Topmix Bhd (XKLS:0302) Beneish M-Score: -1.89 (As of Jun. 26, 2026)


XKLS:0302 Topmix Bhd XKLS:0302
50 GF Score
Price RM0.43
! 2 Warning Signs
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What is Topmix Bhd Beneish M-Score?

Topmix Bhd XKLS:0302 +2.41% 50 Beneish M-Score is -1.89 as of Jun. 26, 2026. GuruFocus rates XKLS:0302 with a GF Score™ of 50/100. The stock has 2 warning signs investors should review. Among 419 Furnishings, Fixtures & Appliances companies, Topmix Bhd ranks worse than 84.01% 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 -1.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0302' s Beneish M-Score Range Over the Past 10 Years
Min: -2.47   Med: -2.15   Max: -1.48
Current: -1.89

During the past 6 years, the highest Beneish M-Score of Topmix Bhd was -1.48. The lowest was -2.47. And the median was -2.15.

Topmix Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Topmix 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.

Topmix Bhd Beneish M-Score Chart

Topmix Bhd Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 0.00 -1.48 -2.15

Topmix Bhd Quarterly Data
Dec20 Dec21 Dec22 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 0.00 -2.47 -2.30 -2.15 -1.89

XKLS:0302 vs SN, SGI, MHK: Beneish M-Score Comparison

For the Furnishings, Fixtures & Appliances subindustry, Topmix 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.

Topmix Bhd Beneish M-Score vs Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Topmix Bhd's Beneish M-Score distribution charts can be found below:

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


XKLS:0302
50GF Score
Topmix Bhd XKLS:0302
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Topmix 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 Topmix 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 * 1.03+0.528 * 0.9371+0.404 * 1.2236+0.892 * 1.1411+0.115 * 0.7222
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0102+4.679 * 0.077027-0.327 * 0.8339
=-1.89

* 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 RM21.5 Mil.
Revenue was 25.279 + 30.143 + 28.301 + 25.418 = RM109.1 Mil.
Gross Profit was 11.471 + 12.38 + 11.675 + 10.343 = RM45.9 Mil.
Total Current Assets was RM83.9 Mil.
Total Assets was RM120.3 Mil.
Property, Plant and Equipment(Net PPE) was RM32.7 Mil.
Depreciation, Depletion and Amortization(DDA) was RM2.7 Mil.
Selling, General, & Admin. Expense(SGA) was RM19.3 Mil.
Total Current Liabilities was RM14.8 Mil.
Long-Term Debt & Capital Lease Obligation was RM17.0 Mil.
Net Income was 3.415 + 4.567 + 6.28 + 4.005 = RM18.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 1.441 + 5.907 + -4.481 + 6.133 = RM9.0 Mil.
 Total Receivables was RM18.3 Mil.
Revenue was 22.073 + 26.818 + 25.105 + 21.652 = RM95.6 Mil.
Gross Profit was 8.897 + 10.911 + 9.801 + 8.061 = RM37.7 Mil.
Total Current Assets was RM77.1 Mil.
Total Assets was RM108.9 Mil.
Property, Plant and Equipment(Net PPE) was RM29.0 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.7 Mil.
Selling, General, & Admin. Expense(SGA) was RM16.8 Mil.
Total Current Liabilities was RM14.2 Mil.
Long-Term Debt & Capital Lease Obligation was RM20.3 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)
=(21.52 / 109.141) / (18.311 / 95.648)
=0.197176 / 0.191442
=1.03

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)
=(37.67 / 95.648) / (45.869 / 109.141)
=0.39384 / 0.420273
=0.9371

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 - (83.902 + 32.663) / 120.308) / (1 - (77.143 + 28.988) / 108.9)
=0.031112 / 0.025427
=1.2236

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
=109.141 / 95.648
=1.1411

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))
=(1.69 / (1.69 + 28.988)) / (2.697 / (2.697 + 32.663))
=0.055088 / 0.076273
=0.7222

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)
=(19.32 / 109.141) / (16.761 / 95.648)
=0.177019 / 0.175236
=1.0102

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)
=((17.042 + 14.784) / 120.308) / ((20.3 + 14.246) / 108.9)
=0.264538 / 0.317227
=0.8339

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
=(18.267 - 0 - 9) / 120.308
=0.077027

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.

Topmix Bhd has a M-score of -1.89 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 -1.89 mean?
Topmix Bhd (XKLS:0302) has a Beneish M-Score of -1.89 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Topmix Bhd and its competitors. According to the industry distribution chart, Topmix Bhd ranks #352 out of 419 companies in the Furnishings, Fixtures & Appliances industry, placing it in the top 84%.
Is Topmix Bhd's Beneish M-Score too high?
Topmix Bhd's current Beneish M-Score is -1.89. Based on the distribution chart, Topmix Bhd ranks #352 out of 419 companies in the Furnishings, Fixtures & Appliances industry, which is in the bottom quartile relative to peers. Overall, Topmix Bhd has a GF Score™ of 50/100, reflecting its overall financial health beyond just this single metric.
How does Topmix Bhd's Beneish M-Score compare to SN and SGI?
According to the Furnishings, Fixtures & Appliances industry distribution chart, Topmix Bhd ranks #352 out of 419 companies for Beneish M-Score. This places Topmix 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 Furnishings, Fixtures & Appliances company?
A good Beneish M-Score depends on the Furnishings, Fixtures & Appliances 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 Topmix Bhd and its competitors. Topmix Bhd's current Beneish M-Score is -1.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Topmix Bhd stock overvalued right now?
Topmix Bhd (XKLS:0302) has a current Beneish M-Score of -1.89. The current Beneish M-Score is -1.89. Topmix Bhd's overall GF Score™ is 50/100 with 2 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 Topmix Bhd (XKLS:0302), the current Beneish M-Score is -1.89 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.

Topmix Bhd Business Description

Address 8 & 10, Jalan Bistari 11, Taman Industri Jaya, Skudai, JHR, MYS, 81300
Topmix Bhd is an investment holding company. The Group markets and distributes decorative surface products under its proprietary brands, including HPL, compact panels, wall panels, MFC, and other decorative surfaces. It also undertakes in-house product design and collaborates with third-party decor paper suppliers to develop surface designs and finishes for commercial and residential interior applications, such as wall finishes, countertops, furniture, fixtures, and display systems. The Group operates through two business segments: Trading, which involves the wholesale and trading of high-pressure laminated sheets and merchandise of all kinds, and Others, which involves investment holding. The majority of its revenue is derived from Malaysia.
50GF Score

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

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