Crest Builder Holdings Bhd (XKLS:8591) Beneish M-Score : -2.82 (As of Jun. 05, 2024)

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What is Crest Builder 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 -2.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:8591' s Beneish M-Score Range Over the Past 10 Years
Min: -6.26 Med: -2.62 Max: 0.29
Current: -2.82

During the past 13 years, the highest Beneish M-Score of Crest Builder Holdings Bhd was 0.29. The lowest was -6.26. And the median was -2.62.

Crest Builder Holdings Bhd Beneish M-Score Historical Data

The historical data trend for Crest Builder 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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Crest Builder Holdings Bhd Beneish M-Score Chart

Crest Builder Holdings Bhd Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.63

-1.00

-2.22

-2.78

-2.48

Crest Builder Holdings Bhd Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.71	-2.63	-2.34	-2.48	-2.82

Competitive Comparison of Crest Builder Holdings Bhd's Beneish M-Score

For the Engineering & Construction subindustry, Crest Builder 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.

Crest Builder Holdings Bhd's Beneish M-Score Distribution in the Construction Industry

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

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

Crest Builder 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 Crest Builder 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 * 0.5387

0.528 * 1.311

0.404 * 1.0386

0.892 * 1.3971

0.115 * 0.9109

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9729

4.679 * -0.088784

0.327 * 1.0746

-2.82

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was RM185.3 Mil.
Revenue was 107.926 + 129.749 + 141.624 + 122.635 = RM501.9 Mil.
Gross Profit was 15.872 + 4.487 + 8.71 + 13.998 = RM43.1 Mil.
Total Current Assets was RM596.7 Mil.
Total Assets was RM1,242.3 Mil.
Property, Plant and Equipment(Net PPE) was RM39.5 Mil.
Depreciation, Depletion and Amortization(DDA) was RM9.1 Mil.
Selling, General, & Admin. Expense(SGA) was RM29.1 Mil.
Total Current Liabilities was RM558.4 Mil.
Long-Term Debt & Capital Lease Obligation was RM334.5 Mil.
Net Income was 0.735 + -24.008 + -6.055 + -8.462 = RM-37.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 49.977 + -1.278 + 22.321 + 1.485 = RM72.5 Mil.

Total Receivables was RM246.3 Mil.
Revenue was 94.327 + 101.462 + 77.531 + 85.953 = RM359.3 Mil.
Gross Profit was 13.519 + 6.349 + 8.752 + 11.794 = RM40.4 Mil.
Total Current Assets was RM653.4 Mil.
Total Assets was RM1,298.5 Mil.
Property, Plant and Equipment(Net PPE) was RM35.1 Mil.
Depreciation, Depletion and Amortization(DDA) was RM7.2 Mil.
Selling, General, & Admin. Expense(SGA) was RM21.4 Mil.
Total Current Liabilities was RM527.2 Mil.
Long-Term Debt & Capital Lease Obligation was RM341.4 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)
	=	(185.347 / 501.934)	/	(246.267 / 359.273)
	=	0.369266	/	0.685459
	=	0.5387

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)
	=	(40.414 / 359.273)	/	(43.067 / 501.934)
	=	0.112488	/	0.085802
	=	1.311

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 - (596.682 + 39.525) / 1242.282)	/	(1 - (653.416 + 35.1) / 1298.496)
	=	0.487872	/	0.469759
	=	1.0386

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
	=	501.934	/	359.273
	=	1.3971

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))
	=	(7.204 / (7.204 + 35.1))	/	(9.088 / (9.088 + 39.525))
	=	0.170291	/	0.186946
	=	0.9109

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)
	=	(29.117 / 501.934)	/	(21.422 / 359.273)
	=	0.05801	/	0.059626
	=	0.9729

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)
	=	((334.486 + 558.418) / 1242.282)	/	((341.374 + 527.169) / 1298.496)
	=	0.718761	/	0.668884
	=	1.0746

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
	=	(-37.79 - 0	-	72.505)	/	1242.282
	=	-0.088784

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.

Crest Builder Holdings Bhd has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.

Crest Builder Holdings Bhd Beneish M-Score Related Terms

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Crest Builder Holdings Bhd (XKLS:8591) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Crest Builder Holdings Bhd (XKLS:8591) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Penthouse, The Crest, 3 Two Square, No. 2 Jalan 19/1, Petaling Jaya, SGR, MYS, 46300

Website

https://www.crestbuilder.com.my

Crest Builder Holdings Bhd is a Malaysia based company, through its subsidiaries, is engaged in the businesses of property investment and property development, and construction, among others. The entity's segments include Construction, Concession arrangement, Investment holding and Property development. The Construction segment contributes majorly in the company's revenue which includes general construction, mechanical and electrical engineering services. The Concession Arrangement segment is engaged in the construction and maintenance of facilities and infrastructure. The Property Development segment is engaged in the development of residential and commercial properties. The group operates within Malaysia.

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