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 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.21 |
-2.30 |
-2.87 |
-2.19 |
-0.97 |
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Kelington Group Bhd Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
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Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-0.49 |
-0.97 |
-1.36 |
-2.20 |
-2.63 |
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 * 0.6828 | + | 0.528 * 0.9966 | + | 0.404 * 0.8574 | + | 0.892 * 1.5182 | + | 0.115 * 1.2815 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7872 | + | 4.679 * -0.073105 | - | 0.327 * 0.9689 |
| = | -2.63 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was RM625 Mil.
Revenue was 401.824 + 424.913 + 308.925 + 426.718 = RM1,562 Mil.
Gross Profit was 59.344 + 45.991 + 37.943 + 51.185 = RM194 Mil.
Total Current Assets was RM900 Mil.
Total Assets was RM1,066 Mil.
Property, Plant and Equipment(Net PPE) was RM158 Mil.
Depreciation, Depletion and Amortization(DDA) was RM9 Mil.
Selling, General, & Admin. Expense(SGA) was RM68 Mil.
Total Current Liabilities was RM694 Mil.
Long-Term Debt & Capital Lease Obligation was RM61 Mil.
Net Income was 31.668 + 19.064 + 16.188 + 18.185 = RM85 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 29.744 + 5.819 + 15.669 + 111.793 = RM163 Mil.
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Total Receivables was RM603 Mil.
Revenue was 366.394 + 312.397 + 173.328 + 176.976 = RM1,029 Mil.
Gross Profit was 40.702 + 32.528 + 23.727 + 30.692 = RM128 Mil.
Total Current Assets was RM735 Mil.
Total Assets was RM836 Mil.
Property, Plant and Equipment(Net PPE) was RM94 Mil.
Depreciation, Depletion and Amortization(DDA) was RM7 Mil.
Selling, General, & Admin. Expense(SGA) was RM57 Mil.
Total Current Liabilities was RM588 Mil.
Long-Term Debt & Capital Lease Obligation was RM23 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) |
| = | (624.717 / 1562.38) | / | (602.685 / 1029.095) |
| = | 0.39985 | / | 0.585646 |
| | = | 0.6828 |
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) |
| = | (127.649 / 1029.095) | / | (194.463 / 1562.38) |
| = | 0.12404 | / | 0.124466 |
| | = | 0.9966 |
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 - (899.928 + 158.35) / 1065.868) | / | (1 - (734.754 + 94.08) / 835.775) |
| = | 0.007121 | / | 0.008305 |
| | = | 0.8574 |
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 |
| = | 1562.38 | / | 1029.095 |
| | = | 1.5182 |
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)) |
| = | (6.806 / (6.806 + 94.08)) | / | (8.799 / (8.799 + 158.35)) |
| = | 0.067462 | / | 0.052642 |
| | = | 1.2815 |
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) |
| = | (68.379 / 1562.38) | / | (57.213 / 1029.095) |
| = | 0.043766 | / | 0.055595 |
| | = | 0.7872 |
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) |
| = | ((60.758 + 694.166) / 1065.868) | / | ((22.771 + 588.17) / 835.775) |
| = | 0.708272 | / | 0.730987 |
| | = | 0.9689 |
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 |
| = | (85.105 - 0 | - | 163.025) | / | 1065.868 |
| | = | -0.073105 |
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 -2.63 suggests that the company is unlikely to be a manipulator.
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