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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.
The historical rank and industry rank for Three-A Resources Bhd's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Three-A Resources Bhd was -1.61. The lowest was -3.33. And the median was -3.11.
Three-A Resources Bhd Beneish M-Score Related Terms
Three-A Resources Bhd Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Three-A Resources 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.
For the Packaged Foods subindustry, Three-A Resources 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.
Three-A Resources Bhd Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Three-A Resources Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Three-A Resources Bhd's Beneish M-Score falls into.
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 Three-A Resources 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 *
+
0.528 *
+
0.404 *
+
0.892 *
+
0.115 *
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 *
+
4.679 *
-
0.327 *
=
* 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.
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.
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))
=
(13.89 / (13.89 + 240.915))
/
(14.287 / (14.287 + 243.05))
=
0.054512
/
0.055519
=
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
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
=
(42.278 - 0
-
75.659)
/
547.463
=
-0.060974
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.
Three-A Resources Bhd (XKLS:0012) has a Beneish M-Score of 0.00 as of Aug. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Three-A Resources Bhd and its competitors. According to the industry distribution chart, Three-A Resources Bhd ranks #999999 out of 1854 companies in the Consumer Packaged Goods industry.
Is Three-A Resources Bhd's Beneish M-Score too high?
Three-A Resources Bhd's current Beneish M-Score is 0.00. Based on the distribution chart, Three-A Resources Bhd ranks #999999 out of 1854 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, Three-A Resources Bhd has a GF Score™ of 51/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Three-A Resources Bhd's Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Three-A Resources Bhd ranks #999999 out of 1854 companies for Beneish M-Score. This places Three-A Resources 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Three-A Resources Bhd and its competitors. Three-A Resources Bhd's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Three-A Resources Bhd stock overvalued right now?
Based on GuruFocus' analysis, Three-A Resources Bhd (XKLS:0012) is currently considered Fairly Valued. The stock's GF Value™ is RM0.66, compared to a current price of RM0.69 — trading 4.5% above its estimated fair value. The current Beneish M-Score is 0.00. Three-A Resources Bhd's overall GF Score™ is 51/100 with 1 warning sign 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 Three-A Resources Bhd (XKLS:0012), the current Beneish M-Score is 0.00 as of Aug. 02, 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 Three-A Resources Bhd (XKLS:0012) Overvalued in 2026?
Based on GuruFocus' analysis, Three-A Resources Bhd stock appears to be overvalued.
The current stock price of RM0.69 is trading 4.5% above its estimated GF Value™ of RM0.66.
GuruFocus considers Three-A Resources Bhd to be Fairly Valued.
Key valuation signals for XKLS:0012:
Beneish M-Score: 0.00
GF Value™: RM0.66 vs. price of RM0.69 (4.5% above fair value)
No single metric tells the full story. See the XKLS:0012 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Three-A Resources Bhd is an investment holding company. Through its subsidiaries, it engages in food and beverage ingredients manufacturing. Its product portfolio includes Liquid Caramel, Caramel Colour, Fermented Vinegar, Distilled Vinegar, Rice Vinegar, Glucose Syrup, High Maltose Syrup, Liquid Maltodextrin, Soya Protein Sauce, Hydrolysed Vegetable Protein Sauce, Caramel Powder, Maltodextrin, and Golden Syrup. The group is focused only on manufacturing and sale of food and beverage ingredients in Malaysia. The company generates majority of its revenue from Malaysia followed by Singapore and Other foreign countries.
51GF Score
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