EG Industries Bhd (XKLS:8907) Beneish M-Score: -3.02 (As of Jun. 26, 2026)


XKLS:8907 EG Industries Bhd XKLS:8907
67 GF Score
Price RM1.80
GF Value RM1.21
Valuation Significantly Overvalued
! 11 Warning Signs
View Full Analysis

What is EG Industries Bhd Beneish M-Score?

EG Industries Bhd XKLS:8907 -2.70% 67 Beneish M-Score is -3.02 as of Jun. 26, 2026. GuruFocus rates XKLS:8907 with a GF Score™ of 67/100 and a GF Value™ of RM1.21 (Significantly Overvalued). The stock has 11 warning signs investors should review. Among 2,404 Hardware companies, EG Industries Bhd ranks better than 83.19% 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 -3.02 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:8907' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02   Med: -2.46   Max: -1.68
Current: -3.02

During the past 13 years, the highest Beneish M-Score of EG Industries Bhd was -1.68. The lowest was -3.02. And the median was -2.46.

EG Industries Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for EG 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.

EG Industries Bhd Beneish M-Score Chart

EG Industries 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 -2.68 -2.30 -2.35 -2.57 -3.02

EG 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 0.00 -3.02 0.00 0.00 0.00

XKLS:8907 vs APH, GLW, TEL: Beneish M-Score Comparison

For the Electronic Components subindustry, EG 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.

EG Industries Bhd Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, EG Industries Bhd's Beneish M-Score distribution charts can be found below:

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


XKLS:8907
67GF Score
EG Industries Bhd XKLS:8907
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

EG 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 EG 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 * 0.6188+0.528 * 0.8046+0.404 * 1.2268+0.892 * 0.9502+0.115 * 0.8578
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3153+4.679 * -0.019881-0.327 * 0.9214
=-3.02

* 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 (Jun24) TTM:
Total Receivables was RM189 Mil.
Revenue was RM1,087 Mil.
Gross Profit was RM135 Mil.
Total Current Assets was RM911 Mil.
Total Assets was RM1,561 Mil.
Property, Plant and Equipment(Net PPE) was RM591 Mil.
Depreciation, Depletion and Amortization(DDA) was RM54 Mil.
Selling, General, & Admin. Expense(SGA) was RM40 Mil.
Total Current Liabilities was RM794 Mil.
Long-Term Debt & Capital Lease Obligation was RM149 Mil.
Net Income was RM84 Mil.
Gross Profit was RM0 Mil.
Cash Flow from Operations was RM115 Mil.
 Total Receivables was RM321 Mil.
Revenue was RM1,144 Mil.
Gross Profit was RM114 Mil.
Total Current Assets was RM939 Mil.
Total Assets was RM1,537 Mil.
Property, Plant and Equipment(Net PPE) was RM551 Mil.
Depreciation, Depletion and Amortization(DDA) was RM43 Mil.
Selling, General, & Admin. Expense(SGA) was RM32 Mil.
Total Current Liabilities was RM857 Mil.
Long-Term Debt & Capital Lease Obligation was RM150 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)
=(188.501 / 1087.176) / (320.597 / 1144.184)
=0.173386 / 0.280197
=0.6188

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)
=(114.462 / 1144.184) / (135.171 / 1087.176)
=0.100038 / 0.124332
=0.8046

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 - (911.461 + 591.243) / 1560.861) / (1 - (939.082 + 551.095) / 1536.853)
=0.03726 / 0.030371
=1.2268

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
=1087.176 / 1144.184
=0.9502

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))
=(42.76 / (42.76 + 551.095)) / (54.18 / (54.18 + 591.243))
=0.072004 / 0.083945
=0.8578

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)
=(39.909 / 1087.176) / (31.934 / 1144.184)
=0.036709 / 0.02791
=1.3153

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)
=((148.79 + 794.33) / 1560.861) / ((150.328 + 857.448) / 1536.853)
=0.604231 / 0.65574
=0.9214

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
=(84.06 - 0 - 115.092) / 1560.861
=-0.019881

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.

EG Industries Bhd has a M-score of -3.02 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 -3.02 mean?
EG Industries Bhd (XKLS:8907) has a Beneish M-Score of -3.02 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on EG Industries Bhd and its competitors. According to the industry distribution chart, EG Industries Bhd ranks #404 out of 2404 companies in the Hardware industry, placing it in the top 16.8%.
Is EG Industries Bhd's Beneish M-Score too high?
EG Industries Bhd's current Beneish M-Score is -3.02. Based on the distribution chart, EG Industries Bhd ranks #404 out of 2404 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, EG Industries Bhd has a GF Score™ of 67/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does EG Industries Bhd's Beneish M-Score compare to APH and GLW?
According to the Hardware industry distribution chart, EG Industries Bhd ranks #404 out of 2404 companies for Beneish M-Score. This places EG Industries Bhd in the top 17% of its industry — outperforming the majority of peers. 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 EG Industries Bhd and its competitors. EG Industries Bhd's current Beneish M-Score is -3.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is EG Industries Bhd stock overvalued right now?
Based on GuruFocus' analysis, EG Industries Bhd (XKLS:8907) is currently considered Significantly Overvalued. The stock's GF Value™ is RM1.21, compared to a current price of RM1.80 — trading 48.8% above its estimated fair value. The current Beneish M-Score is -3.02. EG Industries Bhd's overall GF Score™ is 67/100 with 11 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 EG Industries Bhd (XKLS:8907), the current Beneish M-Score is -3.02 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 EG Industries Bhd (XKLS:8907) Overvalued in 2026?

Based on GuruFocus' analysis, EG Industries Bhd stock appears to be overvalued. The current stock price of RM1.80 is trading 48.8% above its estimated GF Value™ of RM1.21. GuruFocus considers EG Industries Bhd to be Significantly Overvalued.

Key valuation signals for XKLS:8907:

  • Beneish M-Score: -3.02
  • GF Value™: RM1.21 vs. price of RM1.80 (48.8% above fair value)
  • GF Score™: 67/100 with 11 warning signs

No single metric tells the full story. See the XKLS:8907 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

EG Industries Bhd Business Description

Address Jalan 4, Plot 102, Bakar Arang Industrial Estate, Sungai Petani, KDH, MYS, 8000
EG Industries Bhd is an investment holding company, which engages in the provision of management services. Along with its subsidiaries, the company operates through the following segments: Electronic Manufacturing Services and Original Equipment Manufacturer/Original Design Manufacturer for Electronic and Electrical Products; and Other Non-reportable segments. The Other Non-reportable segment comprises operations related to investment holding and research and development. The company offers manufacturing services for computer peripherals, consumer electronic/electrical products, medical equipment, automotive industrial products, and telecommunication and other technological products industries. Geographically, it derives maximum revenue from Thailand.
67GF Score

Get the complete analysis for XKLS:8907

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

RM1.80
Price
RM1.21
GF Value