Carimin Petroleum Bhd (XKLS:5257) Beneish M-Score: 26.58 (As of Jun. 26, 2026)

What is Carimin Petroleum Bhd Beneish M-Score?

Carimin Petroleum Bhd XKLS:5257 43 Beneish M-Score is 26.58 as of Jun. 26, 2026. GuruFocus rates XKLS:5257 with a GF Score™ of 43/100 and a GF Value™ of RM0.60 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 822 Oil & Gas companies, Carimin Petroleum Bhd ranks worse than 99.15% 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.

Warning Sign:

Beneish M-Score 26.58 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:5257' s Beneish M-Score Range Over the Past 10 Years
Min: -10.44 Med: -2.52 Max: 26.58
Current: 26.58

During the past 12 years, the highest Beneish M-Score of Carimin Petroleum Bhd was 26.58. The lowest was -10.44. And the median was -2.52.

Carimin Petroleum Bhd Beneish M-Score Related Terms

Carimin Petroleum Bhd Beneish M-Score Historical Data

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The historical data trend for Carimin Petroleum 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.

Carimin Petroleum Bhd Beneish M-Score Chart

Carimin Petroleum Bhd Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-2.86

-1.35

-2.09

-3.34

-1.89

Carimin Petroleum 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															-3.12	-1.89	-0.32	0.30	26.58

XKLS:5257 vs SLB, BKR, HAL: Beneish M-Score Comparison

For the Oil & Gas Equipment & Services subindustry, Carimin Petroleum 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.

Carimin Petroleum Bhd Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Carimin Petroleum Bhd's Beneish M-Score distribution charts can be found below:

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

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43GF Score

Carimin Petroleum Bhd XKLS:5257

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

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Carimin Petroleum 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 Carimin Petroleum 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 * 1.3379

0.528 * 2.8454

0.404 * 69.155

0.892 * 0.8855

0.115 * 0.6559

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0471

4.679 * 0.085336

0.327 * 1.0217

26.58

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was RM134.9 Mil.
Revenue was 54.676 + 56.629 + 56.546 + 50.479 = RM218.3 Mil.
Gross Profit was 10.654 + 4.452 + 1.349 + -1.762 = RM14.7 Mil.
Total Current Assets was RM224.8 Mil.
Total Assets was RM349.8 Mil.
Property, Plant and Equipment(Net PPE) was RM84.5 Mil.
Depreciation, Depletion and Amortization(DDA) was RM8.6 Mil.
Selling, General, & Admin. Expense(SGA) was RM18.6 Mil.
Total Current Liabilities was RM98.3 Mil.
Long-Term Debt & Capital Lease Obligation was RM15.0 Mil.
Net Income was 6.333 + 9.019 + 5.02 + -9.572 = RM10.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 12.958 + -9.161 + -7.199 + -15.647 = RM-19.0 Mil.

Total Receivables was RM113.9 Mil.
Revenue was 26.132 + 74.147 + 78.76 + 67.531 = RM246.6 Mil.
Gross Profit was 2.602 + 5.78 + 18.105 + 20.728 = RM47.2 Mil.
Total Current Assets was RM200.2 Mil.
Total Assets was RM351.8 Mil.
Property, Plant and Equipment(Net PPE) was RM151.0 Mil.
Depreciation, Depletion and Amortization(DDA) was RM9.8 Mil.
Selling, General, & Admin. Expense(SGA) was RM20.1 Mil.
Total Current Liabilities was RM88.7 Mil.
Long-Term Debt & Capital Lease Obligation was RM22.9 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)
	=	(134.887 / 218.33)	/	(113.863 / 246.57)
	=	0.617812	/	0.461788
	=	1.3379

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)
	=	(47.215 / 246.57)	/	(14.693 / 218.33)
	=	0.191487	/	0.067297
	=	2.8454

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 - (224.761 + 84.455) / 349.781)	/	(1 - (200.226 + 151.018) / 351.834)
	=	0.115973	/	0.001677
	=	69.155

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
	=	218.33	/	246.57
	=	0.8855

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))
	=	(9.784 / (9.784 + 151.018))	/	(8.636 / (8.636 + 84.455))
	=	0.060845	/	0.092769
	=	0.6559

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)
	=	(18.607 / 218.33)	/	(20.069 / 246.57)
	=	0.085224	/	0.081393
	=	1.0471

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)
	=	((15.019 + 98.329) / 349.781)	/	((22.875 + 88.718) / 351.834)
	=	0.324054	/	0.317175
	=	1.0217

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
	=	(10.8 - 0	-	-19.049)	/	349.781
	=	0.085336

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.

