Bukit Darah Co (COL:BUKI.N0000) Beneish M-Score : -2.77 (As of Sep. 21, 2024)

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What is Bukit Darah Co 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 -2.77 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

COL:BUKI.N0000' s Beneish M-Score Range Over the Past 10 Years
Min: -3.41 Med: -2.67 Max: -1.8
Current: -2.77

During the past 13 years, the highest Beneish M-Score of Bukit Darah Co was -1.80. The lowest was -3.41. And the median was -2.67.

Bukit Darah Co Beneish M-Score Historical Data

The historical data trend for Bukit Darah Co'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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Bukit Darah Co Beneish M-Score Chart

Bukit Darah Co Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

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-2.56

-2.58

-2.13

-2.73

-2.81

Bukit Darah Co Quarterly Data
	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24
Beneish M-Score	Get a 7-Day Free Trial															-3.29	-3.28	-3.17	-2.81	-2.77

Competitive Comparison of Bukit Darah Co's Beneish M-Score

For the Conglomerates subindustry, Bukit Darah Co'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.

Bukit Darah Co's Beneish M-Score Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, Bukit Darah Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Bukit Darah Co's Beneish M-Score falls into.

Bukit Darah Co 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 Bukit Darah Co 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 * 1.2162

0.528 * 0.9748

0.404 * 0.9527

0.892 * 0.9008

0.115 * 0.961

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0392

4.679 * -0.081269

0.327 * 0.9273

-2.77

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was රු22,284 Mil.
Revenue was 71664.785 + 72825.514 + 69605.752 + 69844.909 = රු283,941 Mil.
Gross Profit was 18184.13 + 20252.873 + 19133.112 + 20386.516 = රු77,957 Mil.
Total Current Assets was රු93,144 Mil.
Total Assets was රු271,038 Mil.
Property, Plant and Equipment(Net PPE) was රු139,359 Mil.
Depreciation, Depletion and Amortization(DDA) was රු11,323 Mil.
Selling, General, & Admin. Expense(SGA) was රු33,946 Mil.
Total Current Liabilities was රු58,631 Mil.
Long-Term Debt & Capital Lease Obligation was රු58,766 Mil.
Net Income was 2476.27 + 1939.067 + 1549.817 + 3136.766 = රු9,102 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = රු0 Mil.
Cash Flow from Operations was 3917.837 + 15146.179 + 6828.233 + 5236.783 = රු31,129 Mil.

Total Receivables was රු20,341 Mil.
Revenue was 64732.669 + 76465.213 + 79919.607 + 94097.797 = රු315,215 Mil.
Gross Profit was 17402.189 + 15627.14 + 23404.794 + 27928.266 = රු84,362 Mil.
Total Current Assets was රු93,223 Mil.
Total Assets was රු276,860 Mil.
Property, Plant and Equipment(Net PPE) was රු142,319 Mil.
Depreciation, Depletion and Amortization(DDA) was රු11,077 Mil.
Selling, General, & Admin. Expense(SGA) was රු36,264 Mil.
Total Current Liabilities was රු68,705 Mil.
Long-Term Debt & Capital Lease Obligation was රු60,609 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)
	=	(22283.529 / 283940.96)	/	(20340.65 / 315215.286)
	=	0.078479	/	0.064529
	=	1.2162

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)
	=	(84362.389 / 315215.286)	/	(77956.631 / 283940.96)
	=	0.267634	/	0.274552
	=	0.9748

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 - (93143.867 + 139359.459) / 271038.235)	/	(1 - (93222.716 + 142318.918) / 276859.802)
	=	0.142175	/	0.149239
	=	0.9527

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
	=	283940.96	/	315215.286
	=	0.9008

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))
	=	(11076.673 / (11076.673 + 142318.918))	/	(11322.737 / (11322.737 + 139359.459))
	=	0.07221	/	0.075143
	=	0.961

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)
	=	(33946.265 / 283940.96)	/	(36264.217 / 315215.286)
	=	0.119554	/	0.115046
	=	1.0392

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)
	=	((58765.517 + 58630.885) / 271038.235)	/	((60609.486 + 68704.946) / 276859.802)
	=	0.433136	/	0.467076
	=	0.9273

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
	=	(9101.92 - 0	-	31129.032)	/	271038.235
	=	-0.081269

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.

Bukit Darah Co has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.

Bukit Darah Co Beneish M-Score Related Terms

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Bukit Darah Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Conglomerates » Bukit Darah Co PLC (COL:BUKI.N0000) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

No. 61, Janadhipathi Mawatha, Colombo, LKA, 01

Website

https://www.carsoncumberbatch.com

Bukit Darah Co PLC is a Sri Lanka-based company. The company's operating segment includes Investment Holdings; Portfolio and Assets Management; Oil Palm Plantations; Oils and Fats; Beverages; Real Estate; Leisure; and Management Services. The company generates maximum revenue from the Oil palm plantation. Geographically, it derives a majority of its revenue from Indonesia and also has a presence in Malaysia, Indonesia, and Singapore.

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