iWOW Technology (SGX:NXR) Beneish M-Score : -1.39 (As of Mar. 13, 2025)

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What is iWOW Technology 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.

Warning Sign:

Beneish M-Score -1.39 higher than -1.78, which implies that the company might have manipulated its financial results.

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

SGX:NXR' s Beneish M-Score Range Over the Past 10 Years
Min: -2.62 Med: -1.39 Max: 1.56
Current: -1.39

During the past 6 years, the highest Beneish M-Score of iWOW Technology was 1.56. The lowest was -2.62. And the median was -1.39.

iWOW Technology Beneish M-Score Historical Data

The historical data trend for iWOW Technology'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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iWOW Technology Beneish M-Score Chart

iWOW Technology Annual Data

Trend

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

Get a 7-Day Free Trial

1.56

-2.62

-1.39

iWOW Technology Semi-Annual Data
	Mar19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24
Beneish M-Score	Get a 7-Day Free Trial						-	-	-	-1.39	-

Competitive Comparison of iWOW Technology's Beneish M-Score

For the Software - Application subindustry, iWOW Technology'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.

iWOW Technology's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, iWOW Technology's Beneish M-Score distribution charts can be found below:

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

iWOW Technology 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 iWOW Technology 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 * 0.9782

0.528 * 0.9607

0.404 * 0.9353

0.892 * 1.8149

0.115 * 0.6888

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.104244

0.327 * 1.0696

-1.39

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was S$22.68 Mil.
Revenue was S$46.41 Mil.
Gross Profit was S$15.53 Mil.
Total Current Assets was S$33.75 Mil.
Total Assets was S$39.40 Mil.
Property, Plant and Equipment(Net PPE) was S$1.55 Mil.
Depreciation, Depletion and Amortization(DDA) was S$1.65 Mil.
Selling, General, & Admin. Expense(SGA) was S$0.00 Mil.
Total Current Liabilities was S$15.94 Mil.
Long-Term Debt & Capital Lease Obligation was S$0.23 Mil.
Net Income was S$2.78 Mil.
Gross Profit was S$0.00 Mil.
Cash Flow from Operations was S$-1.33 Mil.

Total Receivables was S$12.77 Mil.
Revenue was S$25.57 Mil.
Gross Profit was S$8.22 Mil.
Total Current Assets was S$28.05 Mil.
Total Assets was S$34.60 Mil.
Property, Plant and Equipment(Net PPE) was S$2.70 Mil.
Depreciation, Depletion and Amortization(DDA) was S$1.49 Mil.
Selling, General, & Admin. Expense(SGA) was S$0.00 Mil.
Total Current Liabilities was S$12.65 Mil.
Long-Term Debt & Capital Lease Obligation was S$0.62 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)
	=	(22.675 / 46.405)	/	(12.772 / 25.569)
	=	0.488633	/	0.499511
	=	0.9782

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)
	=	(8.222 / 25.569)	/	(15.532 / 46.405)
	=	0.321561	/	0.334705
	=	0.9607

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 - (33.746 + 1.545) / 39.398)	/	(1 - (28.049 + 2.698) / 34.604)
	=	0.104244	/	0.111461
	=	0.9353

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
	=	46.405	/	25.569
	=	1.8149

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))
	=	(1.487 / (1.487 + 2.698))	/	(1.646 / (1.646 + 1.545))
	=	0.355317	/	0.515826
	=	0.6888

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)
	=	(0 / 46.405)	/	(0 / 25.569)
	=	0	/	0
	=	1

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)
	=	((0.233 + 15.935) / 39.398)	/	((0.623 + 12.653) / 34.604)
	=	0.410376	/	0.383655
	=	1.0696

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
	=	(2.779 - 0	-	-1.328)	/	39.398
	=	0.104244

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.

iWOW Technology has a M-score of -1.39 signals that the company is likely to be a manipulator.

iWOW Technology Beneish M-Score Related Terms

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iWOW Technology Business Description

Industry

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Address

Block 1004, Toa Payoh North No. 02-17, Singapore, SGP, 318995

Website

https://www.iwow.com.sg

iWOW Technology Ltd is a technology provider specializing in integrated wireless IOT solutions offered as a service. It combines custom-designed hardware with cloud-based software to create end-to-end IoT solutions that help clients to digitalize businesses. It offers IoT solutions in Smart Metering, Smart Tracking, and Smart City Applications.