Carimin Petroleum Bhd has a M-score of 26.58 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 26.58 mean?

Carimin Petroleum Bhd (XKLS:5257) has a Beneish M-Score of 26.58 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Carimin Petroleum Bhd and its competitors. According to the industry distribution chart, Carimin Petroleum Bhd ranks #815 out of 822 companies in the Oil & Gas industry, placing it in the top 99.1%.

Is Carimin Petroleum Bhd's Beneish M-Score too high?

Carimin Petroleum Bhd's current Beneish M-Score is 26.58. Based on the distribution chart, Carimin Petroleum Bhd ranks #815 out of 822 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Carimin Petroleum Bhd has a GF Score™ of 43/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Carimin Petroleum Bhd's Beneish M-Score compare to SLB and BKR?

According to the Oil & Gas industry distribution chart, Carimin Petroleum Bhd ranks #815 out of 822 companies for Beneish M-Score. This places Carimin Petroleum 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 Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas 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 Carimin Petroleum Bhd and its competitors. Carimin Petroleum Bhd's current Beneish M-Score is 26.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Carimin Petroleum Bhd stock overvalued right now?

Based on GuruFocus' analysis, Carimin Petroleum Bhd (XKLS:5257) is currently considered Possible Value Trap. The stock's GF Value™ is RM0.60, compared to a current price of RM0.42 — trading 30% below its estimated fair value. The current Beneish M-Score is 26.58. Carimin Petroleum Bhd's overall GF Score™ is 43/100 with 5 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 Carimin Petroleum Bhd (XKLS:5257), the current Beneish M-Score is 26.58 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 Carimin Petroleum Bhd (XKLS:5257) Overvalued in 2026?

Based on GuruFocus' analysis, Carimin Petroleum Bhd stock appears to be undervalued. The current stock price of RM0.42 is trading 30% below its estimated GF Value™ of RM0.60. GuruFocus considers Carimin Petroleum Bhd to be Possible Value Trap.

Key valuation signals for XKLS:5257:

Beneish M-Score: 26.58
GF Value™: RM0.60 vs. price of RM0.42 (30% below fair value)
GF Score™: 43/100 with 5 warning signs

No single metric tells the full story. See the XKLS:5257 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Carimin Petroleum Bhd Business Description

Industry Energy Oil & Gas

Comparable Companies XKLS:0219 XKLS:0320 XKLS:0220 XKLS:5115 XKLS:7253 XKLS:5133 XKLS:7228 XKLS:5078 XKLS:7108 XKLS:5132 SLB BKR HAL MIL:TEN FTI SZSE:002353 OSL:SUBC MIL:SPM XPAR:GTT SHSE:601808

Address 189, Jalan Tun Razak, B-1-6, Block B, Megan Avenue 1, Wilayah Persekutuan, Kuala Lumpur, SGR, MYS, 50400

Website https://www.carimin.com

Carimin Petroleum Bhd is an investment holding is engaged in business activities that include pre-construction engineering including planning packages, minor engineering, procurement activities, structural and piping fabrication, electrical and instrumentation installation, construction, upgrading and commissioning works. The company also provides marine logistics through the deployment of vessels such as work barges, accommodation vessels, fast crew boats, and anchor handling tug supply (AHTS) vessels. The company's reportable segments are: i)Manpower services, ii) Construction, offshore hook up and commissioning and topside major maintenance, iii) Marine services, iv)Civil construction and v) Others. The majority of revenue is generated from Hook up, construction and commissioning.

43GF Score

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

RM0.42

Price

RM0.60

GF Value

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