PJBumi Bhd (XKLS:7163) Beneish M-Score: 7.91 (As of Jun. 26, 2026)

What is PJBumi Bhd Beneish M-Score?

PJBumi Bhd XKLS:7163 -1.03% 26 Beneish M-Score is 7.91 as of Jun. 26, 2026. GuruFocus rates XKLS:7163 with a GF Score™ of 26/100. The stock has 5 warning signs investors should review. Among 1,704 Construction companies, PJBumi Bhd ranks worse than 98.88% 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 7.91 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:7163' s Beneish M-Score Range Over the Past 10 Years
Min: -21.5 Med: -1.52 Max: 17.92
Current: 7.91

During the past 13 years, the highest Beneish M-Score of PJBumi Bhd was 17.92. The lowest was -21.50. And the median was -1.52.

PJBumi Bhd Beneish M-Score Related Terms

PJBumi Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PJBumi 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.

PJBumi Bhd Beneish M-Score Chart

PJBumi Bhd Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec21

Dec23

Jun25

Beneish M-Score

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-2.06

0.12

-4.61

-2.01

0.67

PJBumi Bhd Quarterly Data
	Mar20	Jun20	Sep20	Mar21	Sep21	Dec21	Mar22	Sep22	Mar23	Jun23	Sep23	Dec23	Mar24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-0.26	0.67	-1.61	17.92	7.91

XKLS:7163 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, PJBumi 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.

PJBumi Bhd Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, PJBumi Bhd's Beneish M-Score distribution charts can be found below:

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

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26GF Score

PJBumi Bhd XKLS:7163

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

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PJBumi 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 PJBumi 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 * 14.953

0.528 * 0.068

0.404 * 0.7713

0.892 * 0.2233

0.115 * 2.2331

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 6.0967

4.679 * -0.108911

0.327 * 0.7569

7.91

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was RM11.33 Mil.
Revenue was 1.39 + 2.929 + 2.486 + 0.212 = RM7.02 Mil.
Gross Profit was 1.338 + 1.008 + 1.062 + 0.21 = RM3.62 Mil.
Total Current Assets was RM18.82 Mil.
Total Assets was RM48.78 Mil.
Property, Plant and Equipment(Net PPE) was RM2.96 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.55 Mil.
Selling, General, & Admin. Expense(SGA) was RM3.83 Mil.
Total Current Liabilities was RM8.12 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.02 Mil.
Net Income was 0.131 + 0.092 + 0.121 + -0.663 = RM-0.32 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 3.711 + 0.894 + 0.162 + 0.227 = RM4.99 Mil.

Total Receivables was RM3.39 Mil.
Revenue was 0.094 + 11.727 + 15.849 + 3.751 = RM31.42 Mil.
Gross Profit was 0.058 + 0.164 + 0.209 + 0.67 = RM1.10 Mil.
Total Current Assets was RM9.00 Mil.
Total Assets was RM34.40 Mil.
Property, Plant and Equipment(Net PPE) was RM0.70 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.38 Mil.
Selling, General, & Admin. Expense(SGA) was RM2.81 Mil.
Total Current Liabilities was RM6.99 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.59 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)
	=	(11.327 / 7.017)	/	(3.392 / 31.421)
	=	1.614223	/	0.107953
	=	14.953

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)
	=	(1.101 / 31.421)	/	(3.618 / 7.017)
	=	0.03504	/	0.515605
	=	0.068

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 - (18.816 + 2.957) / 48.783)	/	(1 - (9.002 + 0.703) / 34.398)
	=	0.553676	/	0.717862
	=	0.7713

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
	=	7.017	/	31.421
	=	0.2233

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))
	=	(0.378 / (0.378 + 0.703))	/	(0.549 / (0.549 + 2.957))
	=	0.349676	/	0.156589
	=	2.2331

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)
	=	(3.83 / 7.017)	/	(2.813 / 31.421)
	=	0.545817	/	0.089526
	=	6.0967

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)
	=	((0.018 + 8.119) / 48.783)	/	((0.586 + 6.994) / 34.398)
	=	0.1668	/	0.220362
	=	0.7569

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
	=	(-0.319 - 0	-	4.994)	/	48.783
	=	-0.108911

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.

PJBumi Bhd has a M-score of 7.91 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 7.91 mean?

PJBumi Bhd (XKLS:7163) has a Beneish M-Score of 7.91 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PJBumi Bhd and its competitors. According to the industry distribution chart, PJBumi Bhd ranks #1685 out of 1704 companies in the Construction industry, placing it in the top 98.9%.

Is PJBumi Bhd's Beneish M-Score too high?

PJBumi Bhd's current Beneish M-Score is 7.91. Based on the distribution chart, PJBumi Bhd ranks #1685 out of 1704 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, PJBumi Bhd has a GF Score™ of 26/100, reflecting its overall financial health beyond just this single metric.

How does PJBumi Bhd's Beneish M-Score compare to PWR and FIX?

According to the Construction industry distribution chart, PJBumi Bhd ranks #1685 out of 1704 companies for Beneish M-Score. This places PJBumi 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 a Construction company?

A good Beneish M-Score depends on the Construction 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 PJBumi Bhd and its competitors. PJBumi Bhd's current Beneish M-Score is 7.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PJBumi Bhd stock overvalued right now?

PJBumi Bhd (XKLS:7163) has a current Beneish M-Score of 7.91. The current Beneish M-Score is 7.91. PJBumi Bhd's overall GF Score™ is 26/100 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 PJBumi Bhd (XKLS:7163), the current Beneish M-Score is 7.91 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.

PJBumi Bhd Business Description

Industry Industrials Construction

Comparable Companies XKLS:0328 XKLS:5932 XKLS:0235 XKLS:0359 XKLS:7595 XKLS:5205 XKLS:0366 XKLS:0192 XKLS:03050 XKLS:0307 PWR XPAR:DG FIX NSE:LT XAMS:FER XKRX:028260 XTER:HOT XMAD:ACS EME MTZ

Address No. 11, Jalan Ruang U8/109, Seksyen U8, Bukit Jelutong, Shah Alam, SGR, MYS, 40150

Website https://www.pjbumi.com.my

PJBumi Bhd is engaged in provision of investment holding and management services. Its segments include Manufacturing, engineering, operation, maintenance, design and services; Environmental management services; Construction and projects; Resources, commodity and general trading; and Investment. It derives majority of the revenue from Resources, commodity and general trading segment.

26GF Score

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

RM3.85

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