Widad Group Bhd Beneish M-Score Historical Data
The historical data trend for Widad 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.
Widad Group Bhd Beneish M-Score Chart
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Widad 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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28,629.53 |
-2.12 |
7.82 |
-2.65 |
-0.91 |
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Widad Group Bhd Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.82 |
-6.32 |
6.20 |
-0.91 |
-1.83 |
Competitive Comparison of Widad Group Bhd's Beneish M-Score
For the Engineering & Construction subindustry, Widad 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.
Widad Group Bhd's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Widad Group Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Widad Group Bhd's Beneish M-Score falls into.
Widad 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 Widad 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 * 1.2363 | + | 0.528 * 1.0427 | + | 0.404 * 0.9509 | + | 0.892 * 1.1541 | + | 0.115 * 0.9391 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9427 | + | 4.679 * 0.05541 | - | 0.327 * 0.9121 |
| = | -1.83 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was RM429.8 Mil.
Revenue was 29.739 + 80.354 + 56.624 + 30.853 = RM197.6 Mil.
Gross Profit was 4.146 + 1.381 + 5.592 + 2.787 = RM13.9 Mil.
Total Current Assets was RM527.2 Mil.
Total Assets was RM1,051.5 Mil.
Property, Plant and Equipment(Net PPE) was RM55.6 Mil.
Depreciation, Depletion and Amortization(DDA) was RM3.7 Mil.
Selling, General, & Admin. Expense(SGA) was RM33.0 Mil.
Total Current Liabilities was RM155.3 Mil.
Long-Term Debt & Capital Lease Obligation was RM379.7 Mil.
Net Income was -4.308 + -9.951 + -7.647 + 0.344 = RM-21.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was -2.049 + 48.503 + -72.244 + -54.035 = RM-79.8 Mil.
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Total Receivables was RM301.2 Mil.
Revenue was 62.781 + 32.079 + 26.83 + 49.494 = RM171.2 Mil.
Gross Profit was 6.686 + -14.814 + 2.335 + 18.356 = RM12.6 Mil.
Total Current Assets was RM481.6 Mil.
Total Assets was RM1,018.6 Mil.
Property, Plant and Equipment(Net PPE) was RM59.5 Mil.
Depreciation, Depletion and Amortization(DDA) was RM3.7 Mil.
Selling, General, & Admin. Expense(SGA) was RM30.3 Mil.
Total Current Liabilities was RM154.6 Mil.
Long-Term Debt & Capital Lease Obligation was RM413.7 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) |
| = | (429.788 / 197.57) | / | (301.213 / 171.184) |
| = | 2.175371 | / | 1.759586 |
| | = | 1.2363 |
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) |
| = | (12.563 / 171.184) | / | (13.906 / 197.57) |
| = | 0.073389 | / | 0.070385 |
| | = | 1.0427 |
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 - (527.166 + 55.591) / 1051.48) | / | (1 - (481.593 + 59.466) / 1018.578) |
| = | 0.445775 | / | 0.468809 |
| | = | 0.9509 |
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 |
| = | 197.57 | / | 171.184 |
| | = | 1.1541 |
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)) |
| = | (3.719 / (3.719 + 59.466)) | / | (3.717 / (3.717 + 55.591)) |
| = | 0.058859 | / | 0.062673 |
| | = | 0.9391 |
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) |
| = | (32.998 / 197.57) | / | (30.328 / 171.184) |
| = | 0.167019 | / | 0.177166 |
| | = | 0.9427 |
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) |
| = | ((379.677 + 155.33) / 1051.48) | / | ((413.663 + 154.551) / 1018.578) |
| = | 0.508813 | / | 0.55785 |
| | = | 0.9121 |
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 |
| = | (-21.562 - 0 | - | -79.825) | / | 1051.48 |
| | = | 0.05541 |
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.
Widad Group Bhd has a M-score of -1.83 suggests that the company is unlikely to be a manipulator.
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