Ajinomoto (Malaysia) Bhd (XKLS:2658) Beneish M-Score: -2.66 (As of Jun. 26, 2026)

What is Ajinomoto (Malaysia) Bhd Beneish M-Score?

Ajinomoto (Malaysia) Bhd XKLS:2658 -0.53% 74 Beneish M-Score is -2.66 as of Jun. 26, 2026. GuruFocus rates XKLS:2658 with a GF Score™ of 74/100 and a GF Value™ of RM16.12 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 1,849 Consumer Packaged Goods companies, Ajinomoto (Malaysia) Bhd ranks better than 62.41% 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:2658' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82 Med: -2.4 Max: -1.22
Current: -2.66

During the past 13 years, the highest Beneish M-Score of Ajinomoto (Malaysia) Bhd was -1.22. The lowest was -2.82. And the median was -2.40.

Ajinomoto (Malaysia) Bhd Beneish M-Score Related Terms

Ajinomoto (Malaysia) Bhd Beneish M-Score Historical Data

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The historical data trend for Ajinomoto (Malaysia) 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.

Ajinomoto (Malaysia) Bhd Beneish M-Score Chart

Ajinomoto (Malaysia) Bhd Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.33

-1.60

-1.22

-2.47

-2.66

Ajinomoto (Malaysia) Bhd Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.47	0.00	0.00	0.00	-2.66

XKLS:2658 vs KHC, GIS: Beneish M-Score Comparison

For the Packaged Foods subindustry, Ajinomoto (Malaysia) 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.

Ajinomoto (Malaysia) Bhd Beneish M-Score vs Consumer Packaged Goods Industry

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

* The bar in red indicates where Ajinomoto (Malaysia) Bhd's Beneish M-Score falls into.

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74GF Score

Ajinomoto (Malaysia) Bhd XKLS:2658

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

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Ajinomoto (Malaysia) 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 Ajinomoto (Malaysia) 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 * 1.0717

0.528 * 0.4291

0.404 * 0.8165

0.892 * 1.0376

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * -0.021871

0.327 * 0.9173

-2.66

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was RM70.5 Mil.
Revenue was RM710.2 Mil.
Gross Profit was RM710.2 Mil.
Total Current Assets was RM550.5 Mil.
Total Assets was RM1,024.0 Mil.
Property, Plant and Equipment(Net PPE) was RM457.5 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.0 Mil.
Total Current Liabilities was RM97.0 Mil.
Long-Term Debt & Capital Lease Obligation was RM3.1 Mil.
Net Income was RM71.4 Mil.
Gross Profit was RM0.0 Mil.
Cash Flow from Operations was RM93.8 Mil.

Total Receivables was RM63.4 Mil.
Revenue was RM684.5 Mil.
Gross Profit was RM293.7 Mil.
Total Current Assets was RM499.8 Mil.
Total Assets was RM976.0 Mil.
Property, Plant and Equipment(Net PPE) was RM457.5 Mil.
Depreciation, Depletion and Amortization(DDA) was RM29.8 Mil.
Selling, General, & Admin. Expense(SGA) was RM119.4 Mil.
Total Current Liabilities was RM102.1 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.8 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)
	=	(70.471 / 710.208)	/	(63.374 / 684.504)
	=	0.099226	/	0.092584
	=	1.0717

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)
	=	(293.69 / 684.504)	/	(710.208 / 710.208)
	=	0.429055	/	1
	=	0.4291

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 - (550.494 + 457.476) / 1024.003)	/	(1 - (499.798 + 457.484) / 975.997)
	=	0.015657	/	0.019175
	=	0.8165

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
	=	710.208	/	684.504
	=	1.0376

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))
	=	(29.815 / (29.815 + 457.484))	/	(0 / (0 + 457.476))
	=	0.061184	/	0
	=	1

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 / 710.208)	/	(119.44 / 684.504)
	=	0	/	0.174491
	=	0

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)
	=	((3.061 + 97) / 1024.003)	/	((1.823 + 102.149) / 975.997)
	=	0.097716	/	0.106529
	=	0.9173

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
	=	(71.447 - 0	-	93.843)	/	1024.003
	=	-0.021871

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.

