Jishan Bhd (XKLS:03040) Beneish M-Score: -2.47 (As of Jun. 25, 2026)

What is Jishan Bhd Beneish M-Score?

Jishan Bhd XKLS:03040 30 Beneish M-Score is -2.47 as of Jun. 25, 2026. GuruFocus rates XKLS:03040 with a GF Score™ of 30/100 and a GF Value™ of RM0.67. The stock has 8 warning signs investors should review.

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 -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:03040' s Beneish M-Score Range Over the Past 10 Years
Min: -2.98 Med: -0.98 Max: 5.43
Current: -2.47

During the past 6 years, the highest Beneish M-Score of Jishan Bhd was 5.43. The lowest was -2.98. And the median was -0.98.

Jishan Bhd Beneish M-Score Related Terms

Jishan Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Jishan 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.

Jishan Bhd Beneish M-Score Chart

Jishan Bhd Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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0.00

5.43

-2.98

0.51

-2.47

Jishan Bhd Semi-Annual Data
	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial							-2.98	0.00	0.51	0.00	-2.47

XKLS:03040 vs IP, SW, AMCR: Beneish M-Score Comparison

For the Packaging & Containers subindustry, Jishan 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.

Jishan Bhd Beneish M-Score vs Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, Jishan Bhd's Beneish M-Score distribution charts can be found below:

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

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30GF Score

Jishan Bhd XKLS:03040

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

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Jishan 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 Jishan 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 * 0.9667

0.528 * 1.0578

0.404 * 0.5416

0.892 * 1.2718

0.115 * 0.8298

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8919

4.679 * -0.010943

0.327 * 0.9906

-2.47

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was RM29.4 Mil.
Revenue was RM141.9 Mil.
Gross Profit was RM28.9 Mil.
Total Current Assets was RM59.9 Mil.
Total Assets was RM186.6 Mil.
Property, Plant and Equipment(Net PPE) was RM125.0 Mil.
Depreciation, Depletion and Amortization(DDA) was RM8.7 Mil.
Selling, General, & Admin. Expense(SGA) was RM15.9 Mil.
Total Current Liabilities was RM50.8 Mil.
Long-Term Debt & Capital Lease Obligation was RM58.6 Mil.
Net Income was RM6.5 Mil.
Gross Profit was RM0.0 Mil.
Cash Flow from Operations was RM8.6 Mil.

Total Receivables was RM23.9 Mil.
Revenue was RM111.6 Mil.
Gross Profit was RM24.0 Mil.
Total Current Assets was RM46.2 Mil.
Total Assets was RM174.3 Mil.
Property, Plant and Equipment(Net PPE) was RM125.2 Mil.
Depreciation, Depletion and Amortization(DDA) was RM7.1 Mil.
Selling, General, & Admin. Expense(SGA) was RM14.0 Mil.
Total Current Liabilities was RM44.6 Mil.
Long-Term Debt & Capital Lease Obligation was RM58.6 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)
	=	(29.365 / 141.879)	/	(23.886 / 111.559)
	=	0.206972	/	0.214111
	=	0.9667

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)
	=	(23.999 / 111.559)	/	(28.855 / 141.879)
	=	0.215124	/	0.203378
	=	1.0578

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 - (59.884 + 125.026) / 186.6)	/	(1 - (46.153 + 125.196) / 174.263)
	=	0.009057	/	0.016722
	=	0.5416

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
	=	141.879	/	111.559
	=	1.2718

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))
	=	(7.126 / (7.126 + 125.196))	/	(8.677 / (8.677 + 125.026))
	=	0.053853	/	0.064898
	=	0.8298

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)
	=	(15.88 / 141.879)	/	(13.999 / 111.559)
	=	0.111926	/	0.125485
	=	0.8919

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)
	=	((58.574 + 50.845) / 186.6)	/	((58.584 + 44.575) / 174.263)
	=	0.586383	/	0.591973
	=	0.9906

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
	=	(6.539 - 0	-	8.581)	/	186.6
	=	-0.010943

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.

Jishan Bhd has a M-score of -2.47 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 -2.47 mean?

Jishan Bhd (XKLS:03040) has a Beneish M-Score of -2.47 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Jishan Bhd and its competitors.

Is Jishan Bhd's Beneish M-Score too high?

Jishan Bhd's current Beneish M-Score is -2.47. Overall, Jishan Bhd has a GF Score™ of 30/100, reflecting its overall financial health beyond just this single metric.

How does Jishan Bhd's Beneish M-Score compare to IP and SW?

Jishan Bhd's Beneish M-Score of -2.47 can be compared against companies in the Packaging & Containers 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 Packaging & Containers company?

A good Beneish M-Score depends on the Packaging & Containers 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 Jishan Bhd and its competitors. Jishan Bhd's current Beneish M-Score is -2.47. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Jishan Bhd stock overvalued right now?

Jishan Bhd (XKLS:03040) has a current Beneish M-Score of -2.47. The stock's GF Value™ is RM0.67, compared to a current price of RM0.69 — trading 3% above its estimated fair value. The current Beneish M-Score is -2.47. Jishan Bhd's overall GF Score™ is 30/100 with 8 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 Jishan Bhd (XKLS:03040), the current Beneish M-Score is -2.47 as of Jun. 25, 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 Jishan Bhd (XKLS:03040) Overvalued in 2026?

Based on GuruFocus' analysis, Jishan Bhd stock appears to be overvalued. The current stock price of RM0.69 is trading 3% above its estimated GF Value™ of RM0.67.

Key valuation signals for XKLS:03040:

Beneish M-Score: -2.47
GF Value™: RM0.67 vs. price of RM0.69 (3% above fair value)
GF Score™: 30/100 with 8 warning signs

No single metric tells the full story. See the XKLS:03040 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Jishan Bhd Business Description

Industry Consumer Cyclical Packaging & Containers

Comparable Companies XKLS:8273 XKLS:7029 XKLS:7285 XKLS:0228 XKLS:0269 XKLS:5100 XKLS:4995 XKLS:5436 XKLS:7248 XKLS:5065 IP SW AMCR PKG BALL AVY CCK TSX:CCL.A GPK XSWX:SIGN

Address Jalan Bukit Panchor, Lot 20575, Nibong Tebal, PNG, MYS, 14300

Website https://www.jishan-group.com

Jishan Bhd is a packaging solution provider engaged in the manufacturing and trading of corrugated cartons and all kinds of paper and plastic packaging products. Its products include Paper Forming, Paper Packaging, Plastic Packaging, Ranpak - Protective Packaging, and Food Packaging. Geographically, the company derives a majority of its revenue from its customers in Malaysia and the rest from other regions.

30GF Score

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

RM0.69

Price

RM0.67

GF Value

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