WCT Holdings Bhd (XKLS:9679) Beneish M-Score: -2.48 (As of Jul. 08, 2026)

What is WCT Holdings Bhd Beneish M-Score?

WCT Holdings Bhd XKLS:9679 -1.18% 40 Beneish M-Score is -2.48 as of Jul. 08, 2026. GuruFocus rates XKLS:9679 with a GF Score™ of 40/100 and a GF Value™ of RM0.59 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 1,700 Construction companies, WCT Holdings Bhd ranks worse than 50.71% 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 -2.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:9679' s Beneish M-Score Range Over the Past 10 Years
Min: -3.04 Med: -2.33 Max: -0.64
Current: -2.48

During the past 13 years, the highest Beneish M-Score of WCT Holdings Bhd was -0.64. The lowest was -3.04. And the median was -2.33.

WCT Holdings Bhd Beneish M-Score Related Terms

WCT Holdings Bhd Beneish M-Score Historical Data

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The historical data trend for WCT Holdings 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.

WCT Holdings Bhd Beneish M-Score Chart

WCT Holdings Bhd Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.72

-2.46

-0.64

-3.04

-2.50

WCT Holdings 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															-2.86	-2.92	-2.84	-2.50	-2.48

XKLS:9679 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, WCT Holdings 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.

WCT Holdings Bhd Beneish M-Score vs Construction Industry

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

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

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40GF Score

WCT Holdings Bhd XKLS:9679

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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WCT Holdings 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 WCT Holdings Bhd for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8505

0.528 * 0.9443

0.404 * 1.5397

0.892 * 1.0584

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9369

4.679 * -0.035168

0.327 * 0.8432

-2.48

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was RM2,629 Mil.
Revenue was 445.318 + 465.466 + 482.608 + 552.779 = RM1,946 Mil.
Gross Profit was 67.985 + 72.077 + 60.567 + 108.795 = RM309 Mil.
Total Current Assets was RM3,611 Mil.
Total Assets was RM7,710 Mil.
Property, Plant and Equipment(Net PPE) was RM414 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM170 Mil.
Total Current Liabilities was RM2,530 Mil.
Long-Term Debt & Capital Lease Obligation was RM1,166 Mil.
Net Income was 18.796 + 11.563 + 25.211 + 16.887 = RM72 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was -0.536 + 47.748 + -29.658 + 326.052 = RM344 Mil.

Total Receivables was RM2,920 Mil.
Revenue was 472.133 + 552.836 + 437.458 + 376.328 = RM1,839 Mil.
Gross Profit was 95.391 + 17.959 + 85.819 + 76.903 = RM276 Mil.
Total Current Assets was RM5,888 Mil.
Total Assets was RM9,139 Mil.
Property, Plant and Equipment(Net PPE) was RM415 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM172 Mil.
Total Current Liabilities was RM3,942 Mil.
Long-Term Debt & Capital Lease Obligation was RM1,255 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)
	=	(2628.816 / 1946.171)	/	(2920.466 / 1838.755)
	=	1.350763	/	1.588284
	=	0.8505

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)
	=	(276.072 / 1838.755)	/	(309.424 / 1946.171)
	=	0.150141	/	0.158991
	=	0.9443

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 - (3611.191 + 414.498) / 7710.093)	/	(1 - (5887.558 + 415.259) / 9139.469)
	=	0.477868	/	0.310374
	=	1.5397

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
	=	1946.171	/	1838.755
	=	1.0584

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 / (0 + 415.259))	/	(0 / (0 + 414.498))
	=	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

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)
	=	(170.214 / 1946.171)	/	(171.652 / 1838.755)
	=	0.087461	/	0.093352
	=	0.9369

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)
	=	((1166.385 + 2530.191) / 7710.093)	/	((1255.303 + 3941.566) / 9139.469)
	=	0.479446	/	0.568618
	=	0.8432

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
	=	(72.457 - 0	-	343.606)	/	7710.093
	=	-0.035168

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.

WCT Holdings Bhd has a M-score of -2.48 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 -2.48 mean?

WCT Holdings Bhd (XKLS:9679) has a Beneish M-Score of -2.48 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on WCT Holdings Bhd and its competitors. According to the industry distribution chart, WCT Holdings Bhd ranks #862 out of 1700 companies in the Construction industry, placing it in the top 50.7%.

Is WCT Holdings Bhd's Beneish M-Score too high?

WCT Holdings Bhd's current Beneish M-Score is -2.48. Based on the distribution chart, WCT Holdings Bhd ranks #862 out of 1700 companies in the Construction industry, which is below the industry midpoint. Overall, WCT Holdings Bhd has a GF Score™ of 40/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does WCT Holdings Bhd's Beneish M-Score compare to PWR and FIX?

According to the Construction industry distribution chart, WCT Holdings Bhd ranks #862 out of 1700 companies for Beneish M-Score. This places WCT Holdings 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 WCT Holdings Bhd and its competitors. WCT Holdings Bhd's current Beneish M-Score is -2.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is WCT Holdings Bhd stock overvalued right now?

Based on GuruFocus' analysis, WCT Holdings Bhd (XKLS:9679) is currently considered Modestly Undervalued. The stock's GF Value™ is RM0.59, compared to a current price of RM0.42 — trading 28.8% below its estimated fair value. The current Beneish M-Score is -2.48. WCT Holdings Bhd's overall GF Score™ is 40/100 with 6 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 WCT Holdings Bhd (XKLS:9679), the current Beneish M-Score is -2.48 as of Jul. 08, 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 WCT Holdings Bhd (XKLS:9679) Overvalued in 2026?

Based on GuruFocus' analysis, WCT Holdings Bhd stock appears to be undervalued. The current stock price of RM0.42 is trading 28.8% below its estimated GF Value™ of RM0.59. GuruFocus considers WCT Holdings Bhd to be Modestly Undervalued.

Key valuation signals for XKLS:9679:

Beneish M-Score: -2.48
GF Value™: RM0.59 vs. price of RM0.42 (28.8% below fair value)
GF Score™: 40/100 with 6 warning signs

No single metric tells the full story. See the XKLS:9679 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

WCT Holdings Bhd Business Description

Industry Industrials Construction

Comparable Companies XKLS:8877 XKLS:0360 XKLS:0390 XKLS:0372 XKLS:7010 XKLS:5329 XKLS:0359 XKLS:0198 XKLS:9571 XKLS:0223 PWR XPAR:DG FIX NSE:LT XKRX:028260 XAMS:FER XTER:HOT XMAD:ACS EME MTZ

Address No. 1, Jalan SS7/26A, B-30-01, The Ascent, Paradigm, Kelana Jaya, Petaling Jaya, SGR, MYS, 47301

Website https://www.wct.com.my

WCT Holdings Bhd is an investment holding company that provides management services to subsidiaries, joint ventures, and associates. Along with its subsidiaries, the company operates in three business segments; the Engineering and Construction segment includes engineering works specializing in earthworks, highway construction, and related infrastructure works; the Property Development segment includes the development of residential and commercial properties; and the Property Investment and Management segment includes holding and management of assets for capital appreciation and rental income. Maximum revenue is generated from the Engineering and Construction segment. Geographically, the group generates maximum revenue from Malaysia, followed by the Middle East, India, and other regions.

40GF Score

Get the complete analysis for XKLS:9679

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

RM0.42

Price

RM0.59

GF Value

View XKLS:9679 Analysis

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