Permaju Industries Bhd (XKLS:7080) Beneish M-Score: -3.48 (As of Jun. 25, 2026)


What is Permaju Industries Bhd Beneish M-Score?

Permaju Industries Bhd XKLS:7080 -50.00% Beneish M-Score is -3.48 as of Jun. 25, 2026. The stock has 7 warning signs investors should review. Among 1,273 Vehicles & Parts companies, Permaju Industries Bhd ranks better than 95.05% 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 -3.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:7080' s Beneish M-Score Range Over the Past 10 Years
Min: -3.68   Med: -2.11   Max: 26.94
Current: -3.48

During the past 13 years, the highest Beneish M-Score of Permaju Industries Bhd was 26.94. The lowest was -3.68. And the median was -2.11.

Permaju Industries Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Permaju Industries 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.

Permaju Industries Bhd Beneish M-Score Chart

Permaju Industries Bhd Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Dec17 Jun20 Jun21 Jun22 Jun23 Sep25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 -2.47 19.54 -2.38 0.00

Permaju Industries 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 -2.25 -2.61 0.00 -3.24 -3.48

XKLS:7080 vs CVNA, PAG, ALTB: Beneish M-Score Comparison

For the Auto & Truck Dealerships subindustry, Permaju Industries 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.

Permaju Industries Bhd Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Permaju Industries Bhd's Beneish M-Score distribution charts can be found below:

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


Permaju Industries 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 Permaju Industries 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 * 1.2584+0.528 * 0.492+0.404 * 0.9952+0.892 * 0.6783+0.115 * 0.6694
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 3.0261+4.679 * -0.042469-0.327 * 1.2864
=-3.48

* 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 RM23.14 Mil.
Revenue was 1.686 + 3.591 + 5.778 + 6.098 = RM17.15 Mil.
Gross Profit was 0.893 + 0.783 + 1.309 + 0.684 = RM3.67 Mil.
Total Current Assets was RM41.02 Mil.
Total Assets was RM259.48 Mil.
Property, Plant and Equipment(Net PPE) was RM85.88 Mil.
Depreciation, Depletion and Amortization(DDA) was RM5.81 Mil.
Selling, General, & Admin. Expense(SGA) was RM1.75 Mil.
Total Current Liabilities was RM16.21 Mil.
Long-Term Debt & Capital Lease Obligation was RM8.00 Mil.
Net Income was -4.773 + -7.205 + 5.548 + -4.7 = RM-11.13 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 0.821 + 2.371 + -0.372 + -2.93 = RM-0.11 Mil.
 Total Receivables was RM27.11 Mil.
Revenue was 7.064 + 5.75 + 5.812 + 6.661 = RM25.29 Mil.
Gross Profit was 0.849 + 1.104 + -0.22 + 0.928 = RM2.66 Mil.
Total Current Assets was RM46.90 Mil.
Total Assets was RM267.36 Mil.
Property, Plant and Equipment(Net PPE) was RM83.19 Mil.
Depreciation, Depletion and Amortization(DDA) was RM3.68 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.85 Mil.
Total Current Liabilities was RM15.00 Mil.
Long-Term Debt & Capital Lease Obligation was RM4.39 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)
=(23.144 / 17.153) / (27.113 / 25.287)
=1.349268 / 1.072211
=1.2584

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)
=(2.661 / 25.287) / (3.669 / 17.153)
=0.105232 / 0.213898
=0.492

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 - (41.024 + 85.883) / 259.482) / (1 - (46.9 + 83.193) / 267.357)
=0.510922 / 0.513411
=0.9952

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
=17.153 / 25.287
=0.6783

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))
=(3.682 / (3.682 + 83.193)) / (5.805 / (5.805 + 85.883))
=0.042383 / 0.063313
=0.6694

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)
=(1.751 / 17.153) / (0.853 / 25.287)
=0.102081 / 0.033733
=3.0261

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)
=((8.004 + 16.21) / 259.482) / ((4.392 + 15.002) / 267.357)
=0.093317 / 0.07254
=1.2864

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
=(-11.13 - 0 - -0.11) / 259.482
=-0.042469

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.

Permaju Industries Bhd has a M-score of -3.48 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 -3.48 mean?
Permaju Industries Bhd (XKLS:7080) has a Beneish M-Score of -3.48 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Permaju Industries Bhd and its competitors. According to the industry distribution chart, Permaju Industries Bhd ranks #63 out of 1273 companies in the Vehicles & Parts industry, placing it in the top 4.9%.
Is Permaju Industries Bhd's Beneish M-Score too high?
Permaju Industries Bhd's current Beneish M-Score is -3.48. Based on the distribution chart, Permaju Industries Bhd ranks #63 out of 1273 companies in the Vehicles & Parts industry, which is in the top quartile — a strong position relative to peers.
How does Permaju Industries Bhd's Beneish M-Score compare to CVNA and PAG?
According to the Vehicles & Parts industry distribution chart, Permaju Industries Bhd ranks #63 out of 1273 companies for Beneish M-Score. This places Permaju Industries Bhd in the top 5% 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Permaju Industries Bhd and its competitors. Permaju Industries Bhd's current Beneish M-Score is -3.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Permaju Industries Bhd stock overvalued right now?
Based on GuruFocus' analysis, Permaju Industries Bhd (XKLS:7080) is currently considered Possible Value Trap. The stock's GF Value™ is RM0.01, compared to a current price of RM0.01 — trading 50% below its estimated fair value. The current Beneish M-Score is -3.48. 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 Permaju Industries Bhd (XKLS:7080), the current Beneish M-Score is -3.48 as of Jun. 25, 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.

Permaju Industries Bhd Business Description

Other Exchanges 7080PA.PFD:Malaysia
Address Lot 45182, Sungai Penchala, Off Jalan Damansara, Wisma Cergaz, Wilayah Persekutuan, Kuala Lumpur, SGR, MYS, 60000
Permaju Industries Bhd is Malaysia-based investment holding firm. The company is engaged in the sales and distribution of automobile vehicles. The company operates in four business segments namely; Automotive comprises of sale and distribution of motor vehicles and provision of related services which also contributes a majorly in revenue, Property segment consists of development and construction of property, EV Division consists of Rental of luxury EV motor vehicles and Other segment involved in group level corporate services and investment holding activity. Majority of its revenue comes from the Malaysian market.