Vsolar Group Bhd (XKLS:0066) Beneish M-Score : -2.95 (As of Jun. 22, 2024)

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What is Vsolar Group Bhd 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 -2.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0066' s Beneish M-Score Range Over the Past 10 Years
Min: -15.64 Med: -2.95 Max: 4.05
Current: -2.95

During the past 13 years, the highest Beneish M-Score of Vsolar Group Bhd was 4.05. The lowest was -15.64. And the median was -2.95.

Vsolar Group Bhd Beneish M-Score Historical Data

The historical data trend for Vsolar Group 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.

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Vsolar Group Bhd Beneish M-Score Chart

Vsolar Group Bhd Annual Data

Trend

Dec12

Dec13

Dec14

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

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-0.40

-2.39

Vsolar Group Bhd Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-1.93	-2.39	-3.56	-3.45	-2.95

Competitive Comparison of Vsolar Group Bhd's Beneish M-Score

For the Electronics & Computer Distribution subindustry, Vsolar Group 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.

Vsolar Group Bhd's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Vsolar Group Bhd's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Vsolar Group Bhd's Beneish M-Score falls into.

Vsolar Group 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 Vsolar Group Bhd 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 * 0.7004

0.528 * 0.6134

0.404 * 1.0059

0.892 * 0.736

0.115 * 0.6968

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * -3.0724

4.679 * -0.13758

0.327 * 0.3194

-2.95

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was RM15.78 Mil.
Revenue was 4.296 + 1.762 + 3.189 + 0.835 = RM10.08 Mil.
Gross Profit was 0.352 + -0.251 + 0.627 + 0.202 = RM0.93 Mil.
Total Current Assets was RM60.43 Mil.
Total Assets was RM119.65 Mil.
Property, Plant and Equipment(Net PPE) was RM4.75 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.12 Mil.
Selling, General, & Admin. Expense(SGA) was RM5.91 Mil.
Total Current Liabilities was RM2.57 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.14 Mil.
Net Income was -1.799 + 2.63 + -2.45 + -10.329 = RM-11.95 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was -2.576 + 0.602 + -0.955 + 7.442 = RM4.51 Mil.

Total Receivables was RM30.61 Mil.
Revenue was 3.374 + 3.93 + 0.807 + 5.587 = RM13.70 Mil.
Gross Profit was 0.477 + 0.235 + 0.125 + -0.062 = RM0.78 Mil.
Total Current Assets was RM55.51 Mil.
Total Assets was RM112.75 Mil.
Property, Plant and Equipment(Net PPE) was RM6.22 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.95 Mil.
Selling, General, & Admin. Expense(SGA) was RM-2.61 Mil.
Total Current Liabilities was RM9.61 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.35 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)
	=	(15.777 / 10.082)	/	(30.606 / 13.698)
	=	1.564868	/	2.234341
	=	0.7004

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)
	=	(0.775 / 13.698)	/	(0.93 / 10.082)
	=	0.056578	/	0.092244
	=	0.6134

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 - (60.431 + 4.746) / 119.647)	/	(1 - (55.506 + 6.215) / 112.749)
	=	0.455256	/	0.452581
	=	1.0059

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
	=	10.082	/	13.698
	=	0.736

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))
	=	(0.953 / (0.953 + 6.215))	/	(1.119 / (1.119 + 4.746))
	=	0.132952	/	0.190793
	=	0.6968

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)
	=	(5.909 / 10.082)	/	(-2.613 / 13.698)
	=	0.586094	/	-0.190758
	=	-3.0724

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)
	=	((1.142 + 2.571) / 119.647)	/	((1.345 + 9.611) / 112.749)
	=	0.031033	/	0.097172
	=	0.3194

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
	=	(-11.948 - 0	-	4.513)	/	119.647
	=	-0.13758

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.

Vsolar Group Bhd has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.

Vsolar Group Bhd Beneish M-Score Related Terms

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Vsolar Group Bhd (XKLS:0066) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Vsolar Group Bhd (XKLS:0066) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

No. 8, Persiaran Tropicana, Lot 13.3, 13th Floor, Menara Lien Hoe, Tropicana Golf & Country Resort, Petaling Jaya, SGR, MYS, 47410

Website

https://www.vsolar.com.my

Vsolar Group Bhd is an investment holding company as well as renewable energy, media publishing, software solutions and production house based in Malaysia. The company's operating segment includes Engineering works; Trading; Solar Energy and Others. It generates maximum revenue from the Trading segment. The trading segment is engaged in the trading of computer hardware. The solar energy segment is engaged in the supply of solar energy. Other segments comprise investment holding, trading, and distribution of software, providing information technology services and dormant companies. Geographically, it operates only in Malaysia. Engineering works segment engaged in Business of engineering solutions provider in connection with renewal energy business and other related engineering works.

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