SAM Engineering & Equipment (M) Bhd (XKLS:9822) Beneish M-Score: -2.53 (As of Aug. 11, 2026)

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XKLS:9822 SAM Engineering & Equipment (M) Bhd XKLS:9822
72 GF Score
Price RM4.58
GF Value RM3.90
Valuation Modestly Overvalued
! 5 Warning Signs
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What is SAM Engineering & Equipment (M) Bhd Beneish M-Score?

SAM Engineering & Equipment (M) Bhd XKLS:9822 +5.77% 72 Beneish M-Score is -2.53 as of Aug. 11, 2026. GuruFocus rates XKLS:9822 with a GF Score™ of 72/100 and a GF Value™ of RM3.90 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 326 Aerospace & Defense companies, SAM Engineering & Equipment (M) Bhd ranks better than 60.74% 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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for SAM Engineering & Equipment (M) Bhd's Beneish M-Score or its related term are showing as below:

XKLS:9822' s Beneish M-Score Range Over the Past 10 Years
Min: -2.64   Med: -2.14   Max: -0.66
Current: -2.53

During the past 13 years, the highest Beneish M-Score of SAM Engineering & Equipment (M) Bhd was -0.66. The lowest was -2.64. And the median was -2.14.

SAM Engineering & Equipment (M) Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for SAM Engineering & Equipment (M) 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.

SAM Engineering & Equipment (M) Bhd Beneish M-Score Chart

SAM Engineering & Equipment (M) Bhd Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.01 -1.95 -1.18 -2.64 -2.53

SAM Engineering & Equipment (M) 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 -2.64 -2.30 -2.29 -2.57 -2.53

XKLS:9822 vs SPCX, GE, RTX: Beneish M-Score Comparison

For the Aerospace & Defense subindustry, SAM Engineering & Equipment (M) 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.

SAM Engineering & Equipment (M) Bhd Beneish M-Score vs Aerospace & Defense Industry

For the Aerospace & Defense industry and Industrials sector, SAM Engineering & Equipment (M) Bhd's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where SAM Engineering & Equipment (M) Bhd's Beneish M-Score falls into.


XKLS:9822
72GF Score
SAM Engineering & Equipment (M) Bhd XKLS:9822
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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SAM Engineering & Equipment (M) 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 SAM Engineering & Equipment (M) 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 * 1.0053+0.528 * 1.3366+0.404 * 0.9031+0.892 * 0.9731+0.115 * 0.9514
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0998+4.679 * -0.028123-0.327 * 1.0593
=-2.53

* 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 RM656 Mil.
Revenue was 348.072 + 359.988 + 363.008 + 369.603 = RM1,441 Mil.
Gross Profit was 25.573 + 37.302 + 38.89 + 40.609 = RM142 Mil.
Total Current Assets was RM1,138 Mil.
Total Assets was RM1,898 Mil.
Property, Plant and Equipment(Net PPE) was RM650 Mil.
Depreciation, Depletion and Amortization(DDA) was RM101 Mil.
Selling, General, & Admin. Expense(SGA) was RM91 Mil.
Total Current Liabilities was RM495 Mil.
Long-Term Debt & Capital Lease Obligation was RM52 Mil.
Net Income was 5.259 + 12.214 + 11.071 + 16.198 = RM45 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was -37.854 + 27.511 + 106.81 + 1.659 = RM98 Mil.
 Total Receivables was RM671 Mil.
Revenue was 370.093 + 406.866 + 370.177 + 333.413 = RM1,481 Mil.
Gross Profit was 46.365 + 60.73 + 53.379 + 35.097 = RM196 Mil.
Total Current Assets was RM1,195 Mil.
Total Assets was RM2,010 Mil.
Property, Plant and Equipment(Net PPE) was RM686 Mil.
Depreciation, Depletion and Amortization(DDA) was RM101 Mil.
Selling, General, & Admin. Expense(SGA) was RM85 Mil.
Total Current Liabilities was RM454 Mil.
Long-Term Debt & Capital Lease Obligation was RM93 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)
=(656.228 / 1440.671) / (670.819 / 1480.549)
=0.455502 / 0.453088
=1.0053

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)
=(195.571 / 1480.549) / (142.374 / 1440.671)
=0.132094 / 0.098825
=1.3366

