Resintech Bhd (XKLS:7232) Beneish M-Score : -2.46 (As of May. 26, 2024)

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What is Resintech 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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:7232' s Beneish M-Score Range Over the Past 10 Years
Min: -3 Med: -2.31 Max: 2.05
Current: -2.46

During the past 13 years, the highest Beneish M-Score of Resintech Bhd was 2.05. The lowest was -3.00. And the median was -2.31.

Resintech Bhd Beneish M-Score Historical Data

The historical data trend for Resintech 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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Resintech Bhd Beneish M-Score Chart

Resintech Bhd Annual Data

Trend

Mar13

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Beneish M-Score

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-2.28

-2.11

-2.36

-3.00

-2.27

Resintech Bhd Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.27	-2.31	-1.74	-2.37	-2.46

Competitive Comparison of Resintech Bhd's Beneish M-Score

For the Building Products & Equipment subindustry, Resintech 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.

Resintech Bhd's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Resintech Bhd's Beneish M-Score distribution charts can be found below:

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

Resintech 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 Resintech 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 * 0.7826

0.528 * 1.0233

0.404 * 1.2126

0.892 * 1.1903

0.115 * 1.032

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7699

4.679 * -0.019931

0.327 * 0.9784

-2.46

This Year (Dec23) TTM:

Last Year (Sep22) TTM:

Total Receivables was RM37.05 Mil.
Revenue was 26.382 + 27.582 + 25.153 + 22.044 = RM101.16 Mil.
Gross Profit was 4.75 + 5.591 + 4.871 + 3.426 = RM18.64 Mil.
Total Current Assets was RM86.35 Mil.
Total Assets was RM257.59 Mil.
Property, Plant and Equipment(Net PPE) was RM123.38 Mil.
Depreciation, Depletion and Amortization(DDA) was RM5.50 Mil.
Selling, General, & Admin. Expense(SGA) was RM10.87 Mil.
Total Current Liabilities was RM36.38 Mil.
Long-Term Debt & Capital Lease Obligation was RM24.68 Mil.
Net Income was 1.175 + 1.693 + 1.31 + -1.243 = RM2.94 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was -1.564 + 11.294 + -0.432 + -1.229 = RM8.07 Mil.

Total Receivables was RM39.77 Mil.
Revenue was 23.272 + 21.092 + 18.995 + 21.632 = RM84.99 Mil.
Gross Profit was 2.544 + 4.193 + 4.2 + 5.086 = RM16.02 Mil.
Total Current Assets was RM88.67 Mil.
Total Assets was RM251.76 Mil.
Property, Plant and Equipment(Net PPE) was RM124.51 Mil.
Depreciation, Depletion and Amortization(DDA) was RM5.73 Mil.
Selling, General, & Admin. Expense(SGA) was RM11.87 Mil.
Total Current Liabilities was RM36.96 Mil.
Long-Term Debt & Capital Lease Obligation was RM24.03 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)
	=	(37.048 / 101.161)	/	(39.773 / 84.991)
	=	0.366228	/	0.467967
	=	0.7826

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)
	=	(16.023 / 84.991)	/	(18.638 / 101.161)
	=	0.188526	/	0.184241
	=	1.0233

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 - (86.351 + 123.375) / 257.593)	/	(1 - (88.674 + 124.506) / 251.762)
	=	0.185824	/	0.153248
	=	1.2126

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
	=	101.161	/	84.991
	=	1.1903

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))
	=	(5.731 / (5.731 + 124.506))	/	(5.495 / (5.495 + 123.375))
	=	0.044004	/	0.04264
	=	1.032

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)
	=	(10.873 / 101.161)	/	(11.865 / 84.991)
	=	0.107482	/	0.139603
	=	0.7699

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)
	=	((24.681 + 36.38) / 257.593)	/	((24.03 + 36.964) / 251.762)
	=	0.237044	/	0.242268
	=	0.9784

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
	=	(2.935 - 0	-	8.069)	/	257.593
	=	-0.019931

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.

Resintech Bhd has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.

Resintech Bhd Beneish M-Score Related Terms

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Resintech Bhd (XKLS:7232) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Resintech Bhd (XKLS:7232) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Lot 3 and 5, Jalan Waja 14, Kawasan Perindustrian, Telok Panglima Garang, Telok Panglima Garang, SGR, MYS, 42500

Website

https://www.resintechmalaysia.my

Resintech Bhd engages in the provision of management services. It is involved in innovating, designing, manufacturing, and marketing a diversified range of uPVC and Polyethylene products. The company operates through the following segments: Manufacturing and Trading; Services; Investment Holding; Services and Others. The Manufacturing and Trading segment of the company is involved in the manufacturing and trading of a diversified range of plastics pipes, water tanks, and fittings; the services segment is the property holding, and the Investment Holding segment refers to investments. The firm's majority revenue gets generated through the Manufacturing and Trading segment. Malaysia contributes to the majority of total revenue.

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