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 -2.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Petronas Gas Bhd's Beneish M-Score or its related term are showing as below:
XKLS:6033'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.09 Med: -2.79 Max: -2.38
Current: -2.85
During the past 13 years, the highest Beneish M-Score of Petronas Gas Bhd was -2.38. The lowest was -3.09. And the median was -2.79.
Petronas Gas Bhd Beneish M-Score Related Terms
Petronas Gas Bhd Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Petronas Gas 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.
For the Oil & Gas Integrated subindustry, Petronas Gas 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.
Petronas Gas Bhd Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Petronas Gas Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Petronas Gas Bhd's Beneish M-Score falls into.
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 Petronas Gas 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 * 0.9475
+
0.528 * 1.0329
+
0.404 * 1.1343
+
0.892 * 0.977
+
0.115 * 1.062
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.2191
+
4.679 * -0.067315
-
0.327 * 1.0727
=
-2.85
* 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.
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.
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))
=
(1184.377 / (1184.377 + 13926.931))
/
(1254.185 / (1254.185 + 15739.443))
=
0.078377
/
0.073803
=
1.062
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
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
=
(1697.01 - 0
-
3019.085)
/
19640.164
=
-0.067315
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.
Petronas Gas Bhd has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
Petronas Gas Bhd (XKLS:6033) has a Beneish M-Score of -2.85 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Petronas Gas Bhd and its competitors. According to the industry distribution chart, Petronas Gas Bhd ranks #299 out of 822 companies in the Oil & Gas industry, placing it in the top 36.4%.
Is Petronas Gas Bhd's Beneish M-Score too high?
Petronas Gas Bhd's current Beneish M-Score is -2.85. Based on the distribution chart, Petronas Gas Bhd ranks #299 out of 822 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Petronas Gas Bhd has a GF Score™ of 86/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Petronas Gas Bhd's Beneish M-Score compare to XOM and CVX?
According to the Oil & Gas industry distribution chart, Petronas Gas Bhd ranks #299 out of 822 companies for Beneish M-Score. This puts Petronas Gas 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 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 Petronas Gas Bhd and its competitors. Petronas Gas Bhd's current Beneish M-Score is -2.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Petronas Gas Bhd stock overvalued right now?
Based on GuruFocus' analysis, Petronas Gas Bhd (XKLS:6033) is currently considered Fairly Valued. The stock's GF Value™ is RM17.67, compared to a current price of RM17.44 — trading 1.3% below its estimated fair value. The current Beneish M-Score is -2.85. Petronas Gas Bhd's overall GF Score™ is 86/100 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 Petronas Gas Bhd (XKLS:6033), the current Beneish M-Score is -2.85 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 Petronas Gas Bhd (XKLS:6033) Overvalued in 2026?
Based on GuruFocus' analysis, Petronas Gas Bhd stock appears to be undervalued.
The current stock price of RM17.44 is trading 1.3% below its estimated GF Value™ of RM17.67.
GuruFocus considers Petronas Gas Bhd to be Fairly Valued.
Key valuation signals for XKLS:6033:
Beneish M-Score: -2.85
GF Value™: RM17.67 vs. price of RM17.44 (1.3% below fair value)
No single metric tells the full story. See the XKLS:6033 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Petronas Gas Bhd is a Malaysian gas infrastructure and utilities company, of which Malaysia's nationalized oil corporation, PETRONAS, holds a majority interest. Petronas Gas segments its primary operations into Gas Processing, Gas Transportation, Utilities, and Regasification businesses. While each of these contributes significantly to the company's total revenue, its Utilities and Gas Processing units combine to generate the majority. In Gas Processing, Petronas Gas receives processing fees under multi-year contracts by processing natural gas piped offshore for its parent company, PETRONAS. The Gas Transportation business encompasses the transmission of offshore natural gas through pipelines to customers in Malaysia and Singapore under multi-year agreements with PETRONAS.
86GF Score
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