Xamble Group (ASX:XGL) Beneish M-Score : -2.69 (As of Jun. 06, 2024)

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What is Xamble Group Beneish M-Score?

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 -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:XGL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.54 Med: -2.75 Max: -2.69
Current: -2.69

During the past 9 years, the highest Beneish M-Score of Xamble Group was -2.69. The lowest was -3.54. And the median was -2.75.

Xamble Group Beneish M-Score Historical Data

The historical data trend for Xamble Group'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.

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Xamble Group Beneish M-Score Chart

Xamble Group Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.69

-2.75

-3.54

-2.97

-2.69

Xamble Group Semi-Annual Data
	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial												-3.54	-	-2.97	-	-2.69

Competitive Comparison of Xamble Group's Beneish M-Score

For the Advertising Agencies subindustry, Xamble Group'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.

Xamble Group's Beneish M-Score Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Xamble Group's Beneish M-Score distribution charts can be found below:

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

Xamble Group 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 Xamble Group 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 * 0.9088

0.528 * 0.9738

0.404 * 1.2942

0.892 * 0.8895

0.115 * 0.8526

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0751

4.679 * -0.021292

0.327 * 1.0084

-2.69

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was A$1.92 Mil.
Revenue was A$10.78 Mil.
Gross Profit was A$4.64 Mil.
Total Current Assets was A$5.81 Mil.
Total Assets was A$6.81 Mil.
Property, Plant and Equipment(Net PPE) was A$0.49 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.29 Mil.
Selling, General, & Admin. Expense(SGA) was A$5.78 Mil.
Total Current Liabilities was A$2.08 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.06 Mil.
Net Income was A$-1.99 Mil.
Gross Profit was A$-0.17 Mil.
Cash Flow from Operations was A$-1.68 Mil.

Total Receivables was A$2.38 Mil.
Revenue was A$12.12 Mil.
Gross Profit was A$5.08 Mil.
Total Current Assets was A$7.26 Mil.
Total Assets was A$8.29 Mil.
Property, Plant and Equipment(Net PPE) was A$0.56 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.26 Mil.
Selling, General, & Admin. Expense(SGA) was A$6.05 Mil.
Total Current Liabilities was A$2.47 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.11 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)
	=	(1.92 / 10.784)	/	(2.375 / 12.123)
	=	0.178042	/	0.195909
	=	0.9088

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)
	=	(5.075 / 12.123)	/	(4.636 / 10.784)
	=	0.418626	/	0.429896
	=	0.9738

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 - (5.814 + 0.492) / 6.81)	/	(1 - (7.26 + 0.555) / 8.289)
	=	0.074009	/	0.057184
	=	1.2942

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
	=	10.784	/	12.123
	=	0.8895

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))
	=	(0.255 / (0.255 + 0.555))	/	(0.288 / (0.288 + 0.492))
	=	0.314815	/	0.369231
	=	0.8526

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)
	=	(5.783 / 10.784)	/	(6.047 / 12.123)
	=	0.536257	/	0.498804
	=	1.0751

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)
	=	((0.061 + 2.079) / 6.81)	/	((0.114 + 2.469) / 8.289)
	=	0.314244	/	0.311618
	=	1.0084

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
	=	(-1.993 - -0.168	-	-1.68)	/	6.81
	=	-0.021292

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.

Xamble Group has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.

Xamble Group Beneish M-Score Related Terms

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Xamble Group (ASX:XGL) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » Xamble Group Ltd (ASX:XGL) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

3 Jalan Kia Peng, Level 9, Menara HLX, Kuala Lumpur, SGR, MYS, 50450

Website

https://www.xamble.com

Xamble Group Ltd is a pioneering and established platform of influencer-centric digital marketing solutions. The company provides its diverse client base of leading brands with results-focused growth strategies backed by end-to-end expertise spanning influencer marketing, social media marketing, performance marketing, and social commerce.

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