KAMCO Investment Company K.S.C.P (KUW:KAMCO) Beneish M-Score : -2.74 (As of Apr. 30, 2024)

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What is KAMCO Investment Company K.S.C.P 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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for KAMCO Investment Company K.S.C.P's Beneish M-Score or its related term are showing as below:

KUW:KAMCO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02 Med: -2.32 Max: 19.65
Current: -2.74

During the past 13 years, the highest Beneish M-Score of KAMCO Investment Company K.S.C.P was 19.65. The lowest was -3.02. And the median was -2.32.

KAMCO Investment Company K.S.C.P Beneish M-Score Historical Data

The historical data trend for KAMCO Investment Company K.S.C.P'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.

* Premium members only.

KAMCO Investment Company K.S.C.P Beneish M-Score Chart

KAMCO Investment Company K.S.C.P Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.02

-2.75

-2.27

-2.71

-2.74

KAMCO Investment Company K.S.C.P Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.71	-3.36	-2.42	-2.37	-2.74

Competitive Comparison of KAMCO Investment Company K.S.C.P's Beneish M-Score

For the Asset Management subindustry, KAMCO Investment Company K.S.C.P'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.

KAMCO Investment Company K.S.C.P's Beneish M-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, KAMCO Investment Company K.S.C.P's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where KAMCO Investment Company K.S.C.P's Beneish M-Score falls into.

KAMCO Investment Company K.S.C.P 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 KAMCO Investment Company K.S.C.P 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 * 1.3352

0.528 * 0.425

0.404 * 0.9855

0.892 * 0.7498

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.363

4.679 * 0.005798

0.327 * 1.0111

-2.74

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was KWD17.13 Mil.
Revenue was 5.83 + 3.855 + 3.838 + 3.929 = KWD17.45 Mil.
Gross Profit was 5.83 + 3.855 + 3.838 + 3.929 = KWD17.45 Mil.
Total Current Assets was KWD82.94 Mil.
Total Assets was KWD128.85 Mil.
Property, Plant and Equipment(Net PPE) was KWD1.46 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD0.00 Mil.
Selling, General, & Admin. Expense(SGA) was KWD3.72 Mil.
Total Current Liabilities was KWD7.76 Mil.
Long-Term Debt & Capital Lease Obligation was KWD48.75 Mil.
Net Income was 2.143 + -1.498 + 1.667 + -1.565 = KWD0.75 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = KWD0.00 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = KWD0.00 Mil.

Total Receivables was KWD17.11 Mil.
Revenue was 7.37 + 3.901 + 6.758 + 5.247 = KWD23.28 Mil.
Gross Profit was -4.912 + 3.533 + 6.309 + 4.963 = KWD9.89 Mil.
Total Current Assets was KWD82.68 Mil.
Total Assets was KWD129.45 Mil.
Property, Plant and Equipment(Net PPE) was KWD1.46 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD0.61 Mil.
Selling, General, & Admin. Expense(SGA) was KWD3.64 Mil.
Total Current Liabilities was KWD51.15 Mil.
Long-Term Debt & Capital Lease Obligation was KWD5.00 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)
	=	(17.125 / 17.452)	/	(17.106 / 23.276)
	=	0.981263	/	0.73492
	=	1.3352

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)
	=	(9.893 / 23.276)	/	(17.452 / 17.452)
	=	0.42503	/	1
	=	0.425

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 - (82.944 + 1.462) / 128.845)	/	(1 - (82.682 + 1.46) / 129.447)
	=	0.344903	/	0.349989
	=	0.9855

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
	=	17.452	/	23.276
	=	0.7498

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))
	=	(0.614 / (0.614 + 1.46))	/	(0 / (0 + 1.462))
	=	0.296046	/	0
	=	1

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)
	=	(3.723 / 17.452)	/	(3.643 / 23.276)
	=	0.213328	/	0.156513
	=	1.363

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)
	=	((48.75 + 7.76) / 128.845)	/	((5 + 51.149) / 129.447)
	=	0.438589	/	0.433761
	=	1.0111

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
	=	(0.747 - 0	-	0)	/	128.845
	=	0.005798

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.

KAMCO Investment Company K.S.C.P has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.

KAMCO Investment Company K.S.C.P Beneish M-Score Related Terms

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KAMCO Investment Company K.S.C.P (KUW:KAMCO) Business Description

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GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » KAMCO Investment Company K.S.C.P (KUW:KAMCO) » Definitions » Beneish M-Score

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Address

Khalid Bin Waleed Street, Al-Shaheed Tower, P.O.Box 28873, Sharq, Safat, Kuwait City, KWT, 13149

Website

https://www.kamcoinvest.com

KAMCO Investment Company K.S.C.P is an investment banking company. Its activities include purchasing and investing in shares or bonds of the companies in real estate, industrial and agricultural sector, managing the funds of public and private institutions, a brokerage in lending and borrowing operations, provision of loans, dealing and trading in the foreign currency market, and undertaking operations related to securities trading such as purchase and sale of shares and bonds of companies. The company's segments include Investment banking and advisory, Asset management, Brokerage, and Strategic investments & corporate overheads. The company makes majority of its revenue from Asset management segment.

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