Pantech Group Holdings Bhd (XKLS:5125) Beneish M-Score : -2.20 (As of Jun. 06, 2024)

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What is Pantech Group Holdings 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 -2.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:5125' s Beneish M-Score Range Over the Past 10 Years
Min: -8.8 Med: -3 Max: -1.58
Current: -2.2

During the past 13 years, the highest Beneish M-Score of Pantech Group Holdings Bhd was -1.58. The lowest was -8.80. And the median was -3.00.

Pantech Group Holdings Bhd Beneish M-Score Historical Data

The historical data trend for Pantech Group Holdings 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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Pantech Group Holdings Bhd Beneish M-Score Chart

Pantech Group Holdings Bhd Annual Data

Trend

Feb14

Feb15

Feb16

Feb17

Feb18

Feb19

Feb20

Feb21

Feb22

Feb23

Beneish M-Score

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-2.09

-3.26

-3.11

-1.58

-2.20

Pantech Group Holdings Bhd Quarterly Data
	Feb19	May19	Aug19	Nov19	Feb20	May20	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23
Beneish M-Score	Get a 7-Day Free Trial															-	-2.20	-	-	-

Competitive Comparison of Pantech Group Holdings Bhd's Beneish M-Score

For the Steel subindustry, Pantech Group Holdings 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.

Pantech Group Holdings Bhd's Beneish M-Score Distribution in the Steel Industry

For the Steel industry and Basic Materials sector, Pantech Group Holdings Bhd's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Pantech Group Holdings Bhd's Beneish M-Score falls into.

Pantech Group Holdings 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 Pantech Group Holdings 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 * 0.5612

0.528 * 0.9335

0.404 * 1.33

0.892 * 1.3811

0.115 * 1.0805

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9629

4.679 * 0.033411

0.327 * 0.7783

-2.20

This Year (Feb23) TTM:

Last Year (Feb22) TTM:

Total Receivables was RM167.1 Mil.
Revenue was RM1,037.8 Mil.
Gross Profit was RM274.2 Mil.
Total Current Assets was RM782.8 Mil.
Total Assets was RM1,146.0 Mil.
Property, Plant and Equipment(Net PPE) was RM343.9 Mil.
Depreciation, Depletion and Amortization(DDA) was RM18.2 Mil.
Selling, General, & Admin. Expense(SGA) was RM117.2 Mil.
Total Current Liabilities was RM266.4 Mil.
Long-Term Debt & Capital Lease Obligation was RM32.4 Mil.
Net Income was RM115.6 Mil.
Gross Profit was RM0.0 Mil.
Cash Flow from Operations was RM77.3 Mil.

Total Receivables was RM215.6 Mil.
Revenue was RM751.5 Mil.
Gross Profit was RM185.4 Mil.
Total Current Assets was RM820.5 Mil.
Total Assets was RM1,170.1 Mil.
Property, Plant and Equipment(Net PPE) was RM334.7 Mil.
Depreciation, Depletion and Amortization(DDA) was RM19.2 Mil.
Selling, General, & Admin. Expense(SGA) was RM88.2 Mil.
Total Current Liabilities was RM350.2 Mil.
Long-Term Debt & Capital Lease Obligation was RM41.8 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)
	=	(167.112 / 1037.839)	/	(215.624 / 751.479)
	=	0.161019	/	0.286933
	=	0.5612

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)
	=	(185.354 / 751.479)	/	(274.228 / 1037.839)
	=	0.246652	/	0.26423
	=	0.9335

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 - (782.827 + 343.882) / 1146.023)	/	(1 - (820.505 + 334.735) / 1170.066)
	=	0.016853	/	0.012671
	=	1.33

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
	=	1037.839	/	751.479
	=	1.3811

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))
	=	(19.241 / (19.241 + 334.735))	/	(18.217 / (18.217 + 343.882))
	=	0.054357	/	0.050309
	=	1.0805

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)
	=	(117.235 / 1037.839)	/	(88.162 / 751.479)
	=	0.112961	/	0.117318
	=	0.9629

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)
	=	((32.423 + 266.354) / 1146.023)	/	((41.785 + 350.163) / 1170.066)
	=	0.260708	/	0.334979
	=	0.7783

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
	=	(115.633 - 0	-	77.343)	/	1146.023
	=	0.033411

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.

Pantech Group Holdings Bhd has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.

Pantech Group Holdings Bhd Beneish M-Score Related Terms

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Pantech Group Holdings Bhd (XKLS:5125) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Steel » Pantech Group Holdings Bhd (XKLS:5125) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

PTD 204334, Jalan Platinum Utama, Kawasan Perindustrian Pasir Gudang, Zone 12B, Pasir Gudang, JHR, MYS, 81700

Website

https://www.pantech-group.com

Pantech Group Holdings Bhd is engaged in investment holding and the provision of management services. The company has three operating segments: Trading, Manufacturing, and Investment holding. It derives most of its revenues from the Trading segment. The Trading segment is engaged in trading, supplying, and stocking high-pressure seamless and specialized steel pipes, fittings, flanges, valves, and other related products for use in oil and gas. The Manufacturing segment is engaged in the manufacturing and supply of butt-welded carbon steel fittings, stainless steel, and alloy pipes, fittings, and related products, as well as milling, machining, and welding of tube and pipe fitting. The Investment holding segment is engaged in investment holding, property investment, and management services.

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