Leon Fuat Bhd Beneish M-Score Historical Data
The historical data trend for Leon Fuat 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.
Leon Fuat Bhd Beneish M-Score Chart
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Leon Fuat Bhd Annual Data
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| Beneish M-Score |
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-2.78 |
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-1.70 |
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Leon Fuat Bhd Quarterly Data
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| Beneish M-Score |
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Competitive Comparison of Leon Fuat Bhd's Beneish M-Score
For the Steel subindustry, Leon Fuat 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.
Leon Fuat Bhd's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Leon Fuat Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Leon Fuat Bhd's Beneish M-Score falls into.
Leon Fuat 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 Leon Fuat 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was RM251.5 Mil.
Revenue was 240.569 + 236.359 + 217.419 + 233.698 = RM928.0 Mil.
Gross Profit was 23.263 + 18.121 + 29.661 + 28.544 = RM99.6 Mil.
Total Current Assets was RM693.6 Mil.
Total Assets was RM1,065.2 Mil.
Property, Plant and Equipment(Net PPE) was RM371.6 Mil.
Depreciation, Depletion and Amortization(DDA) was RM18.8 Mil.
Selling, General, & Admin. Expense(SGA) was RM41.2 Mil.
Total Current Liabilities was RM376.4 Mil.
Long-Term Debt & Capital Lease Obligation was RM92.1 Mil.
Net Income was 8.048 + 5.339 + 11.88 + 10.732 = RM36.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 4.82 + 14.769 + 37.844 + 11.099 = RM68.5 Mil.
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Total Receivables was RM250.4 Mil.
Revenue was 238.152 + 263.021 + 250.925 + 273.02 = RM1,025.1 Mil.
Gross Profit was 6.823 + 7.727 + 31.932 + 44.778 = RM91.3 Mil.
Total Current Assets was RM698.4 Mil.
Total Assets was RM1,040.1 Mil.
Property, Plant and Equipment(Net PPE) was RM341.7 Mil.
Depreciation, Depletion and Amortization(DDA) was RM16.9 Mil.
Selling, General, & Admin. Expense(SGA) was RM37.0 Mil.
Total Current Liabilities was RM393.7 Mil.
Long-Term Debt & Capital Lease Obligation was RM82.1 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) |
| = | (251.491 / 928.045) | / | (250.373 / 1025.118) |
| = | 0.27099 | / | 0.244238 |
| | = | |
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) |
| = | (91.26 / 1025.118) | / | (99.589 / 928.045) |
| = | 0.089024 | / | 0.107311 |
| | = | |
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 - (693.597 + 371.619) / 1065.216) | / | (1 - (698.395 + 341.668) / 1040.063) |
| = | 0 | / | 0 |
| | = | |
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 |
| = | 928.045 | / | 1025.118 |
| | = | |
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)) |
| = | (16.949 / (16.949 + 341.668)) | / | (18.76 / (18.76 + 371.619)) |
| = | 0.047262 | / | 0.048056 |
| | = | |
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) |
| = | (41.199 / 928.045) | / | (37.008 / 1025.118) |
| = | 0.044393 | / | 0.036101 |
| | = | |
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) |
| = | ((92.051 + 376.355) / 1065.216) | / | ((82.101 + 393.67) / 1040.063) |
| = | 0.439729 | / | 0.457444 |
| | = | |
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 |
| = | (35.999 - 0 | - | 68.532) | / | 1065.216 |
| | = | -0.030541 |
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.
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