Axiata Group Bhd Beneish M-Score Historical Data
The historical data trend for Axiata Group 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.
Axiata Group Bhd Beneish M-Score Chart
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Axiata Group Bhd Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.42 |
-3.07 |
-2.85 |
-1.58 |
-3.33 |
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Axiata Group Bhd Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.58 |
-1.87 |
-2.26 |
-2.50 |
-3.33 |
Competitive Comparison of Axiata Group Bhd's Beneish M-Score
For the Telecom Services subindustry, Axiata Group 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.
Axiata Group Bhd's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Axiata Group Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Axiata Group Bhd's Beneish M-Score falls into.
Axiata Group 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 Axiata Group 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 * 0.4286 | + | 0.528 * 0.9898 | + | 0.404 * 1.0076 | + | 0.892 * 1.2333 | + | 0.115 * 0.859 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.84 | + | 4.679 * -0.126411 | - | 0.327 * 1.0267 |
| = | -3.39 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $619 Mil.
Revenue was 991.671 + 1283.437 + 1294.686 + 1204.909 = $4,775 Mil.
Gross Profit was 863.957 + 1138.876 + 1156.708 + 1077.516 = $4,237 Mil.
Total Current Assets was $2,272 Mil.
Total Assets was $16,835 Mil.
Property, Plant and Equipment(Net PPE) was $8,240 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,540 Mil.
Selling, General, & Admin. Expense(SGA) was $426 Mil.
Total Current Liabilities was $3,257 Mil.
Long-Term Debt & Capital Lease Obligation was $6,910 Mil.
Net Income was -149.211 + -170.292 + -124.45 + 16.543 = $-427 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 499.878 + 525.264 + 356.125 + 319.469 = $1,701 Mil.
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Total Receivables was $1,171 Mil.
Revenue was -93.944 + 1596.973 + 1181.462 + 1186.951 = $3,871 Mil.
Gross Profit was -206.323 + 1449.984 + 1076.872 + 1079.812 = $3,400 Mil.
Total Current Assets was $3,332 Mil.
Total Assets was $18,515 Mil.
Property, Plant and Equipment(Net PPE) was $8,281 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,295 Mil.
Selling, General, & Admin. Expense(SGA) was $411 Mil.
Total Current Liabilities was $4,779 Mil.
Long-Term Debt & Capital Lease Obligation was $6,112 Mil.
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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) |
| = | (618.733 / 4774.703) | / | (1170.577 / 3871.442) |
| = | 0.129586 | / | 0.302362 |
| | = | 0.4286 |
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) |
| = | (3400.345 / 3871.442) | / | (4237.057 / 4774.703) |
| = | 0.878315 | / | 0.887397 |
| | = | 0.9898 |
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 - (2272.159 + 8240.072) / 16835.075) | / | (1 - (3332.352 + 8280.929) / 18514.737) |
| = | 0.375576 | / | 0.372755 |
| | = | 1.0076 |
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 |
| = | 4774.703 | / | 3871.442 |
| | = | 1.2333 |
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)) |
| = | (1295.134 / (1295.134 + 8280.929)) | / | (1539.747 / (1539.747 + 8240.072)) |
| = | 0.135247 | / | 0.157441 |
| | = | 0.859 |
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) |
| = | (426.035 / 4774.703) | / | (411.242 / 3871.442) |
| = | 0.089228 | / | 0.106225 |
| | = | 0.84 |
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) |
| = | ((6910.155 + 3257.467) / 16835.075) | / | ((6112.207 + 4779.061) / 18514.737) |
| = | 0.603955 | / | 0.588249 |
| | = | 1.0267 |
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 |
| = | (-427.41 - 0 | - | 1700.736) | / | 16835.075 |
| | = | -0.126411 |
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.
Axiata Group Bhd has a M-score of -3.39 suggests that the company is unlikely to be a manipulator.
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