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 - (1137.573 + 650.007) / 1898.229) / (1 - (1194.521 + 686.021) / 2010.304)
=0.058291 / 0.064548
=0.9031

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
=1440.671 / 1480.549
=0.9731

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))
=(100.794 / (100.794 + 686.021)) / (101.143 / (101.143 + 650.007))
=0.128104 / 0.134651
=0.9514

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)
=(91.378 / 1440.671) / (85.382 / 1480.549)
=0.063427 / 0.057669
=1.0998

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)
=((51.611 + 494.727) / 1898.229) / ((92.701 + 453.504) / 2010.304)
=0.287815 / 0.271703
=1.0593

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
=(44.742 - 0 - 98.126) / 1898.229
=-0.028123

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.

SAM Engineering & Equipment (M) Bhd has a M-score of -2.53 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 -2.53 mean?
SAM Engineering & Equipment (M) Bhd (XKLS:9822) has a Beneish M-Score of -2.53 as of Aug. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SAM Engineering & Equipment (M) Bhd and its competitors. According to the industry distribution chart, SAM Engineering & Equipment (M) Bhd ranks #128 out of 326 companies in the Aerospace & Defense industry, placing it in the top 39.3%.
Is SAM Engineering & Equipment (M) Bhd's Beneish M-Score too high?
SAM Engineering & Equipment (M) Bhd's current Beneish M-Score is -2.53. Based on the distribution chart, SAM Engineering & Equipment (M) Bhd ranks #128 out of 326 companies in the Aerospace & Defense industry, which is above the industry midpoint. Overall, SAM Engineering & Equipment (M) Bhd has a GF Score™ of 72/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does SAM Engineering & Equipment (M) Bhd's Beneish M-Score compare to SPCX and GE?
According to the Aerospace & Defense industry distribution chart, SAM Engineering & Equipment (M) Bhd ranks #128 out of 326 companies for Beneish M-Score. This puts SAM Engineering & Equipment (M) 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 an Aerospace & Defense company?
A good Beneish M-Score depends on the Aerospace & Defense 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 SAM Engineering & Equipment (M) Bhd and its competitors. SAM Engineering & Equipment (M) Bhd's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SAM Engineering & Equipment (M) Bhd stock overvalued right now?
Based on GuruFocus' analysis, SAM Engineering & Equipment (M) Bhd (XKLS:9822) is currently considered Modestly Overvalued. The stock's GF Value™ is RM3.90, compared to a current price of RM4.58 — trading 17.4% above its estimated fair value. The current Beneish M-Score is -2.53. SAM Engineering & Equipment (M) Bhd's overall GF Score™ is 72/100 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 SAM Engineering & Equipment (M) Bhd (XKLS:9822), the current Beneish M-Score is -2.53 as of Aug. 11, 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 SAM Engineering & Equipment (M) Bhd (XKLS:9822) Overvalued in 2026?

Based on GuruFocus' analysis, SAM Engineering & Equipment (M) Bhd stock appears to be overvalued. The current stock price of RM4.58 is trading 17.4% above its estimated GF Value™ of RM3.90. GuruFocus considers SAM Engineering & Equipment (M) Bhd to be Modestly Overvalued.

Key valuation signals for XKLS:9822:

  • Beneish M-Score: -2.53
  • GF Value™: RM3.90 vs. price of RM4.58 (17.4% above fair value)
  • GF Score™: 72/100 with 5 warning signs

No single metric tells the full story. See the XKLS:9822 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

SAM Engineering & Equipment (M) Bhd Business Description

Address Plot 17, Hilir Sungai Keluang Tiga, Bayan Lepas Free Industrial Zone, Phase 4, Bayan Lepas, PNG, MYS, 11900
SAM Engineering & Equipment (M) Bhd is a Malaysian company that provides precision machining, equipment integration, and automation solutions to aerospace and equipment industries. The company is engaged in providing manufacturing solutions for critical engine parts and other related equipment parts and also on engineering and high precision tooling including large format CNC machining parts. It also provides for the arrangement of equipment engineering and solutions for commercial, semiconductor, and other industries. The company manages its business in two segments namely Aerospace and Equipment manufacturing. It has a business presence in Malaysia, Asia (excluding Malaysia), North America, Latin America, and Europe.
72GF Score

Get the complete analysis for XKLS:9822

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

RM4.58
Price
RM3.90
GF Value