PMW International Bhd (XKLS:0379) Beneish M-Score: -2.50 (As of Jul. 08, 2026)


XKLS:0379 PMW International Bhd XKLS:0379
16 GF Score
Price RM0.25
! 6 Warning Signs
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What is PMW International Bhd Beneish M-Score?

PMW International Bhd XKLS:0379 16 Beneish M-Score is -2.50 as of Jul. 08, 2026. GuruFocus rates XKLS:0379 with a GF Score™ of 16/100. The stock has 6 warning signs investors should review. Among 388 Building Materials companies, PMW International Bhd ranks worse than 55.15% 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 -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0379' s Beneish M-Score Range Over the Past 10 Years
Min: -2.57   Med: -2.5   Max: -2.05
Current: -2.5

During the past 5 years, the highest Beneish M-Score of PMW International Bhd was -2.05. The lowest was -2.57. And the median was -2.50.

PMW International Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PMW International 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.

PMW International Bhd Beneish M-Score Chart

PMW International Bhd Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.05 -2.57 -2.50

PMW International Bhd Semi-Annual Data
Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 -2.05 -2.57 -2.50

XKLS:0379 vs CRH, VMC, MLM: Beneish M-Score Comparison

For the Building Materials subindustry, PMW International 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.

PMW International Bhd Beneish M-Score vs Building Materials Industry

For the Building Materials industry and Basic Materials sector, PMW International Bhd's Beneish M-Score distribution charts can be found below:

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


XKLS:0379
16GF Score
PMW International Bhd XKLS:0379
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PMW International 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 PMW International 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 * 0.7364+0.528 * 0.8676+0.404 * 1.8641+0.892 * 1.2612+0.115 * 0.9119
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.207+4.679 * -0.036089-0.327 * 0.7106
=-2.50

* 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 RM40.0 Mil.
Revenue was RM208.5 Mil.
Gross Profit was RM40.9 Mil.
Total Current Assets was RM195.9 Mil.
Total Assets was RM283.2 Mil.
Property, Plant and Equipment(Net PPE) was RM82.1 Mil.
Depreciation, Depletion and Amortization(DDA) was RM8.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM26.0 Mil.
Total Current Liabilities was RM76.3 Mil.
Long-Term Debt & Capital Lease Obligation was RM23.3 Mil.
Net Income was RM12.1 Mil.
Gross Profit was RM0.0 Mil.
Cash Flow from Operations was RM22.3 Mil.
 Total Receivables was RM43.0 Mil.
Revenue was RM165.3 Mil.
Gross Profit was RM28.1 Mil.
Total Current Assets was RM112.3 Mil.
Total Assets was RM182.0 Mil.
Property, Plant and Equipment(Net PPE) was RM67.9 Mil.
Depreciation, Depletion and Amortization(DDA) was RM6.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM9.4 Mil.
Total Current Liabilities was RM66.1 Mil.
Long-Term Debt & Capital Lease Obligation was RM23.9 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)
=(39.972 / 208.523) / (43.039 / 165.338)
=0.191691 / 0.260309
=0.7364

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)
=(28.145 / 165.338) / (40.914 / 208.523)
=0.170227 / 0.196209
=0.8676

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 - (195.94 + 82.067) / 283.243) / (1 - (112.334 + 67.871) / 182.01)
=0.018486 / 0.009917
=1.8641

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
=208.523 / 165.338
=1.2612

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))
=(5.956 / (5.956 + 67.871)) / (7.965 / (7.965 + 82.067))
=0.080675 / 0.088469
=0.9119

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)
=(26.039 / 208.523) / (9.355 / 165.338)
=0.124874 / 0.056581
=2.207

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)
=((23.305 + 76.259) / 283.243) / ((23.941 + 66.097) / 182.01)
=0.351514 / 0.494687
=0.7106

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
=(12.056 - 0 - 22.278) / 283.243
=-0.036089

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.

PMW International Bhd has a M-score of -2.50 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 -2.50 mean?
PMW International Bhd (XKLS:0379) has a Beneish M-Score of -2.50 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PMW International Bhd and its competitors. According to the industry distribution chart, PMW International Bhd ranks #214 out of 388 companies in the Building Materials industry, placing it in the top 55.2%.
Is PMW International Bhd's Beneish M-Score too high?
PMW International Bhd's current Beneish M-Score is -2.50. Based on the distribution chart, PMW International Bhd ranks #214 out of 388 companies in the Building Materials industry, which is below the industry midpoint. Overall, PMW International Bhd has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does PMW International Bhd's Beneish M-Score compare to CRH and VMC?
According to the Building Materials industry distribution chart, PMW International Bhd ranks #214 out of 388 companies for Beneish M-Score. This places PMW International 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 Building Materials company?
A good Beneish M-Score depends on the Building Materials 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 PMW International Bhd and its competitors. PMW International Bhd's current Beneish M-Score is -2.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PMW International Bhd stock overvalued right now?
PMW International Bhd (XKLS:0379) has a current Beneish M-Score of -2.50. The current Beneish M-Score is -2.50. PMW International Bhd's overall GF Score™ is 16/100 with 6 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 PMW International Bhd (XKLS:0379), the current Beneish M-Score is -2.50 as of Jul. 08, 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.

PMW International Bhd Business Description

Address Lot 133077, Jalan Lahat, Bukit Merah Industrial Estate, Lahat, PRK, MYS, 31500
PMW International Bhd is an investment holding company. Through its subsidiaries, it is engaged in the trading of construction materials, spun poles and piles, and other concrete products; manufacturing of spun poles and piles; moulds, machinery, and metal products; and rental of moulds and machinery. The company has two reportable segments: West Malaysia and East Malaysia, both of which include purchasing, manufacturing and distributing concrete and steel products for factories in their respective regions of Malaysia. The majority of revenue is generated from the Sales of spun poles and piles. key geographical presence in Malaysia, West Africa, North America, Middle East, and Europe.
16GF Score

Get the complete analysis for XKLS:0379

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

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