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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
PBA Holdings Bhd's Sloan Ratio for the quarter that ended in Mar. 2026 was 5.78%.
As of Mar. 2026, PBA Holdings Bhd has a Sloan Ratio of 5.78%, indicating the company is in the safe zone and there is no funny business with accruals.
PBA Holdings Bhd (XKLS:5041) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Mar. 2026, PBA Holdings Bhd has a Sloan Ratio of 5.78%, indicating the company is in the safe zone and there is no funny business with accruals.
PBA Holdings Bhd Sloan Ratio % Related Terms
PBA Holdings Bhd Sloan Ratio % Historical Data
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The historical data trend for PBA Holdings Bhd's Sloan Ratio % 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:5041 vs AWK, WTRG, AWR: Sloan Ratio % Comparison
For the Utilities - Regulated Water subindustry, PBA Holdings Bhd's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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.
PBA Holdings Bhd Sloan Ratio % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, PBA Holdings Bhd's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where PBA Holdings Bhd's Sloan Ratio % falls into.
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
PBA Holdings Bhd's Sloan Ratio for the fiscal year that ended in Dec. 2025 is calculated as
PBA Holdings Bhd's Net Income for the trailing twelve months (TTM) ended in Mar. 2026 was 36.147 (Jun. 2025 ) + 35.137 (Sep. 2025 ) + 23.728 (Dec. 2025 ) + 39.728 (Mar. 2026 ) = RM134.7 Mil.
PBA Holdings Bhd's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was 40.588 (Jun. 2025 ) + 43.828 (Sep. 2025 ) + 94.941 (Dec. 2025 ) + 38.267 (Mar. 2026 ) = RM217.6 Mil.
PBA Holdings Bhd's Cash Flow from Investing for the trailing twelve months (TTM) ended in Mar. 2026 was -36.442 (Jun. 2025 ) + -46.192 (Sep. 2025 ) + -106.283 (Dec. 2025 ) + -24.304 (Mar. 2026 ) = RM-213.2 Mil.
* 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.
PBA Holdings Bhd (XKLS:5041) has a Sloan Ratio % of 5.78% as of Mar. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on PBA Holdings Bhd and its competitors.
Is PBA Holdings Bhd's Sloan Ratio % too high?
PBA Holdings Bhd's current Sloan Ratio % is 5.78%. Overall, PBA Holdings Bhd has a GF Score™ of 79/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does PBA Holdings Bhd's Sloan Ratio % compare to AWK and WTRG?
PBA Holdings Bhd's Sloan Ratio % of 5.78% can be compared against companies in the Utilities - Regulated industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for an Utilities - Regulated company?
A good Sloan Ratio % depends on the Utilities - Regulated industry context. However, Sloan Ratio % 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 Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on PBA Holdings Bhd and its competitors. PBA Holdings Bhd's current Sloan Ratio % is 5.78%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PBA Holdings Bhd stock overvalued right now?
Based on GuruFocus' analysis, PBA Holdings Bhd (XKLS:5041) is currently considered Fairly Valued. The stock's GF Value™ is RM2.34, compared to a current price of RM2.22 — trading 5.1% below its estimated fair value. The current Sloan Ratio % is 5.78%. PBA Holdings Bhd's overall GF Score™ is 79/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For PBA Holdings Bhd (XKLS:5041), the current Sloan Ratio % is 5.78% as of Mar. 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 PBA Holdings Bhd (XKLS:5041) Overvalued in 2026?
Based on GuruFocus' analysis, PBA Holdings Bhd stock appears to be undervalued.
The current stock price of RM2.22 is trading 5.1% below its estimated GF Value™ of RM2.34.
GuruFocus considers PBA Holdings Bhd to be Fairly Valued.
Key valuation signals for XKLS:5041:
Sloan Ratio %: 5.78%
GF Value™: RM2.34 vs. price of RM2.22 (5.1% below fair value)
No single metric tells the full story. See the XKLS:5041 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PBA Holdings Bhd is an investment holding company. Its primary business is to sustain continuous good water supply in Penang. With population growth and increasing socio-economic development, It has to employ holistic water supply management strategies. It manage both water demand and supply in a water-stressed state. The group has one reportable segment, which is the abstraction of raw water, treatment of water, supply and sale of treated water to consumers in the State of Penang. The company operated solely in Penang, Malaysia. The company through its subsidiaries is engaged in the abstraction of raw water, treatment of water, and supply and sale of treated water to consumers in the State of Penang. It operates geographically in Malaysia.
79GF Score
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