Ajinomoto (Malaysia) Bhd has a M-score of -2.66 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 -2.66 mean?

Ajinomoto (Malaysia) Bhd (XKLS:2658) has a Beneish M-Score of -2.66 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ajinomoto (Malaysia) Bhd and its competitors. According to the industry distribution chart, Ajinomoto (Malaysia) Bhd ranks #695 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 37.6%.

Is Ajinomoto (Malaysia) Bhd's Beneish M-Score too high?

Ajinomoto (Malaysia) Bhd's current Beneish M-Score is -2.66. Based on the distribution chart, Ajinomoto (Malaysia) Bhd ranks #695 out of 1849 companies in the Consumer Packaged Goods industry, which is above the industry midpoint. Overall, Ajinomoto (Malaysia) Bhd has a GF Score™ of 74/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Ajinomoto (Malaysia) Bhd's Beneish M-Score compare to KHC and GIS?

According to the Consumer Packaged Goods industry distribution chart, Ajinomoto (Malaysia) Bhd ranks #695 out of 1849 companies for Beneish M-Score. This puts Ajinomoto (Malaysia) Bhd in the upper 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 Ajinomoto (Malaysia) Bhd and its competitors. Ajinomoto (Malaysia) Bhd's current Beneish M-Score is -2.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Ajinomoto (Malaysia) Bhd stock overvalued right now?

Based on GuruFocus' analysis, Ajinomoto (Malaysia) Bhd (XKLS:2658) is currently considered Modestly Overvalued. The stock's GF Value™ is RM16.12, compared to a current price of RM18.88 — trading 17.1% above its estimated fair value. The current Beneish M-Score is -2.66. Ajinomoto (Malaysia) Bhd's overall GF Score™ is 74/100 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 Ajinomoto (Malaysia) Bhd (XKLS:2658), the current Beneish M-Score is -2.66 as of Jun. 26, 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 Ajinomoto (Malaysia) Bhd (XKLS:2658) Overvalued in 2026?

Based on GuruFocus' analysis, Ajinomoto (Malaysia) Bhd stock appears to be overvalued. The current stock price of RM18.88 is trading 17.1% above its estimated GF Value™ of RM16.12. GuruFocus considers Ajinomoto (Malaysia) Bhd to be Modestly Overvalued.

Key valuation signals for XKLS:2658:

Beneish M-Score: -2.66
GF Value™: RM16.12 vs. price of RM18.88 (17.1% above fair value)
GF Score™: 74/100 with 2 warning signs

No single metric tells the full story. See the XKLS:2658 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Ajinomoto (Malaysia) Bhd Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies XKLS:5024 XKLS:7167 XKLS:2828 XKLS:0012 XKLS:5105 XKLS:7216 XKLS:0212 XKLS:5300 XKLS:9776 XKLS:0260 XSWX:NESN XPAR:BN BOG:NUTRESA TSE:2802 SHSE:603288 NSE:NESTLEIND KHC SHSE:600887 SZSE:300999 GIS

Address Lot L1-E-5A and L1-E-5B, Enterprise 4, Technology Park Malaysia, Lebuhraya Puchong - Sg. Besi, Bukit Jalil, Kuala Lumpur, SGR, MYS, 57000

Website https://www.ajinomoto.com.my

Ajinomoto (Malaysia) Bhd is engaged in manufacturing and selling AJI-NO-MOTO products, and other seasoning and food items. Its Consumer business segment consists of the manufacture and distribution of consumer products including AJI-NO-MOTO, flavor seasoning Tumix, menu seasoning Seri-Aji and other seasonings. Industrial business segment consists of manufacture and distribution of monosodium glutamate for industry-use, industrial seasonings and related products. The company generates the majority of its revenue from Malaysia.

74GF Score

Get the complete analysis for XKLS:2658

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

RM18.88

Price

RM16.12

GF Value

View XKLS:2658 Analysis

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