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Silver Ridge Holdings Bhd (XKLS:0129) Beneish M-Score : 2.15 (As of Mar. 16, 2025)


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What is Silver Ridge Holdings 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.

Warning Sign:

Beneish M-Score 2.15 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:0129' s Beneish M-Score Range Over the Past 10 Years
Min: -4.58   Med: -2.7   Max: 3.06
Current: 2.15

During the past 13 years, the highest Beneish M-Score of Silver Ridge Holdings Bhd was 3.06. The lowest was -4.58. And the median was -2.70.


Silver Ridge Holdings Bhd Beneish M-Score Historical Data

The historical data trend for Silver Ridge Holdings 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.

* Premium members only.

Silver Ridge Holdings Bhd Beneish M-Score Chart

Silver Ridge Holdings Bhd Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.66 -3.37 -0.11 -2.58 2.04

Silver Ridge Holdings Bhd Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.59 1.23 2.04 3.06 2.15

Competitive Comparison of Silver Ridge Holdings Bhd's Beneish M-Score

For the Communication Equipment subindustry, Silver Ridge Holdings 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.


Silver Ridge Holdings Bhd's Beneish M-Score Distribution in the Hardware Industry

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

* The bar in red indicates where Silver Ridge Holdings Bhd's Beneish M-Score falls into.



Silver Ridge Holdings 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 Silver Ridge Holdings 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 * 0.9099+0.528 * 0.4813+0.404 * 9.2701+0.892 * 1.5345+0.115 * 3.399
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7001+4.679 * 0.160122-0.327 * 0.7296
=2.15

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was RM33.51 Mil.
Revenue was 11.057 + 9.972 + 4.933 + 7.77 = RM33.73 Mil.
Gross Profit was 3.455 + 1.717 + 1.262 + 1.109 = RM7.54 Mil.
Total Current Assets was RM37.45 Mil.
Total Assets was RM52.00 Mil.
Property, Plant and Equipment(Net PPE) was RM6.92 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.59 Mil.
Selling, General, & Admin. Expense(SGA) was RM3.22 Mil.
Total Current Liabilities was RM11.78 Mil.
Long-Term Debt & Capital Lease Obligation was RM2.29 Mil.
Net Income was 1.08 + 1.297 + -0.126 + 0.032 = RM2.28 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was -2.271 + -8.193 + 6.288 + -1.868 = RM-6.04 Mil.
Total Receivables was RM24.00 Mil.
Revenue was 11.026 + 4.239 + 3.262 + 3.456 = RM21.98 Mil.
Gross Profit was 1.548 + 0.885 + -1.076 + 1.009 = RM2.37 Mil.
Total Current Assets was RM31.14 Mil.
Total Assets was RM33.43 Mil.
Property, Plant and Equipment(Net PPE) was RM1.76 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.64 Mil.
Selling, General, & Admin. Expense(SGA) was RM3.00 Mil.
Total Current Liabilities was RM10.67 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.72 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)
=(33.51 / 33.732) / (24 / 21.983)
=0.993419 / 1.091753
=0.9099

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)
=(2.366 / 21.983) / (7.543 / 33.732)
=0.107629 / 0.223616
=0.4813

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 - (37.451 + 6.924) / 52.004) / (1 - (31.142 + 1.757) / 33.428)
=0.1467 / 0.015825
=9.2701

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
=33.732 / 21.983
=1.5345

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))
=(0.641 / (0.641 + 1.757)) / (0.591 / (0.591 + 6.924))
=0.267306 / 0.078643
=3.399

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)
=(3.224 / 33.732) / (3.001 / 21.983)
=0.095577 / 0.136515
=0.7001

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)
=((2.29 + 11.777) / 52.004) / ((1.723 + 10.67) / 33.428)
=0.270498 / 0.370737
=0.7296

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
=(2.283 - 0 - -6.044) / 52.004
=0.160122

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.

Silver Ridge Holdings Bhd has a M-score of 2.15 signals that the company is likely to be a manipulator.


Silver Ridge Holdings Bhd Beneish M-Score Related Terms

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Silver Ridge Holdings Bhd Business Description

Traded in Other Exchanges
N/A
Address
No. 1, Jalan 1/68F, Off Jalan Tun Razak, Unit E-19-02, Level 19, Icon Tower - East Wing, Wilayah Persekutuan, Kuala Lumpur, SGR, MYS, 50400
Silver Ridge Holdings Bhd is involved in investment holding and provision of a management services business. The company provides telecommunication system architecture and design, next-generation network solution as well as telecommunication related software solutions. It derives a majority of revenue from telecommunication solutions. The telecommunication solutions provide includes 3G network architecture and engineering system design, customisation and optimisation solution; In-Building Radio Frequency Coverage and Quality (EIQ); Power Load Solutions (PLS); Base Station Subsystems Solutions (BSS); Multi-Service Access Node (MSAN) system architecture and design and others.

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