Kelington Group Bhd Beneish M-Score Historical Data
The historical data trend for Kelington 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.
Kelington Group Bhd Beneish M-Score Chart
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Kelington Group Bhd Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.87 |
-2.19 |
-0.95 |
-2.80 |
-3.05 |
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Kelington Group Bhd Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.80 |
-3.10 |
-3.18 |
-3.51 |
-3.05 |
Competitive Comparison of Kelington Group Bhd's Beneish M-Score
For the Engineering & Construction subindustry, Kelington 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.
Kelington Group Bhd's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Kelington Group Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kelington Group Bhd's Beneish M-Score falls into.
Kelington 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 Kelington Group 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 * 1.1115 | + | 0.528 * 0.7345 | + | 0.404 * 0.9141 | + | 0.892 * 0.788 | + | 0.115 * 0.9177 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1856 | + | 4.679 * -0.066667 | - | 0.327 * 0.8544 |
| = | -3.05 |
* 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 RM495 Mil.
Revenue was 304.325 + 307.31 + 321.206 + 339.279 = RM1,272 Mil.
Gross Profit was 67.694 + 70.094 + 55.47 + 52.934 = RM246 Mil.
Total Current Assets was RM932 Mil.
Total Assets was RM1,154 Mil.
Property, Plant and Equipment(Net PPE) was RM214 Mil.
Depreciation, Depletion and Amortization(DDA) was RM15 Mil.
Selling, General, & Admin. Expense(SGA) was RM72 Mil.
Total Current Liabilities was RM587 Mil.
Long-Term Debt & Capital Lease Obligation was RM82 Mil.
Net Income was 38.659 + 32.917 + 26.668 + 24.822 = RM123 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 65.223 + 67.852 + 16.778 + 50.159 = RM200 Mil.
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Total Receivables was RM565 Mil.
Revenue was 478.787 + 401.824 + 424.913 + 308.925 = RM1,614 Mil.
Gross Profit was 86.222 + 59.344 + 45.991 + 37.943 = RM230 Mil.
Total Current Assets was RM887 Mil.
Total Assets was RM1,071 Mil.
Property, Plant and Equipment(Net PPE) was RM176 Mil.
Depreciation, Depletion and Amortization(DDA) was RM11 Mil.
Selling, General, & Admin. Expense(SGA) was RM77 Mil.
Total Current Liabilities was RM664 Mil.
Long-Term Debt & Capital Lease Obligation was RM63 Mil.
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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) |
| = | (495.007 / 1272.12) | / | (565.197 / 1614.449) |
| = | 0.38912 | / | 0.350087 |
| | = | 1.1115 |
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) |
| = | (229.5 / 1614.449) | / | (246.192 / 1272.12) |
| = | 0.142154 | / | 0.193529 |
| | = | 0.7345 |
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 - (931.669 + 214.104) / 1154.187) | / | (1 - (887.278 + 175.506) / 1071.328) |
| = | 0.00729 | / | 0.007975 |
| | = | 0.9141 |
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 |
| = | 1272.12 | / | 1614.449 |
| | = | 0.788 |
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)) |
| = | (11.022 / (11.022 + 175.506)) | / | (14.735 / (14.735 + 214.104)) |
| = | 0.05909 | / | 0.06439 |
| | = | 0.9177 |
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) |
| = | (71.688 / 1272.12) | / | (76.736 / 1614.449) |
| = | 0.056353 | / | 0.047531 |
| | = | 1.1856 |
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) |
| = | ((81.923 + 587.268) / 1154.187) | / | ((62.645 + 664.369) / 1071.328) |
| = | 0.579794 | / | 0.67861 |
| | = | 0.8544 |
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 |
| = | (123.066 - 0 | - | 200.012) | / | 1154.187 |
| | = | -0.066667 |
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.
Kelington Group Bhd has a M-score of -3.05 suggests that the company is unlikely to be a manipulator.
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