Ray Go Solar Holdings Bhd (XKLS:03052) Beneish M-Score: 0.00 (As of Jul. 02, 2026)

What is Ray Go Solar Holdings Bhd Beneish M-Score?

Ray Go Solar Holdings Bhd XKLS:03052 43 Beneish M-Score is 0.00 as of Jul. 02, 2026. GuruFocus rates XKLS:03052 with a GF Score™ of 43/100 and a GF Value™ of RM0.24. The stock has 7 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.

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

During the past 7 years, the highest Beneish M-Score of Ray Go Solar Holdings Bhd was 0.00. The lowest was 0.00. And the median was 0.00.

Ray Go Solar Holdings Bhd Beneish M-Score Related Terms

Ray Go Solar Holdings Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Ray Go Solar 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.

Ray Go Solar Holdings Bhd Beneish M-Score Chart

Ray Go Solar Holdings Bhd Annual Data

Trend

Oct19

Oct20

Oct21

Oct22

Oct23

Oct24

Oct25

Beneish M-Score

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-2.58

0.00

Ray Go Solar Holdings Bhd Semi-Annual Data
	Oct19	Oct20	Apr22	Oct22	Apr23	Oct23	Apr24	Oct24	Apr25	Oct25	Apr26
Beneish M-Score	Get a 7-Day Free Trial						0.00	0.00	0.00	0.00	0.00

XKLS:03052 vs FSLR, NXT, ENPH: Beneish M-Score Comparison

For the Solar subindustry, Ray Go Solar 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.

Ray Go Solar Holdings Bhd Beneish M-Score vs Semiconductors Industry

For the Semiconductors industry and Technology sector, Ray Go Solar Holdings Bhd's Beneish M-Score distribution charts can be found below:

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

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43GF Score

Ray Go Solar Holdings Bhd XKLS:03052

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

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Ray Go Solar 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 Ray Go Solar 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Oct25) TTM:

Last Year (Oct24) TTM:

Total Receivables was RM10.11 Mil.
Revenue was RM30.69 Mil.
Gross Profit was RM4.19 Mil.
Total Current Assets was RM21.83 Mil.
Total Assets was RM30.48 Mil.
Property, Plant and Equipment(Net PPE) was RM8.65 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.51 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.06 Mil.
Total Current Liabilities was RM15.53 Mil.
Long-Term Debt & Capital Lease Obligation was RM4.96 Mil.
Net Income was RM0.65 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM11.62 Mil.

Total Receivables was RM11.24 Mil.
Revenue was RM31.00 Mil.
Gross Profit was RM4.98 Mil.
Total Current Assets was RM17.51 Mil.
Total Assets was RM26.07 Mil.
Property, Plant and Equipment(Net PPE) was RM8.56 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.45 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.08 Mil.
Total Current Liabilities was RM9.83 Mil.
Long-Term Debt & Capital Lease Obligation was RM4.95 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)
	=	(10.106 / 30.686)	/	(11.242 / 31.001)
	=	0.329336	/	0.362633
	=

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)
	=	(4.977 / 31.001)	/	(4.188 / 30.686)
	=	0.160543	/	0.136479
	=

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 - (21.825 + 8.651) / 30.476)	/	(1 - (17.507 + 8.559) / 26.066)
	=	0	/	-0
	=

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
	=	30.686	/	31.001
	=

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))
	=	(0.449 / (0.449 + 8.559))	/	(0.507 / (0.507 + 8.651))
	=	0.049845	/	0.055361
	=

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)
	=	(0.057 / 30.686)	/	(0.082 / 31.001)
	=	0.001858	/	0.002645
	=

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)
	=	((4.963 + 15.53) / 30.476)	/	((4.953 + 9.834) / 26.066)
	=	0.672431	/	0.567291
	=

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
	=	(0.652 - 0	-	11.619)	/	30.476
	=	-0.359857

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.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

Ray Go Solar Holdings Bhd (XKLS:03052) has a Beneish M-Score of 0.00 as of Jul. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ray Go Solar Holdings Bhd and its competitors.

Is Ray Go Solar Holdings Bhd's Beneish M-Score too high?

Ray Go Solar Holdings Bhd's current Beneish M-Score is 0.00. Overall, Ray Go Solar Holdings Bhd has a GF Score™ of 43/100, reflecting its overall financial health beyond just this single metric.

How does Ray Go Solar Holdings Bhd's Beneish M-Score compare to FSLR and NXT?

Ray Go Solar Holdings Bhd's Beneish M-Score of 0.00 can be compared against companies in the Semiconductors 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 Semiconductors company?

A good Beneish M-Score depends on the Semiconductors 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 Ray Go Solar Holdings Bhd and its competitors. Ray Go Solar Holdings 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 Ray Go Solar Holdings Bhd stock overvalued right now?

Ray Go Solar Holdings Bhd (XKLS:03052) has a current Beneish M-Score of 0.00. The stock's GF Value™ is RM0.24, compared to a current price of RM0.17 — trading 29.2% below its estimated fair value. The current Beneish M-Score is 0.00. Ray Go Solar Holdings Bhd's overall GF Score™ is 43/100 with 7 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 Ray Go Solar Holdings Bhd (XKLS:03052), the current Beneish M-Score is 0.00 as of Jul. 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 Ray Go Solar Holdings Bhd (XKLS:03052) Overvalued in 2026?

Based on GuruFocus' analysis, Ray Go Solar Holdings Bhd stock appears to be undervalued. The current stock price of RM0.17 is trading 29.2% below its estimated GF Value™ of RM0.24.

Key valuation signals for XKLS:03052:

Beneish M-Score: 0.00
GF Value™: RM0.24 vs. price of RM0.17 (29.2% below fair value)
GF Score™: 43/100 with 7 warning signs

No single metric tells the full story. See the XKLS:03052 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Ray Go Solar Holdings Bhd Business Description

Industry Technology Semiconductors

Comparable Companies XKLS:0118 XKLS:0373 XKLS:0340 FSLR NXT SHSE:600438 SHSE:688223 NSE:WAAREEENER SHSE:688472 SHSE:688599 XKRX:009830 ENPH SZSE:002459 HKSE:06865 HKSE:03800 RUN SHSE:600732 HKSE:00968 NSE:PREMIERENE SZSE:002506

Address No. 44, Jalan Serendah 26/39, Hicom Industrial Estate, Shah Alam, SGR, MYS, 40400

Website https://www.raygosolar.com

Ray Go Solar Holdings Bhd is a solar engineering procurement construction (EPC) company providing integrated solar services throughout the entire process of installing a photovoltaic (PV) system. Its business segments include Sales of energy generated from solar projects; and Engineering, Procurement, Construction, and Commissions (EPCC) in solar projects; and operations and maintenance for solar projects. Maximum revenue for the company is derived from its EPCC segment. Geographically, it operates only in Malaysia.

43GF Score

Get the complete analysis for XKLS:03052

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

RM0.17

Price

RM0.24

GF Value

View XKLS:03052 Analysis

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