CelcomDigi Bhd Beneish M-Score Historical Data
The historical data trend for CelcomDigi 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.
CelcomDigi Bhd Beneish M-Score Chart
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CelcomDigi Bhd Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.19 |
-3.39 |
-3.21 |
0.69 |
-2.60 |
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CelcomDigi Bhd Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
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Mar21 |
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Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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0.69 |
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-2.60 |
Competitive Comparison of CelcomDigi Bhd's Beneish M-Score
For the Telecom Services subindustry, CelcomDigi 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.
CelcomDigi Bhd's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, CelcomDigi Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CelcomDigi Bhd's Beneish M-Score falls into.
CelcomDigi 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 CelcomDigi 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 * 0.5739 | + | 0.528 * 0.9536 | + | 0.404 * 1.0462 | + | 0.892 * 1.7725 | + | 0.115 * 0.457 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9629 | + | 4.679 * -0.096927 | - | 0.327 * 0.9729 |
| = | -2.69 |
* 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 $497 Mil.
Revenue was $2,723 Mil.
Gross Profit was $2,118 Mil.
Total Current Assets was $733 Mil.
Total Assets was $7,820 Mil.
Property, Plant and Equipment(Net PPE) was $2,699 Mil.
Depreciation, Depletion and Amortization(DDA) was $693 Mil.
Selling, General, & Admin. Expense(SGA) was $154 Mil.
Total Current Liabilities was $1,593 Mil.
Long-Term Debt & Capital Lease Obligation was $2,312 Mil.
Net Income was $333 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,091 Mil.
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Total Receivables was $488 Mil.
Revenue was $1,536 Mil.
Gross Profit was $1,140 Mil.
Total Current Assets was $920 Mil.
Total Assets was $8,620 Mil.
Property, Plant and Equipment(Net PPE) was $3,077 Mil.
Depreciation, Depletion and Amortization(DDA) was $317 Mil.
Selling, General, & Admin. Expense(SGA) was $90 Mil.
Total Current Liabilities was $1,987 Mil.
Long-Term Debt & Capital Lease Obligation was $2,437 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) |
| = | (496.629 / 2722.66) | / | (488.226 / 1536.072) |
| = | 0.182406 | / | 0.317841 |
| | = | 0.5739 |
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) |
| = | (1139.529 / 1536.072) | / | (2117.993 / 2722.66) |
| = | 0.741846 | / | 0.777913 |
| | = | 0.9536 |
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 - (733.227 + 2698.932) / 7820.276) | / | (1 - (919.548 + 3077.368) / 8620.398) |
| = | 0.56112 | / | 0.536342 |
| | = | 1.0462 |
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 |
| = | 2722.66 | / | 1536.072 |
| | = | 1.7725 |
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)) |
| = | (317.079 / (317.079 + 3077.368)) | / | (693.459 / (693.459 + 2698.932)) |
| = | 0.093411 | / | 0.204416 |
| | = | 0.457 |
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) |
| = | (154.199 / 2722.66) | / | (90.35 / 1536.072) |
| = | 0.056635 | / | 0.058819 |
| | = | 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) |
| = | ((2312.027 + 1593.315) / 7820.276) | / | ((2437.446 + 1987.15) / 8620.398) |
| = | 0.499387 | / | 0.513271 |
| | = | 0.9729 |
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 |
| = | (333.257 - 0 | - | 1091.253) | / | 7820.276 |
| | = | -0.096927 |
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.
CelcomDigi Bhd has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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