PRG Holdings Bhd (XKLS:7168) Beneish M-Score: -3.73 (As of Jun. 26, 2026)


What is PRG Holdings Bhd Beneish M-Score?

PRG Holdings Bhd XKLS:7168 Beneish M-Score is -3.73 as of Jun. 26, 2026. The stock has 8 warning signs investors should review. Among 1,001 Manufacturing - Apparel & Accessories companies, PRG Holdings Bhd ranks better than 93.91% 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 -3.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:7168' s Beneish M-Score Range Over the Past 10 Years
Min: -3.73   Med: -2.18   Max: 0.36
Current: -3.73

During the past 13 years, the highest Beneish M-Score of PRG Holdings Bhd was 0.36. The lowest was -3.73. And the median was -2.18.

PRG Holdings Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PRG Holdings 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.

PRG Holdings Bhd Beneish M-Score Chart

PRG Holdings Bhd Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.71 -1.35 -3.19 -3.07 -3.08

PRG Holdings 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 -2.90 -2.96 -2.80 -3.08 -3.73

XKLS:7168 vs AIN: Beneish M-Score Comparison

For the Textile Manufacturing subindustry, PRG Holdings 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.

PRG Holdings Bhd Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, PRG Holdings Bhd's Beneish M-Score distribution charts can be found below:

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


PRG Holdings 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 PRG Holdings 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 * 0.8457+0.528 * 1.1559+0.404 * 1.0001+0.892 * 0.8936+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1152+4.679 * -0.203152-0.327 * 1.3898
=-3.73

* 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 RM68.8 Mil.
Revenue was 50.903 + 75.316 + 59.321 + 67.929 = RM253.5 Mil.
Gross Profit was 10.825 + 5.165 + 13.254 + 17.266 = RM46.5 Mil.
Total Current Assets was RM199.2 Mil.
Total Assets was RM336.6 Mil.
Property, Plant and Equipment(Net PPE) was RM57.4 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM41.9 Mil.
Total Current Liabilities was RM186.2 Mil.
Long-Term Debt & Capital Lease Obligation was RM40.1 Mil.
Net Income was -14.994 + -43.484 + 0.601 + 2.272 = RM-55.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was -0.384 + 1.682 + 9.093 + 2.39 = RM12.8 Mil.
 Total Receivables was RM91.0 Mil.
Revenue was 57.185 + 93.835 + 75.238 + 57.382 = RM283.6 Mil.
Gross Profit was 14.032 + 18.007 + 16.129 + 11.994 = RM60.2 Mil.
Total Current Assets was RM202.6 Mil.
Total Assets was RM342.6 Mil.
Property, Plant and Equipment(Net PPE) was RM58.7 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM42.1 Mil.
Total Current Liabilities was RM122.8 Mil.
Long-Term Debt & Capital Lease Obligation was RM42.9 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)
=(68.787 / 253.469) / (91.022 / 283.64)
=0.271382 / 0.320907
=0.8457

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)
=(60.162 / 283.64) / (46.51 / 253.469)
=0.212107 / 0.183494
=1.1559

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 - (199.201 + 57.447) / 336.624) / (1 - (202.559 + 58.651) / 342.601)
=0.237583 / 0.237568
=1.0001

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
=253.469 / 283.64
=0.8936

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 / (0 + 58.651)) / (0 / (0 + 57.447))
=0 / 0
=1

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)
=(41.923 / 253.469) / (42.068 / 283.64)
=0.165397 / 0.148315
=1.1152

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)
=((40.132 + 186.157) / 336.624) / ((42.919 + 122.793) / 342.601)
=0.672231 / 0.483688
=1.3898

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
=(-55.605 - 0 - 12.781) / 336.624
=-0.203152

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.

PRG Holdings Bhd has a M-score of -3.73 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 -3.73 mean?
PRG Holdings Bhd (XKLS:7168) has a Beneish M-Score of -3.73 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PRG Holdings Bhd and its competitors. According to the industry distribution chart, PRG Holdings Bhd ranks #61 out of 1001 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 6.1%.
Is PRG Holdings Bhd's Beneish M-Score too high?
PRG Holdings Bhd's current Beneish M-Score is -3.73. Based on the distribution chart, PRG Holdings Bhd ranks #61 out of 1001 companies in the Manufacturing - Apparel & Accessories industry, which is in the top quartile — a strong position relative to peers.
How does PRG Holdings Bhd's Beneish M-Score compare to AIN?
According to the Manufacturing - Apparel & Accessories industry distribution chart, PRG Holdings Bhd ranks #61 out of 1001 companies for Beneish M-Score. This places PRG Holdings Bhd in the top 6% 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 Manufacturing - Apparel & Accessories company?
A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories 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 PRG Holdings Bhd and its competitors. PRG Holdings Bhd's current Beneish M-Score is -3.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PRG Holdings Bhd stock overvalued right now?
Based on GuruFocus' analysis, PRG Holdings Bhd (XKLS:7168) is currently considered Modestly Overvalued. The stock's GF Value™ is RM0.08, compared to a current price of RM0.09 — trading 12.5% above its estimated fair value. The current Beneish M-Score is -3.73. 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 PRG Holdings Bhd (XKLS:7168), the current Beneish M-Score is -3.73 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.

PRG Holdings Bhd Business Description

Address Bukit Damansara, Unit 4.02, Level 4 Plaza Damansara Block A, Kuala Lumpur, SGR, MYS, 50490
PRG Holdings Bhd is engaged in investment holding and the provision of management services. Along with its subsidiaries, it is engaged in property development and construction, provision of smart energy solutions, and manufacturing and sale of elastic textile, webbing, and rubber tape related products, agriculture, and property management and consultancy related activities. It operates in four segments: the Manufacturing, the property development and construction, the agriculture, and the Energy efficiency segment. The company generates the maximum of its revenue from the Energy efficiency segment, which is engaged in the provision of smart energy solutions. Geographically, it operates in Malaysia, Asia-Pacific, Europe, North America, and Other countries.