estate industry, which is above the industry midpoint. Overall, Eco World Development Group Bhd has a GF Score™ of 84/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Eco World Development Group Bhd's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Eco World Development Group Bhd ranks #824 out of 1685 companies for Beneish M-Score. This puts Eco World Development Group 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Eco World Development Group Bhd and its competitors. Eco World Development Group Bhd's current Beneish M-Score is -2.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Eco World Development Group Bhd stock overvalued right now?
Based on GuruFocus' analysis, Eco World Development Group Bhd (XKLS:8206) is currently considered Fairly Valued. The stock's GF Value™ is RM2.28, compared to a current price of RM2.11 — trading 7.5% below its estimated fair value. The current Beneish M-Score is -2.38. Eco World Development Group Bhd's overall GF Score™ is 84/100 with 5 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 Eco World Development Group Bhd (XKLS:8206), the current Beneish M-Score is -2.38 as of Jul. 13, 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 Eco World Development Group Bhd (XKLS:8206) Overvalued in 2026?
Based on GuruFocus' analysis, Eco World Development Group Bhd stock appears to be undervalued.
The current stock price of RM2.11 is trading 7.5% below its estimated GF Value™ of RM2.28.
GuruFocus considers Eco World Development Group Bhd to be Fairly Valued.
Key valuation signals for XKLS:8206:
Beneish M-Score: -2.38
GF Value™: RM2.28 vs. price of RM2.11 (7.5% below fair value)
No single metric tells the full story. See the XKLS:8206 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Eco World Development Group Bhd Business Description
Eco World Development Group Bhd is a Malaysian property development company. The company's projects are spread across economic areas of Malaysia: Klang Valley, Iskandar Malaysia, and Penang. Some of the company's key projects are Eco Grandeur, Eco Ardence, Eco Business Park, Eco Meadows, Eco Horizon, Eco Sun, Eco Bloom, and others. The company's business can be divided into revenue-generating areas including the sale of completed properties and other goods, the sale of properties under development and construction contracts. The company derives a majority of its revenue from the sale of properties.
84GF Score
Get the complete analysis for XKLS:8206
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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