Cahya Matarawak Bhd Beneish M-Score Historical Data
The historical data trend for Cahya Matarawak 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.
Cahya Matarawak Bhd Beneish M-Score Chart
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Cahya Matarawak 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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-2.55 |
-2.71 |
-2.44 |
-2.14 |
-2.28 |
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Cahya Matarawak 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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-2.14 |
-1.68 |
-1.61 |
-1.93 |
-2.28 |
Competitive Comparison of Cahya Matarawak Bhd's Beneish M-Score
For the Building Materials subindustry, Cahya Matarawak 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.
Cahya Matarawak Bhd's Beneish M-Score Distribution in the Building Materials Industry
For the Building Materials industry and Basic Materials sector, Cahya Matarawak Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cahya Matarawak Bhd's Beneish M-Score falls into.
Cahya Matarawak 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 Cahya Matarawak 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 * 0.8801 | + | 0.528 * 0.8006 | + | 0.404 * 1.1738 | + | 0.892 * 1.1331 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3018 | + | 4.679 * 0.038215 | - | 0.327 * 0.8393 |
| = | -2.33 |
* 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 $58.6 Mil.
Revenue was 71.448 + 64.473 + 62.747 + 61.753 = $260.4 Mil.
Gross Profit was 18.54 + 15.385 + 12.694 + 14.201 = $60.8 Mil.
Total Current Assets was $350.2 Mil.
Total Assets was $1,003.8 Mil.
Property, Plant and Equipment(Net PPE) was $313.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.0 Mil.
Selling, General, & Admin. Expense(SGA) was $35.9 Mil.
Total Current Liabilities was $173.3 Mil.
Long-Term Debt & Capital Lease Obligation was $51.6 Mil.
Net Income was 7.634 + 2.132 + 5.69 + 9.534 = $25.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 44.888 + 7.112 + -45.854 + -19.515 = $-13.4 Mil.
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Total Receivables was $58.7 Mil.
Revenue was 69.94 + 61.234 + 47.675 + 50.976 = $229.8 Mil.
Gross Profit was 9.12 + 12.886 + 8.264 + 12.702 = $43.0 Mil.
Total Current Assets was $457.3 Mil.
Total Assets was $1,101.2 Mil.
Property, Plant and Equipment(Net PPE) was $326.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.0 Mil.
Selling, General, & Admin. Expense(SGA) was $24.3 Mil.
Total Current Liabilities was $227.8 Mil.
Long-Term Debt & Capital Lease Obligation was $66.3 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) |
| = | (58.587 / 260.421) | / | (58.747 / 229.825) |
| = | 0.22497 | / | 0.255616 |
| | = | 0.8801 |
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) |
| = | (42.972 / 229.825) | / | (60.82 / 260.421) |
| = | 0.186977 | / | 0.233545 |
| | = | 0.8006 |
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 - (350.238 + 313.832) / 1003.78) | / | (1 - (457.265 + 326.44) / 1101.214) |
| = | 0.338431 | / | 0.288326 |
| | = | 1.1738 |
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 |
| = | 260.421 | / | 229.825 |
| | = | 1.1331 |
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 + 326.44)) | / | (0 / (0 + 313.832)) |
| = | 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) |
| = | (35.902 / 260.421) | / | (24.339 / 229.825) |
| = | 0.137861 | / | 0.105902 |
| | = | 1.3018 |
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) |
| = | ((51.627 + 173.345) / 1003.78) | / | ((66.302 + 227.778) / 1101.214) |
| = | 0.224125 | / | 0.267051 |
| | = | 0.8393 |
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 |
| = | (24.99 - 0 | - | -13.369) | / | 1003.78 |
| | = | 0.038215 |
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.
Cahya Matarawak Bhd has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.
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