Farmiera Bhd (XKLS:0378) Beneish M-Score: -2.23 (As of Jul. 05, 2026)


XKLS:0378 Farmiera Bhd XKLS:0378
9 GF Score
Price RM0.22
! 2 Warning Signs
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What is Farmiera Bhd Beneish M-Score?

Farmiera Bhd XKLS:0378 9 Beneish M-Score is -2.23 as of Jul. 05, 2026. GuruFocus rates XKLS:0378 with a GF Score™ of 9/100. The stock has 2 warning signs investors should review. Among 1,850 Consumer Packaged Goods companies, Farmiera Bhd ranks worse than 70.49% 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 -2.23 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0378' s Beneish M-Score Range Over the Past 10 Years
Min: -2.81   Med: -2.8   Max: -2.23
Current: -2.23

During the past 5 years, the highest Beneish M-Score of Farmiera Bhd was -2.23. The lowest was -2.81. And the median was -2.80.

Farmiera Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Farmiera 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.

Farmiera Bhd Beneish M-Score Chart

Farmiera Bhd Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.81 -2.80 -2.23

Farmiera Bhd Semi-Annual Data
Dec21 Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -2.81 0.00 -2.80 0.00 -2.23

XKLS:0378 vs ADM, BG, TSN: Beneish M-Score Comparison

For the Farm Products subindustry, Farmiera 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.

Farmiera Bhd Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Farmiera Bhd's Beneish M-Score distribution charts can be found below:

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


XKLS:0378
9GF Score
Farmiera Bhd XKLS:0378
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Farmiera 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 Farmiera 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 * 1.3838+0.528 * 0.8015+0.404 * 0.5066+0.892 * 1.0965+0.115 * 1.1062
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2076+4.679 * 0.024145-0.327 * 0.9081
=-2.23

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was RM37.7 Mil.
Revenue was RM615.2 Mil.
Gross Profit was RM62.5 Mil.
Total Current Assets was RM94.6 Mil.
Total Assets was RM262.7 Mil.
Property, Plant and Equipment(Net PPE) was RM167.9 Mil.
Depreciation, Depletion and Amortization(DDA) was RM10.2 Mil.
Selling, General, & Admin. Expense(SGA) was RM41.1 Mil.
Total Current Liabilities was RM74.9 Mil.
Long-Term Debt & Capital Lease Obligation was RM88.9 Mil.
Net Income was RM8.2 Mil.
Gross Profit was RM0.0 Mil.
Cash Flow from Operations was RM1.9 Mil.
 Total Receivables was RM24.9 Mil.
Revenue was RM561.1 Mil.
Gross Profit was RM45.7 Mil.
Total Current Assets was RM71.4 Mil.
Total Assets was RM194.8 Mil.
Property, Plant and Equipment(Net PPE) was RM123.2 Mil.
Depreciation, Depletion and Amortization(DDA) was RM8.3 Mil.
Selling, General, & Admin. Expense(SGA) was RM31.0 Mil.
Total Current Liabilities was RM74.7 Mil.
Long-Term Debt & Capital Lease Obligation was RM59.1 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)
=(37.74 / 615.21) / (24.872 / 561.065)
=0.061345 / 0.04433
=1.3838

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)
=(45.68 / 561.065) / (62.495 / 615.21)
=0.081417 / 0.101583
=0.8015

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 - (94.602 + 167.949) / 262.702) / (1 - (71.423 + 123.152) / 194.796)
=0.000575 / 0.001135
=0.5066

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
=615.21 / 561.065
=1.0965

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))
=(8.315 / (8.315 + 123.152)) / (10.185 / (10.185 + 167.949))
=0.063248 / 0.057176
=1.1062

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)
=(41.087 / 615.21) / (31.029 / 561.065)
=0.066785 / 0.055304
=1.2076

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)
=((88.922 + 74.91) / 262.702) / ((59.081 + 74.692) / 194.796)
=0.623642 / 0.686734
=0.9081

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
=(8.196 - 0 - 1.853) / 262.702
=0.024145

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.

Farmiera Bhd has a M-score of -2.23 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 -2.23 mean?
Farmiera Bhd (XKLS:0378) has a Beneish M-Score of -2.23 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Farmiera Bhd and its competitors. According to the industry distribution chart, Farmiera Bhd ranks #1304 out of 1850 companies in the Consumer Packaged Goods industry, placing it in the top 70.5%.
Is Farmiera Bhd's Beneish M-Score too high?
Farmiera Bhd's current Beneish M-Score is -2.23. Based on the distribution chart, Farmiera Bhd ranks #1304 out of 1850 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, Farmiera Bhd has a GF Score™ of 9/100, reflecting its overall financial health beyond just this single metric.
How does Farmiera Bhd's Beneish M-Score compare to ADM and BG?
According to the Consumer Packaged Goods industry distribution chart, Farmiera Bhd ranks #1304 out of 1850 companies for Beneish M-Score. This places Farmiera 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 Farmiera Bhd and its competitors. Farmiera Bhd's current Beneish M-Score is -2.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Farmiera Bhd stock overvalued right now?
Farmiera Bhd (XKLS:0378) has a current Beneish M-Score of -2.23. The current Beneish M-Score is -2.23. Farmiera Bhd's overall GF Score™ is 9/100 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 Farmiera Bhd (XKLS:0378), the current Beneish M-Score is -2.23 as of Jul. 05, 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.

Farmiera Bhd Business Description

Address B-3-1 Menara BBT One, North Tower, Lebuh Batu Nilam 1, Bandar Bukit Tinggi, Klang, SGR, MYS, 41200
Farmiera Bhd is involved in poultry farming business. The company is engaged in the production and distribution of broilers and processing of raw poultry products. The business activities of the company can be segmented into the Poultry farming - self-operated farms and contract farms, where live broilers are sold and trading of live broilers sourced from third-party suppliers; and Poultry processing - which comprises the processing and distribution of Halal certified raw poultry products. The products of the company include Whole bird, Whole bird cut-up, Cut-up parts such as whole wing, whole leg, drumette, drumstick and other portioned cuts, and Boneless and skinless products, including boneless breast, boneless thigh and fillet. The group operates only in Malaysia.
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Get the complete analysis for XKLS:0378

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

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