Kazakhstan Electricity Grid Operating Company (KEGOC) JSC (XKAZ:KEGC) Beneish M-Score : -2.22 (As of Mar. 30, 2025)

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What is Kazakhstan Electricity Grid Operating Company (KEGOC) JSC 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 -2.22 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Kazakhstan Electricity Grid Operating Company (KEGOC) JSC's Beneish M-Score or its related term are showing as below:

XKAZ:KEGC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.39 Med: -2.02 Max: 4.44
Current: -2.22

During the past 13 years, the highest Beneish M-Score of Kazakhstan Electricity Grid Operating Company (KEGOC) JSC was 4.44. The lowest was -3.39. And the median was -2.02.

Kazakhstan Electricity Grid Operating Company (KEGOC) JSC Beneish M-Score Historical Data

The historical data trend for Kazakhstan Electricity Grid Operating Company (KEGOC) JSC'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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Kazakhstan Electricity Grid Operating Company (KEGOC) JSC Beneish M-Score Chart

Kazakhstan Electricity Grid Operating Company (KEGOC) JSC Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.37

-0.35

-2.70

-2.01

-2.03

Kazakhstan Electricity Grid Operating Company (KEGOC) JSC Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.61	-2.03	-2.02	-2.26	-2.22

Competitive Comparison of Kazakhstan Electricity Grid Operating Company (KEGOC) JSC's Beneish M-Score

For the Utilities - Regulated Electric subindustry, Kazakhstan Electricity Grid Operating Company (KEGOC) JSC'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.

Kazakhstan Electricity Grid Operating Company (KEGOC) JSC's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Kazakhstan Electricity Grid Operating Company (KEGOC) JSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Kazakhstan Electricity Grid Operating Company (KEGOC) JSC's Beneish M-Score falls into.

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Kazakhstan Electricity Grid Operating Company (KEGOC) JSC 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 Kazakhstan Electricity Grid Operating Company (KEGOC) JSC 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 * 0.785

0.528 * 0.8663

0.404 * 1.017

0.892 * 1.3239

0.115 * 1.2169

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7045

4.679 * 0.02536

0.327 * 0.8828

-2.22

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₸30,839 Mil.
Revenue was 74035.09 + 73249.761 + 85124.33 + 79219.011 = ₸311,628 Mil.
Gross Profit was 16040.829 + 21735.77 + 30319.651 + 24484.329 = ₸92,581 Mil.
Total Current Assets was ₸142,096 Mil.
Total Assets was ₸1,020,950 Mil.
Property, Plant and Equipment(Net PPE) was ₸858,348 Mil.
Depreciation, Depletion and Amortization(DDA) was ₸804 Mil.
Selling, General, & Admin. Expense(SGA) was ₸3,023 Mil.
Total Current Liabilities was ₸38,035 Mil.
Long-Term Debt & Capital Lease Obligation was ₸154,483 Mil.
Net Income was 11868.981 + 13753.22 + 21412.23 + 14769.46 = ₸61,804 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₸0 Mil.
Cash Flow from Operations was 0 + 0 + 35912.5 + 0 = ₸35,913 Mil.

Total Receivables was ₸29,674 Mil.
Revenue was 58567.244 + 53746.479 + 60603.649 + 62467.823 = ₸235,385 Mil.
Gross Profit was 11201.717 + 16355.673 + 18691.06 + 14332.225 = ₸60,581 Mil.
Total Current Assets was ₸105,523 Mil.
Total Assets was ₸982,225 Mil.
Property, Plant and Equipment(Net PPE) was ₸857,303 Mil.
Depreciation, Depletion and Amortization(DDA) was ₸977 Mil.
Selling, General, & Admin. Expense(SGA) was ₸3,242 Mil.
Total Current Liabilities was ₸54,491 Mil.
Long-Term Debt & Capital Lease Obligation was ₸155,324 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)
	=	(30839.094 / 311628.192)	/	(29673.821 / 235385.195)
	=	0.098961	/	0.126065
	=	0.785

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)
	=	(60580.675 / 235385.195)	/	(92580.579 / 311628.192)
	=	0.257368	/	0.297087
	=	0.8663

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 - (142096.471 + 858347.596) / 1020950.133)	/	(1 - (105522.664 + 857302.568) / 982224.501)
	=	0.020085	/	0.01975
	=	1.017

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
	=	311628.192	/	235385.195
	=	1.3239

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))
	=	(977.276 / (977.276 + 857302.568))	/	(803.806 / (803.806 + 858347.596))
	=	0.001139	/	0.000936
	=	1.2169

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)
	=	(3023.145 / 311628.192)	/	(3241.525 / 235385.195)
	=	0.009701	/	0.013771
	=	0.7045

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)
	=	((154483.131 + 38035.337) / 1020950.133)	/	((155324.455 + 54490.538) / 982224.501)
	=	0.188568	/	0.213612
	=	0.8828

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
	=	(61803.891 - 0	-	35912.5)	/	1020950.133
	=	0.02536

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.

Kazakhstan Electricity Grid Operating Company (KEGOC) JSC has a M-score of -2.22 suggests that the company is unlikely to be a manipulator.

Kazakhstan Electricity Grid Operating Company (KEGOC) JSC Beneish M-Score Related Terms

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Kazakhstan Electricity Grid Operating Company (KEGOC) JSC Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » Kazakhstan Electricity Grid Operating Company (KEGOC) JSC (XKAZ:KEGC) » Definitions » Beneish M-Score

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Address

building 59, Tauelsyzdyk Avenue, Almaty district, Nur-Sultan, KAZ, Z00T2D0

Website

https://www.kegoc.kz

Kazakhstan Electricity Grid Operating Company (KEGOC) JSC is engaged in electricity transmission in the inter-regional networks, technical dispatching of the electricity supply and consumption in the grid, and balancing of electricity production and consumption. Its segments are Transmission of electricity, Power regulation services, and Sale of the purchased electricity. The company generates the majority of its revenue from customers in Kazakhstan, Russia, and Uzbekistan.

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