Keck Seng (Malaysia) Bhd (XKLS:3476) Beneish M-Score : -1.49 (As of May. 13, 2024)

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What is Keck Seng (Malaysia) 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.

Warning Sign:

Beneish M-Score -1.49 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Keck Seng (Malaysia) Bhd's Beneish M-Score or its related term are showing as below:

XKLS:3476' s Beneish M-Score Range Over the Past 10 Years
Min: -3.42 Med: -2.5 Max: -1.49
Current: -1.49

During the past 13 years, the highest Beneish M-Score of Keck Seng (Malaysia) Bhd was -1.49. The lowest was -3.42. And the median was -2.50.

Keck Seng (Malaysia) Bhd Beneish M-Score Historical Data

The historical data trend for Keck Seng (Malaysia) 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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Keck Seng (Malaysia) Bhd Beneish M-Score Chart

Keck Seng (Malaysia) Bhd Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.58

-1.85

-2.49

-2.50

-1.49

Keck Seng (Malaysia) Bhd Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.50	-2.63	-2.84	-2.24	-1.49

Competitive Comparison of Keck Seng (Malaysia) Bhd's Beneish M-Score

For the Farm Products subindustry, Keck Seng (Malaysia) 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.

Keck Seng (Malaysia) Bhd's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Keck Seng (Malaysia) Bhd's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Keck Seng (Malaysia) Bhd's Beneish M-Score falls into.

Keck Seng (Malaysia) 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 Keck Seng (Malaysia) 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 * 2.1855

0.528 * 0.7993

0.404 * 1.0243

0.892 * 0.75

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2739

4.679 * 0.035678

0.327 * 0.693

-1.49

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was RM162 Mil.
Revenue was 344.572 + 334.398 + 357.167 + 334.495 = RM1,371 Mil.
Gross Profit was 96.922 + 79.224 + 75.926 + 69.652 = RM322 Mil.
Total Current Assets was RM1,565 Mil.
Total Assets was RM3,045 Mil.
Property, Plant and Equipment(Net PPE) was RM523 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM150 Mil.
Total Current Liabilities was RM168 Mil.
Long-Term Debt & Capital Lease Obligation was RM68 Mil.
Net Income was 94.542 + 36.05 + 75.013 + 35.097 = RM241 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 38.753 + 37.768 + 20.589 + 34.953 = RM132 Mil.

Total Receivables was RM99 Mil.
Revenue was 374.364 + 441.614 + 604.167 + 407.427 = RM1,828 Mil.
Gross Profit was 80.911 + 86.342 + 98.524 + 77.089 = RM343 Mil.
Total Current Assets was RM1,521 Mil.
Total Assets was RM2,926 Mil.
Property, Plant and Equipment(Net PPE) was RM508 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM157 Mil.
Total Current Liabilities was RM324 Mil.
Long-Term Debt & Capital Lease Obligation was RM3 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)
	=	(161.965 / 1370.632)	/	(98.815 / 1827.572)
	=	0.118168	/	0.054069
	=	2.1855

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)
	=	(342.866 / 1827.572)	/	(321.724 / 1370.632)
	=	0.187607	/	0.234727
	=	0.7993

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 - (1565.408 + 523.076) / 3044.976)	/	(1 - (1521.368 + 507.563) / 2926.288)
	=	0.314121	/	0.306654
	=	1.0243

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
	=	1370.632	/	1827.572
	=	0.75

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 + 507.563))	/	(0 / (0 + 523.076))
	=	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)
	=	(150.297 / 1370.632)	/	(157.32 / 1827.572)
	=	0.109655	/	0.086081
	=	1.2739

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)
	=	((67.913 + 167.565) / 3044.976)	/	((2.537 + 324.026) / 2926.288)
	=	0.077333	/	0.111596
	=	0.693

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
	=	(240.702 - 0	-	132.063)	/	3044.976
	=	0.035678

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.

Keck Seng (Malaysia) Bhd has a M-score of -1.49 signals that the company is likely to be a manipulator.

Keck Seng (Malaysia) Bhd Beneish M-Score Related Terms

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Keck Seng (Malaysia) Bhd (XKLS:3476) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Keck Seng (Malaysia) Bhd (XKLS:3476) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

13th Floor, City Plaza, Suite 1301, Johor Bahru, JHR, MYS, 80300

Website

https://www.my.keckseng.com

Keck Seng (Malaysia) Bhd is a Malaysia based company engaged in the business of palm oil cultivation and manufacturing. In addition, it is also involved in the business activities of property development and investment, and hotels and resorts ownership. The operating segments of the company are Manufacturing, Hotels and resort, Property, and Plantations. It generates the majority of the revenue from the Manufacturing segment which relates to the processing and marketing of refined palm oil products. The group's operations are carried out principally in Malaysia, Singapore, Hong Kong, Canada, and the United States of America of which key revenue is derived from Malaysia.

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