Spritzer BhdXKLS:7103 +2.14%88 Beneish M-Score is -2.75 as of Jun. 24, 2026. GuruFocus rates XKLS:7103 with a GF Score™ of 88/100 and a GF Value™ of RM1.76 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 109 Beverages - Non-Alcoholic companies, Spritzer Bhd ranks better than 71.56% 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 -2.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Spritzer Bhd's Beneish M-Score or its related term are showing as below:
XKLS:7103'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.06 Med: -2.57 Max: -2.17
Current: -2.75
During the past 13 years, the highest Beneish M-Score of Spritzer Bhd was -2.17. The lowest was -3.06. And the median was -2.57.
Spritzer Bhd Beneish M-Score Related Terms
Spritzer Bhd Beneish M-Score Historical Data
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The historical data trend for Spritzer 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.
XKLS:7103 vs KO, PEP, MNST: Beneish M-Score Comparison
For the Beverages - Non-Alcoholic subindustry, Spritzer 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.
Spritzer Bhd Beneish M-Score vs Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Spritzer Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Spritzer 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 Spritzer 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 * 0.9937
+
0.528 * 0.9449
+
0.404 * 0.9199
+
0.892 * 1.1345
+
0.115 * 0.993
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9089
+
4.679 * -0.072969
-
0.327 * 0.9733
=
-2.75
* 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))
=
(31.631 / (31.631 + 527.827))
/
(33.365 / (33.365 + 552.634))
=
0.056539
/
0.056937
=
0.993
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
=
(90.759 - 0
-
153.708)
/
862.686
=
-0.072969
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.
Spritzer Bhd has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
Spritzer Bhd (XKLS:7103) has a Beneish M-Score of -2.75 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Spritzer Bhd and its competitors. According to the industry distribution chart, Spritzer Bhd ranks #31 out of 109 companies in the Beverages - Non-Alcoholic industry, placing it in the top 28.4%.
Is Spritzer Bhd's Beneish M-Score too high?
Spritzer Bhd's current Beneish M-Score is -2.75. Based on the distribution chart, Spritzer Bhd ranks #31 out of 109 companies in the Beverages - Non-Alcoholic industry, which is above the industry midpoint. Overall, Spritzer Bhd has a GF Score™ of 88/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Spritzer Bhd's Beneish M-Score compare to KO and PEP?
According to the Beverages - Non-Alcoholic industry distribution chart, Spritzer Bhd ranks #31 out of 109 companies for Beneish M-Score. This puts Spritzer 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 Beverages - Non-Alcoholic company?
A good Beneish M-Score depends on the Beverages - Non-Alcoholic 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 Spritzer Bhd and its competitors. Spritzer Bhd's current Beneish M-Score is -2.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Spritzer Bhd stock overvalued right now?
Based on GuruFocus' analysis, Spritzer Bhd (XKLS:7103) is currently considered Significantly Overvalued. The stock's GF Value™ is RM1.76, compared to a current price of RM2.86 — trading 62.5% above its estimated fair value. The current Beneish M-Score is -2.75. Spritzer Bhd's overall GF Score™ is 88/100 with 3 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 Spritzer Bhd (XKLS:7103), the current Beneish M-Score is -2.75 as of Jun. 24, 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 Spritzer Bhd (XKLS:7103) Overvalued in 2026?
Based on GuruFocus' analysis, Spritzer Bhd stock appears to be overvalued.
The current stock price of RM2.86 is trading 62.5% above its estimated GF Value™ of RM1.76.
GuruFocus considers Spritzer Bhd to be Significantly Overvalued.
Key valuation signals for XKLS:7103:
Beneish M-Score: -2.75
GF Value™: RM1.76 vs. price of RM2.86 (62.5% above fair value)
No single metric tells the full story. See the XKLS:7103 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Spritzer Bhd is principally involved in the production and sale of natural mineral water, carbonated flavoured water, distilled water, drinking water and non-carbonated flavoured water, manufacturing and selling of PET preforms, PET bottles, caps, toothbrushes and other plastic products, distribution of bottled water and other consumer products, operator of a mini golf course, recreational park and retail of consumer products, property development and investment holding. The company operates through three segments Manufacturing, Trading, and Others. The company generates majority of revenue from Manufacturing segment. The company's main products includes Everyday Hydration, Sparking Hydration, Flavourful Hydration, etc.
88GF Score
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