Amcorp Global (SGX:S9B) Beneish M-Score : -1.75 (As of May. 11, 2024)

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What is Amcorp Global 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.

Warning Sign:

Beneish M-Score -1.75 higher than -1.78, which implies that the company might have manipulated its financial results.

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

SGX:S9B' s Beneish M-Score Range Over the Past 10 Years
Min: -3.88 Med: -2.2 Max: 0.54
Current: -1.75

During the past 11 years, the highest Beneish M-Score of Amcorp Global was 0.54. The lowest was -3.88. And the median was -2.20.

Amcorp Global Beneish M-Score Historical Data

The historical data trend for Amcorp Global'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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Amcorp Global Beneish M-Score Chart

Amcorp Global Annual Data

Trend

May13

May14

May15

May16

May17

May18

May19

Mar21

Mar22

Mar23

Beneish M-Score

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-1.87

-1.31

-3.88

-2.24

-1.75

Amcorp Global Semi-Annual Data
	Nov13	May14	Nov14	May15	Nov15	May16	Nov16	May17	Nov17	May18	Nov18	May19	Nov19	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-	-2.24	-	-1.75	-

Competitive Comparison of Amcorp Global's Beneish M-Score

For the Real Estate - Development subindustry, Amcorp Global'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.

Amcorp Global's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Amcorp Global's Beneish M-Score distribution charts can be found below:

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

Amcorp Global 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 Amcorp Global 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 * 1.2841

0.528 * 0.8063

0.404 * 1.2664

0.892 * 2.0006

0.115 * 0.0694

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5499

4.679 * -0.09642

0.327 * 0.8539

-1.75

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was S$46.92 Mil.
Revenue was S$84.50 Mil.
Gross Profit was S$9.97 Mil.
Total Current Assets was S$182.76 Mil.
Total Assets was S$191.71 Mil.
Property, Plant and Equipment(Net PPE) was S$0.74 Mil.
Depreciation, Depletion and Amortization(DDA) was S$1.51 Mil.
Selling, General, & Admin. Expense(SGA) was S$12.30 Mil.
Total Current Liabilities was S$42.30 Mil.
Long-Term Debt & Capital Lease Obligation was S$68.99 Mil.
Net Income was S$0.65 Mil.
Gross Profit was S$0.00 Mil.
Cash Flow from Operations was S$19.14 Mil.

Total Receivables was S$18.27 Mil.
Revenue was S$42.24 Mil.
Gross Profit was S$4.02 Mil.
Total Current Assets was S$211.79 Mil.
Total Assets was S$258.03 Mil.
Property, Plant and Equipment(Net PPE) was S$37.50 Mil.
Depreciation, Depletion and Amortization(DDA) was S$1.83 Mil.
Selling, General, & Admin. Expense(SGA) was S$11.18 Mil.
Total Current Liabilities was S$86.93 Mil.
Long-Term Debt & Capital Lease Obligation was S$88.48 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)
	=	(46.921 / 84.502)	/	(18.265 / 42.239)
	=	0.555265	/	0.43242
	=	1.2841

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)
	=	(4.019 / 42.239)	/	(9.972 / 84.502)
	=	0.095149	/	0.118009
	=	0.8063

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 - (182.757 + 0.737) / 191.714)	/	(1 - (211.789 + 37.503) / 258.028)
	=	0.042876	/	0.033857
	=	1.2664

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
	=	84.502	/	42.239
	=	2.0006

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))
	=	(1.834 / (1.834 + 37.503))	/	(1.506 / (1.506 + 0.737))
	=	0.046623	/	0.671422
	=	0.0694

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)
	=	(12.298 / 84.502)	/	(11.178 / 42.239)
	=	0.145535	/	0.264637
	=	0.5499

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)
	=	((68.989 + 42.303) / 191.714)	/	((88.484 + 86.93) / 258.028)
	=	0.580511	/	0.679825
	=	0.8539

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
	=	(0.654 - 0	-	19.139)	/	191.714
	=	-0.09642

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.

Amcorp Global has a M-score of -1.75 signals that the company is likely to be a manipulator.

Amcorp Global Beneish M-Score Related Terms

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Amcorp Global (SGX:S9B) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Amcorp Global Ltd (SGX:S9B) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

11 Sam Leong Road No 03-06, Singapore, SGP, 207903

Website

http://www.amcorpglobal.com

Amcorp Global Ltd is a real estate development company. The company is engaged in the business of engineering, real estate, and infrastructure. It owns residential, commercial, and industrial projects in Singapore. The group is organised into business units based on its products and services and has two reportable operating segments - Property development and Hotel operations. The majority of the revenue is generated from the property development segments which is engaged in the development and sale of properties. Its geographical segments include Singapore, New Zealand, Australia, Vietnam, and Malaysia, out of which most of its revenue comes from Singapore.

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