Industronics Bhd (XKLS:9393) Beneish M-Score: 3.71 (As of Jul. 12, 2026)


What is Industronics Bhd Beneish M-Score?

Industronics Bhd XKLS:9393 -16.67% Beneish M-Score is 3.71 as of Jul. 12, 2026. The stock has 5 warning signs investors should review. Among 2,408 Hardware companies, Industronics Bhd ranks worse than 98.5% 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 3.71 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:9393' s Beneish M-Score Range Over the Past 10 Years
Min: -3.51   Med: -1.25   Max: 3.71
Current: 3.71

During the past 13 years, the highest Beneish M-Score of Industronics Bhd was 3.71. The lowest was -3.51. And the median was -1.25.

Industronics Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Industronics 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.

Industronics Bhd Beneish M-Score Chart

Industronics Bhd Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.01 -0.99 -0.91 -1.25 3.71

Industronics Bhd Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 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 3.71 0.00 0.00 0.00

XKLS:9393 vs APH, GLW, TEL: Beneish M-Score Comparison

For the Electronic Components subindustry, Industronics 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.

Industronics Bhd Beneish M-Score vs Hardware Industry

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

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


Industronics 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 Industronics 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 * 4.6196+0.528 * 0.8051+0.404 * 9.1121+0.892 * 0.2481+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.039474-0.327 * 1.0064
=3.71

* 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 RM46.92 Mil.
Revenue was RM13.59 Mil.
Gross Profit was RM0.57 Mil.
Total Current Assets was RM63.84 Mil.
Total Assets was RM71.90 Mil.
Property, Plant and Equipment(Net PPE) was RM1.82 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.00 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.00 Mil.
Total Current Liabilities was RM48.26 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.55 Mil.
Net Income was RM-6.62 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM-9.46 Mil.
 Total Receivables was RM40.94 Mil.
Revenue was RM54.79 Mil.
Gross Profit was RM1.86 Mil.
Total Current Assets was RM68.42 Mil.
Total Assets was RM71.16 Mil.
Property, Plant and Equipment(Net PPE) was RM2.06 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.89 Mil.
Selling, General, & Admin. Expense(SGA) was RM8.24 Mil.
Total Current Liabilities was RM47.51 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.49 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)
=(46.922 / 13.594) / (40.937 / 54.789)
=3.45167 / 0.747176
=4.6196

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)
=(1.856 / 54.789) / (0.572 / 13.594)
=0.033875 / 0.042077
=0.8051

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 - (63.836 + 1.818) / 71.896) / (1 - (68.423 + 2.06) / 71.161)
=0.08682 / 0.009528
=9.1121

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
=13.594 / 54.789
=0.2481

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))
=(0.886 / (0.886 + 2.06)) / (0 / (0 + 1.818))
=0.300747 / 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

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 / 13.594) / (8.239 / 54.789)
=0 / 0.150377
=0

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)
=((0.546 + 48.257) / 71.896) / ((0.49 + 47.505) / 71.161)
=0.6788 / 0.674457
=1.0064

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
=(-6.619 - 0 - -9.457) / 71.896
=0.039474

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.

Industronics Bhd has a M-score of 3.71 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 3.71 mean?
Industronics Bhd (XKLS:9393) has a Beneish M-Score of 3.71 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Industronics Bhd and its competitors. According to the industry distribution chart, Industronics Bhd ranks #2372 out of 2408 companies in the Hardware industry, placing it in the top 98.5%.
Is Industronics Bhd's Beneish M-Score too high?
Industronics Bhd's current Beneish M-Score is 3.71. Based on the distribution chart, Industronics Bhd ranks #2372 out of 2408 companies in the Hardware industry, which is in the bottom quartile relative to peers.
How does Industronics Bhd's Beneish M-Score compare to APH and GLW?
According to the Hardware industry distribution chart, Industronics Bhd ranks #2372 out of 2408 companies for Beneish M-Score. This places Industronics 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 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 Industronics Bhd and its competitors. Industronics Bhd's current Beneish M-Score is 3.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Industronics Bhd stock overvalued right now?
Based on GuruFocus' analysis, Industronics Bhd (XKLS:9393) is currently considered Modestly Undervalued. The stock's GF Value™ is RM0.03, compared to a current price of RM0.03 — trading 16.7% below its estimated fair value. The current Beneish M-Score is 3.71. 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 Industronics Bhd (XKLS:9393), the current Beneish M-Score is 3.71 as of Jul. 12, 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.

Industronics Bhd Business Description

Address No.18, Jalan Persiaran Barat, Unit No. EL-11-01, Amcorp Business Suite, Menara Melawangi, Pusat Perdagangan Amcorp, Petaling Jaya, SGR, MYS, 46050
Industronics Bhd is engaged in design and manufacturing of electronic products. The operating segment of the company are Electronics and system integration; Security systems, mechanical and electrical engineering; and Trading and services operations and Food and beverage. Its revenue generating segment Trading & services involves in trading of precision instruments (watches), provision of cloud service and general trading, maintenance, and supply of industrial electronic equipment. Intelligent transportation system and system integration projects involving Information Communication Technology, supply and service of telecommunication equipment, audio visual multimedia systems. Geographically, the company mainly operates in Malaysia and Hong Kong.