Amcorp Properties Bhd (XKLS:1007PA.PFD) Beneish M-Score : -2.64 (As of May. 13, 2024)

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What is Amcorp Properties Bhd 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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:1007PA.PFD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.98 Med: -2.47 Max: -0.98
Current: -2.64

During the past 13 years, the highest Beneish M-Score of Amcorp Properties Bhd was -0.98. The lowest was -3.98. And the median was -2.47.

Amcorp Properties Bhd Beneish M-Score Historical Data

The historical data trend for Amcorp Properties 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.

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Amcorp Properties Bhd Beneish M-Score Chart

Amcorp Properties Bhd Annual Data

Trend

Mar12

Mar13

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Beneish M-Score

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-2.98

-2.73

-2.14

-1.73

-2.44

Amcorp Properties Bhd Quarterly Data
	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21
Beneish M-Score	Get a 7-Day Free Trial															-2.48	-2.68	-2.84	-2.44	-2.64

Competitive Comparison of Amcorp Properties Bhd's Beneish M-Score

For the Real Estate Services subindustry, Amcorp Properties 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.

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

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

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

Amcorp Properties 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 Amcorp Properties Bhd 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 * 0.8814

0.528 * 1.0196

0.404 * 1.1852

0.892 * 0.8771

0.115 * 0.9538

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.104

4.679 * -0.009184

0.327 * 0.8707

-2.64

This Year (Jun21) TTM:

Last Year (Jun20) TTM:

Total Receivables was RM45.62 Mil.
Revenue was 26.17 + 38.078 + 43.101 + 37.649 = RM145.00 Mil.
Gross Profit was 13.454 + 17.514 + 20.096 + 16.172 = RM67.24 Mil.
Total Current Assets was RM359.76 Mil.
Total Assets was RM1,838.35 Mil.
Property, Plant and Equipment(Net PPE) was RM236.02 Mil.
Depreciation, Depletion and Amortization(DDA) was RM17.94 Mil.
Selling, General, & Admin. Expense(SGA) was RM53.48 Mil.
Total Current Liabilities was RM298.06 Mil.
Long-Term Debt & Capital Lease Obligation was RM166.15 Mil.
Net Income was -7.338 + 10.534 + -0.189 + 3.55 = RM6.56 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 5.683 + 16.838 + 4.858 + -3.938 = RM23.44 Mil.

Total Receivables was RM59.02 Mil.
Revenue was 20.868 + 36.581 + 65.554 + 42.318 = RM165.32 Mil.
Gross Profit was 12.467 + 14.169 + 35.688 + 15.842 = RM78.17 Mil.
Total Current Assets was RM584.97 Mil.
Total Assets was RM1,944.09 Mil.
Property, Plant and Equipment(Net PPE) was RM250.37 Mil.
Depreciation, Depletion and Amortization(DDA) was RM18.09 Mil.
Selling, General, & Admin. Expense(SGA) was RM55.23 Mil.
Total Current Liabilities was RM317.19 Mil.
Long-Term Debt & Capital Lease Obligation was RM246.63 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)
	=	(45.624 / 144.998)	/	(59.016 / 165.321)
	=	0.314653	/	0.356978
	=	0.8814

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)
	=	(78.166 / 165.321)	/	(67.236 / 144.998)
	=	0.472813	/	0.463703
	=	1.0196

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 - (359.76 + 236.022) / 1838.35)	/	(1 - (584.972 + 250.372) / 1944.089)
	=	0.675915	/	0.570316
	=	1.1852

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
	=	144.998	/	165.321
	=	0.8771

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))
	=	(18.09 / (18.09 + 250.372))	/	(17.943 / (17.943 + 236.022))
	=	0.067384	/	0.070651
	=	0.9538

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)
	=	(53.476 / 144.998)	/	(55.228 / 165.321)
	=	0.368805	/	0.334065
	=	1.104

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)
	=	((166.148 + 298.058) / 1838.35)	/	((246.628 + 317.186) / 1944.089)
	=	0.252512	/	0.290015
	=	0.8707

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
	=	(6.557 - 0	-	23.441)	/	1838.35
	=	-0.009184

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 Properties Bhd has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.

Amcorp Properties Bhd Beneish M-Score Related Terms

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Amcorp Properties Bhd (XKLS:1007PA.PFD) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Amcorp Properties Bhd (XKLS:1007PA.PFD) » Definitions » Beneish M-Score

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Address

No. 18 Jalan Persiaran Barat, 2.01 PJ Tower, AMCORP Trade Centre, Petaling Jaya, SGR, MYS, 46050

Website

http://www.amcorpproperties.com

Amcorp Properties Bhd is an investment holding company. It is engaged in property development and investment. The company's business includes financial services, property development, property management, engineering, information technology, and consumer goods and services. The group has three main operating segments: with its core business of Properties segregated geographically into Malaysia and Overseas Properties, together with the Contracting and Renewable Energy segment.

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