Computer Forms (Malaysia) Bhd (XKLS:8044) Beneish M-Score: -0.31 (As of Jul. 03, 2026)


What is Computer Forms (Malaysia) Bhd Beneish M-Score?

Computer Forms (Malaysia) Bhd XKLS:8044 Beneish M-Score is -0.31 as of Jul. 03, 2026. The stock has 4 warning signs investors should review. Among 1,021 Business Services companies, Computer Forms (Malaysia) Bhd ranks worse than 94.42% 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 -0.31 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Computer Forms (Malaysia) Bhd's Beneish M-Score or its related term are showing as below:

XKLS:8044' s Beneish M-Score Range Over the Past 10 Years
Min: -70   Med: -2.5   Max: 6.69
Current: -0.31

During the past 13 years, the highest Beneish M-Score of Computer Forms (Malaysia) Bhd was 6.69. The lowest was -70.00. And the median was -2.50.

Computer Forms (Malaysia) Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Computer Forms (Malaysia) 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.

Computer Forms (Malaysia) Bhd Beneish M-Score Chart

Computer Forms (Malaysia) Bhd Annual Data
Trend Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Sep24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.69 -2.41 0.36 0.76 -3.86

Computer Forms (Malaysia) Bhd Quarterly Data
Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Jun23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
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 -2.94 -1.35 -2.15 0.00 -0.31

XKLS:8044 vs CTAS, CPRT, ULS: Beneish M-Score Comparison

For the Specialty Business Services subindustry, Computer Forms (Malaysia) 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.

Computer Forms (Malaysia) Bhd Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, Computer Forms (Malaysia) Bhd's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Computer Forms (Malaysia) Bhd's Beneish M-Score falls into.


Computer Forms (Malaysia) 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 Computer Forms (Malaysia) 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 * 1.4595+0.528 * 2.3515+0.404 * 3.5792+0.892 * 0.6467+0.115 * 1.3246
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0466+4.679 * 0.009242-0.327 * 0.291
=-0.31

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was RM32.06 Mil.
Revenue was 4.592 + 3.404 + 2.55 + 2.436 = RM12.98 Mil.
Gross Profit was 0.184 + 0.411 + 0.283 + -1.441 = RM-0.56 Mil.
Total Current Assets was RM122.60 Mil.
Total Assets was RM126.71 Mil.
Property, Plant and Equipment(Net PPE) was RM1.37 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.35 Mil.
Selling, General, & Admin. Expense(SGA) was RM3.75 Mil.
Total Current Liabilities was RM2.89 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.38 Mil.
Net Income was 1.233 + 0.299 + -0.949 + -1.125 = RM-0.54 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 0 + 0.322 + 1.574 + -3.609 = RM-1.71 Mil.
 Total Receivables was RM33.96 Mil.
Revenue was 2.97 + 4.076 + 5.989 + 7.038 = RM20.07 Mil.
Gross Profit was 0.32 + -2.439 + -0.06 + 0.132 = RM-2.05 Mil.
Total Current Assets was RM128.64 Mil.
Total Assets was RM131.16 Mil.
Property, Plant and Equipment(Net PPE) was RM1.73 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.64 Mil.
Selling, General, & Admin. Expense(SGA) was RM5.54 Mil.
Total Current Liabilities was RM11.03 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)
=(32.056 / 12.982) / (33.96 / 20.073)
=2.469265 / 1.691825
=1.4595

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)
=(-2.047 / 20.073) / (-0.563 / 12.982)
=-0.101978 / -0.043368
=2.3515

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 - (122.597 + 1.37) / 126.709) / (1 - (128.641 + 1.729) / 131.163)
=0.02164 / 0.006046
=3.5792

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
=12.982 / 20.073
=0.6467

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))
=(0.642 / (0.642 + 1.729)) / (0.352 / (0.352 + 1.37))
=0.270772 / 0.204413
=1.3246

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)
=(3.748 / 12.982) / (5.537 / 20.073)
=0.288707 / 0.275843
=1.0466

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)
=((0.375 + 2.891) / 126.709) / ((0.589 + 11.031) / 131.163)
=0.025776 / 0.088592
=0.291

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
=(-0.542 - 0 - -1.713) / 126.709
=0.009242

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.

Computer Forms (Malaysia) Bhd has a M-score of -0.31 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 -0.31 mean?
Computer Forms (Malaysia) Bhd (XKLS:8044) has a Beneish M-Score of -0.31 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Computer Forms (Malaysia) Bhd and its competitors. According to the industry distribution chart, Computer Forms (Malaysia) Bhd ranks #964 out of 1021 companies in the Business Services industry, placing it in the top 94.4%.
Is Computer Forms (Malaysia) Bhd's Beneish M-Score too high?
Computer Forms (Malaysia) Bhd's current Beneish M-Score is -0.31. Based on the distribution chart, Computer Forms (Malaysia) Bhd ranks #964 out of 1021 companies in the Business Services industry, which is in the bottom quartile relative to peers.
How does Computer Forms (Malaysia) Bhd's Beneish M-Score compare to CTAS and CPRT?
According to the Business Services industry distribution chart, Computer Forms (Malaysia) Bhd ranks #964 out of 1021 companies for Beneish M-Score. This places Computer Forms (Malaysia) 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 Business Services company?
A good Beneish M-Score depends on the Business Services 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 Computer Forms (Malaysia) Bhd and its competitors. Computer Forms (Malaysia) Bhd's current Beneish M-Score is -0.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Computer Forms (Malaysia) Bhd stock overvalued right now?
Based on GuruFocus' analysis, Computer Forms (Malaysia) Bhd (XKLS:8044) is currently considered Modestly Overvalued. The stock's GF Value™ is RM0.05, compared to a current price of RM0.07 — trading 30% above its estimated fair value. The current Beneish M-Score is -0.31. 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 Computer Forms (Malaysia) Bhd (XKLS:8044), the current Beneish M-Score is -0.31 as of Jul. 03, 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.

Computer Forms (Malaysia) Bhd Business Description

Address Lot 2, Jalan Usahawan 5, Off Jalan Genting Kelang, PKNS Setapak Industrial Area, Kuala Lumpur, MYS, 53300
Computer Forms (Malaysia) Bhd is engaged in the printing and distributing of computer forms, stock forms, and specialized forms. The company operates through three segments namely Business forms and data print services, Commercial printing, Flexible packaging. It generates maximum revenue from the Flexible packaging segment. Geographically, it derives a majority of its revenue from Malaysia and also has a presence in Indonesia. It offers various products such as general computer forms, security forms, mail/pressure seal mailers, stock forms, and optical mark recognition/optical character recognition forms.