Pan Merchant Bhd (XKLS:0361) Beneish M-Score: 0.00 (As of Jul. 07, 2026)


XKLS:0361 Pan Merchant Bhd XKLS:0361
15 GF Score
Price RM0.21
! 2 Warning Signs
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What is Pan Merchant Bhd Beneish M-Score?

Pan Merchant Bhd XKLS:0361 -4.65% 15 Beneish M-Score is 0.00 as of Jul. 07, 2026. GuruFocus rates XKLS:0361 with a GF Score™ of 15/100. The stock has 2 warning signs investors should review. Among 2,916 Industrial Products companies, Pan Merchant Bhd ranks worse than 34293.52% 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.

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

During the past 5 years, the highest Beneish M-Score of Pan Merchant Bhd was 0.00. The lowest was 0.00. And the median was 0.00.

Pan Merchant Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Pan Merchant 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.

Pan Merchant Bhd Beneish M-Score Chart

Pan Merchant Bhd Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 0.00 0.00

Pan Merchant Bhd Quarterly Data
Dec21 Dec22 Dec23 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 0.00 0.00 0.00 0.00

XKLS:0361 vs GEV, ETN, PH: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, Pan Merchant 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.

Pan Merchant Bhd Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Pan Merchant Bhd's Beneish M-Score distribution charts can be found below:

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


XKLS:0361
15GF Score
Pan Merchant Bhd XKLS:0361
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Pan Merchant 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 Pan Merchant 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was RM30.0 Mil.
Revenue was 15.986 + 42.442 + 30.703 + 29.278 = RM118.4 Mil.
Gross Profit was 5.357 + 10.989 + 12.077 + 9.673 = RM38.1 Mil.
Total Current Assets was RM124.4 Mil.
Total Assets was RM172.6 Mil.
Property, Plant and Equipment(Net PPE) was RM47.1 Mil.
Depreciation, Depletion and Amortization(DDA) was RM3.5 Mil.
Selling, General, & Admin. Expense(SGA) was RM32.9 Mil.
Total Current Liabilities was RM36.9 Mil.
Long-Term Debt & Capital Lease Obligation was RM2.4 Mil.
Net Income was -5.12 + 4.219 + 0.261 + 0.231 = RM-0.4 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was -8.154 + -3.708 + 8.194 + 2.757 = RM-0.9 Mil.
 Total Receivables was RM0.0 Mil.
Revenue was 27.345 + 0 + 0 + 0 = RM27.3 Mil.
Gross Profit was 10.826 + 0 + 0 + 0 = RM10.8 Mil.
Total Current Assets was RM0.0 Mil.
Total Assets was RM0.0 Mil.
Property, Plant and Equipment(Net PPE) was RM0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.9 Mil.
Selling, General, & Admin. Expense(SGA) was RM9.8 Mil.
Total Current Liabilities was RM0.0 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.0 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)
=(30.048 / 118.409) / (0 / 27.345)
=0.253764 / 0
=

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)
=(10.826 / 27.345) / (38.096 / 118.409)
=0.395904 / 0.321732
=

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 - (124.358 + 47.05) / 172.562) / (1 - (0 + 0) / 0)
=0.006687 /
=

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
=118.409 / 27.345
=

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))
=(0.883 / (0.883 + 0)) / (3.518 / (3.518 + 47.05))
=1 / 0.06957
=

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)
=(32.873 / 118.409) / (9.832 / 27.345)
=0.277622 / 0.359554
=

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)
=((2.439 + 36.94) / 172.562) / ((0 + 0) / 0)
=0.228202 /
=

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
=(-0.409 - 0 - -0.911) / 172.562
=0.002909

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?
Pan Merchant Bhd (XKLS:0361) has a Beneish M-Score of 0.00 as of Jul. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pan Merchant Bhd and its competitors. According to the industry distribution chart, Pan Merchant Bhd ranks #999999 out of 2916 companies in the Industrial Products industry.
Is Pan Merchant Bhd's Beneish M-Score too high?
Pan Merchant Bhd's current Beneish M-Score is 0.00. Based on the distribution chart, Pan Merchant Bhd ranks #999999 out of 2916 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Pan Merchant Bhd has a GF Score™ of 15/100, reflecting its overall financial health beyond just this single metric.
How does Pan Merchant Bhd's Beneish M-Score compare to GEV and ETN?
According to the Industrial Products industry distribution chart, Pan Merchant Bhd ranks #999999 out of 2916 companies for Beneish M-Score. This places Pan Merchant 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Pan Merchant Bhd and its competitors. Pan Merchant 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 Pan Merchant Bhd stock overvalued right now?
Pan Merchant Bhd (XKLS:0361) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Pan Merchant Bhd's overall GF Score™ is 15/100 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 Pan Merchant Bhd (XKLS:0361), the current Beneish M-Score is 0.00 as of Jul. 07, 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.

Pan Merchant Bhd Business Description

Address Nos. 17 & 19, Jalan Pengacara U1/48, Temasya Industrial Park, Shah Alam, SGR, MYS, 40150
Pan Merchant Bhd is a homegrown solid-liquid filtration solutions provider by revenue, with a track record of designing, manufacturing, assembling, delivering, and commissioning filters. It leverages its in-house design and process engineering expertise to supply customised filtration solutions for large-scale and complex projects, in compliance with specific customer requirements and international standards. It is involved in the business of a solutions provider of solid-liquid filtration equipment, fabrication of steelworks, and technical support services in Malaysia. Its segments are: namely, Filtration Solutions, Steel Works, and Technical Support Services, with the Filtration Solutions segment generating the maximum revenue. The Group generates maximum revenue from Europe.
15GF Score

Get the complete analysis for XKLS:0361

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

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