Pan Malaysia Bhd (XKLS:4081) Beneish M-Score: -3.27 (As of Jul. 04, 2026)


What is Pan Malaysia Bhd Beneish M-Score?

Pan Malaysia Bhd XKLS:4081 +10.00% Beneish M-Score is -3.27 as of Jul. 04, 2026. The stock has 4 warning signs investors should review. Among 1,847 Consumer Packaged Goods companies, Pan Malaysia Bhd ranks better than 90.2% 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 -3.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:4081' s Beneish M-Score Range Over the Past 10 Years
Min: -7.92   Med: -2.51   Max: -0.42
Current: -3.27

During the past 13 years, the highest Beneish M-Score of Pan Malaysia Bhd was -0.42. The lowest was -7.92. And the median was -2.51.

Pan Malaysia Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Pan 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.

Pan Malaysia Bhd Beneish M-Score Chart

Pan Malaysia Bhd Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -7.92 -3.02 -2.02 -2.73 -3.36

Pan 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.97 -3.36 -3.28 -3.25 -3.27

XKLS:4081 vs MDLZ, HSY, TR: Beneish M-Score Comparison

For the Confectioners subindustry, Pan 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.

Pan Malaysia Bhd Beneish M-Score vs Consumer Packaged Goods Industry

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

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


Pan 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 Pan Malaysia 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 * 1.142+0.528 * 0.9508+0.404 * 1.0794+0.892 * 0.7485+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1413+4.679 * -0.139918-0.327 * 1.0672
=-3.27

* 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 RM30.8 Mil.
Revenue was 38.27 + 41.437 + 40.782 + 44.162 = RM164.7 Mil.
Gross Profit was 20.427 + 22.705 + 22.212 + 24.104 = RM89.4 Mil.
Total Current Assets was RM63.8 Mil.
Total Assets was RM287.3 Mil.
Property, Plant and Equipment(Net PPE) was RM86.5 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM106.2 Mil.
Total Current Liabilities was RM67.6 Mil.
Long-Term Debt & Capital Lease Obligation was RM62.5 Mil.
Net Income was -5.64 + -5.833 + -5.831 + -17.714 = RM-35.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 3.836 + -1.578 + 0.592 + 2.326 = RM5.2 Mil.
 Total Receivables was RM36.1 Mil.
Revenue was 46.86 + 56.375 + 56.536 + 60.209 = RM220.0 Mil.
Gross Profit was 24.152 + 28.874 + 30.498 + 30.097 = RM113.6 Mil.
Total Current Assets was RM83.5 Mil.
Total Assets was RM347.6 Mil.
Property, Plant and Equipment(Net PPE) was RM110.5 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM124.4 Mil.
Total Current Liabilities was RM85.8 Mil.
Long-Term Debt & Capital Lease Obligation was RM61.6 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)
=(30.849 / 164.651) / (36.09 / 219.98)
=0.18736 / 0.16406
=1.142

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)
=(113.621 / 219.98) / (89.448 / 164.651)
=0.516506 / 0.543258
=0.9508

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 - (63.778 + 86.457) / 287.269) / (1 - (83.498 + 110.464) / 347.56)
=0.477023 / 0.441932
=1.0794

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
=164.651 / 219.98
=0.7485

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 / (0 + 110.464)) / (0 / (0 + 86.457))
=0 / 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)
=(106.249 / 164.651) / (124.379 / 219.98)
=0.645298 / 0.56541
=1.1413

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)
=((62.465 + 67.564) / 287.269) / ((61.618 + 85.799) / 347.56)
=0.452638 / 0.424148
=1.0672

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
=(-35.018 - 0 - 5.176) / 287.269
=-0.139918

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.

Pan Malaysia Bhd has a M-score of -3.27 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 -3.27 mean?
Pan Malaysia Bhd (XKLS:4081) has a Beneish M-Score of -3.27 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pan Malaysia Bhd and its competitors. According to the industry distribution chart, Pan Malaysia Bhd ranks #181 out of 1847 companies in the Consumer Packaged Goods industry, placing it in the top 9.8%.
Is Pan Malaysia Bhd's Beneish M-Score too high?
Pan Malaysia Bhd's current Beneish M-Score is -3.27. Based on the distribution chart, Pan Malaysia Bhd ranks #181 out of 1847 companies in the Consumer Packaged Goods industry, which is in the top quartile — a strong position relative to peers.
How does Pan Malaysia Bhd's Beneish M-Score compare to MDLZ and HSY?
According to the Consumer Packaged Goods industry distribution chart, Pan Malaysia Bhd ranks #181 out of 1847 companies for Beneish M-Score. This places Pan Malaysia Bhd in the top 10% of its industry — outperforming the majority of peers. 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 Pan Malaysia Bhd and its competitors. Pan Malaysia Bhd's current Beneish M-Score is -3.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pan Malaysia Bhd stock overvalued right now?
Based on GuruFocus' analysis, Pan Malaysia Bhd (XKLS:4081) is currently considered Possible Value Trap. The stock's GF Value™ is RM0.11, compared to a current price of RM0.06 — trading 50% below its estimated fair value. The current Beneish M-Score is -3.27. 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 Malaysia Bhd (XKLS:4081), the current Beneish M-Score is -3.27 as of Jul. 04, 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 Malaysia Bhd Business Description

Address 189 Jalan Ampang, Kuala Lumpur, SGR, MYS, 50450
Pan Malaysia Corp Bhd is an investment holding company with subsidiaries involved in distributing chocolate and confectionery products and operating a fast-food restaurant chain. The Group's main activities are carried out through A&W Malaysia, a wholly-owned subsidiary operating A&W restaurants. Its segments include Fast-food chain, which focuses on operating restaurant outlets; Investment holding, which manages investments and related activities; and Others, which covers the distribution of chocolate and other food and beverage products, a money lending license, and trademark licensing. The geographical area of operations includes Malaysia and the Rest of Asia.