S & F Capital Bhd (XKLS:8745) Beneish M-Score: 102.81 (As of Jun. 28, 2026)


What is S & F Capital Bhd Beneish M-Score?

S & F Capital Bhd XKLS:8745 +9.09% Beneish M-Score is 102.81 as of Jun. 28, 2026. The stock has 9 warning signs investors should review. Among 1,684 Real Estate companies, S & F Capital Bhd ranks worse than 99.64% 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 102.81 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:8745' s Beneish M-Score Range Over the Past 10 Years
Min: -10.51   Med: -2.18   Max: 102.81
Current: 102.81

During the past 13 years, the highest Beneish M-Score of S & F Capital Bhd was 102.81. The lowest was -10.51. And the median was -2.18.

S & F Capital Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for S & F Capital 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.

S & F Capital Bhd Beneish M-Score Chart

S & F Capital Bhd Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.63 -1.92 -1.22 -1.94 -1.40

S & F Capital 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 -0.13 -1.40 -1.40 -2.41 102.81

S & F Capital Bhd Beneish M-Score Competitor Comparison

For the Real Estate - Diversified subindustry, S & F Capital 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.

S & F Capital Bhd Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, S & F Capital Bhd's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where S & F Capital Bhd's Beneish M-Score falls into.


S & F Capital 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 S & F Capital 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 * 3.5117+0.528 * 196.8333+0.404 * 1.2154+0.892 * 0.2948+0.115 * 0.7628
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.9925+4.679 * 0.131195-0.327 * 1.3652
=102.81

* 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 RM28.65 Mil.
Revenue was 5.205 + 3.998 + 3.197 + 1.905 = RM14.31 Mil.
Gross Profit was 0.35 + -0.435 + -0.037 + 0.125 = RM0.00 Mil.
Total Current Assets was RM50.52 Mil.
Total Assets was RM127.06 Mil.
Property, Plant and Equipment(Net PPE) was RM0.57 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.88 Mil.
Selling, General, & Admin. Expense(SGA) was RM3.94 Mil.
Total Current Liabilities was RM37.09 Mil.
Long-Term Debt & Capital Lease Obligation was RM26.32 Mil.
Net Income was -0.448 + -1.522 + -0.697 + -0.935 = RM-3.60 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was -8.11 + -16.256 + -3 + 7.095 = RM-20.27 Mil.
 Total Receivables was RM27.68 Mil.
Revenue was 6.729 + 10.686 + 15.685 + 15.43 = RM48.53 Mil.
Gross Profit was 0.144 + 1.154 + 1.052 + -0.344 = RM2.01 Mil.
Total Current Assets was RM42.74 Mil.
Total Assets was RM87.65 Mil.
Property, Plant and Equipment(Net PPE) was RM1.79 Mil.
Depreciation, Depletion and Amortization(DDA) was RM2.53 Mil.
Selling, General, & Admin. Expense(SGA) was RM4.46 Mil.
Total Current Liabilities was RM26.96 Mil.
Long-Term Debt & Capital Lease Obligation was RM5.08 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)
=(28.648 / 14.305) / (27.676 / 48.53)
=2.002656 / 0.570286
=3.5117

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)
=(2.006 / 48.53) / (0.003 / 14.305)
=0.041335 / 0.00021
=196.8333

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 - (50.523 + 0.57) / 127.055) / (1 - (42.739 + 1.794) / 87.645)
=0.597867 / 0.491893
=1.2154

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
=14.305 / 48.53
=0.2948

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))
=(2.529 / (2.529 + 1.794)) / (1.876 / (1.876 + 0.57))
=0.58501 / 0.766966
=0.7628

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)
=(3.935 / 14.305) / (4.461 / 48.53)
=0.275079 / 0.091923
=2.9925

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)
=((26.318 + 37.086) / 127.055) / ((5.081 + 26.957) / 87.645)
=0.499028 / 0.365543
=1.3652

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
=(-3.602 - 0 - -20.271) / 127.055
=0.131195

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.

S & F Capital Bhd has a M-score of 102.81 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 102.81 mean?
S & F Capital Bhd (XKLS:8745) has a Beneish M-Score of 102.81 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on S & F Capital Bhd and its competitors. According to the industry distribution chart, S & F Capital Bhd ranks #1678 out of 1684 companies in the Real Estate industry, placing it in the top 99.6%.
Is S & F Capital Bhd's Beneish M-Score too high?
S & F Capital Bhd's current Beneish M-Score is 102.81. Based on the distribution chart, S & F Capital Bhd ranks #1678 out of 1684 companies in the Real Estate industry, which is in the bottom quartile relative to peers.
How does S & F Capital Bhd's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, S & F Capital Bhd ranks #1678 out of 1684 companies for Beneish M-Score. This places S & F Capital 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 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 S & F Capital Bhd and its competitors. S & F Capital Bhd's current Beneish M-Score is 102.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is S & F Capital Bhd stock overvalued right now?
Based on GuruFocus' analysis, S & F Capital Bhd (XKLS:8745) is currently considered Significantly Overvalued. The stock's GF Value™ is RM0.02, compared to a current price of RM0.06 — trading 200% above its estimated fair value. The current Beneish M-Score is 102.81. 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 S & F Capital Bhd (XKLS:8745), the current Beneish M-Score is 102.81 as of Jun. 28, 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.

S & F Capital Bhd Business Description

Address Jalan Desa Bahagia, Lot 1307, Level 13, Tower 2, Faber Towers, Taman Desa, Wilayah Persekutuan, Kuala Lumpur, SGR, MYS, 58100
S & F Capital Bhd formerly Leweko Resources Bhd is an investment holding company. The company's operating segment includes Construction and properties development and Others. It generates maximum revenue from the Construction and properties development segment. The Construction and properties development segment includes property investment holding, property development, construction of houses, building infrastructure, and other related contract works.