EA Holdings Bhd (XKLS:0154) Beneish M-Score : -3.92 (As of Jun. 24, 2024)

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What is EA 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.

Good Sign:

Beneish M-Score -3.92 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0154' s Beneish M-Score Range Over the Past 10 Years
Min: -3.92 Med: -2.55 Max: -1.13
Current: -3.92

During the past 9 years, the highest Beneish M-Score of EA Holdings Bhd was -1.13. The lowest was -3.92. And the median was -2.55.

EA Holdings Bhd Beneish M-Score Historical Data

The historical data trend for EA 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.

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EA Holdings Bhd Beneish M-Score Chart

EA Holdings Bhd Annual Data

Trend

Dec10

Dec11

Dec12

Dec13

Dec14

Mar16

Mar17

Mar18

Mar19

Beneish M-Score

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-2.11

-2.47

-2.62

-1.13

-3.92

EA Holdings Bhd Quarterly Data
	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Jun20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Dec22	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison of EA Holdings Bhd's Beneish M-Score

For the Conglomerates subindustry, EA 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.

EA Holdings Bhd's Beneish M-Score Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, EA Holdings Bhd's Beneish M-Score distribution charts can be found below:

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

EA 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 EA Holdings 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 * 0.3474

0.528 * 1.4886

0.404 * 1.4551

0.892 * 1.2809

0.115 * 1.1919

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.331775

0.327 * 1.0093

-3.92

This Year (Mar19) TTM:

Last Year (Mar18) TTM:

Total Receivables was RM20.45 Mil.
Revenue was RM26.68 Mil.
Gross Profit was RM5.98 Mil.
Total Current Assets was RM54.43 Mil.
Total Assets was RM185.05 Mil.
Property, Plant and Equipment(Net PPE) was RM7.13 Mil.
Depreciation, Depletion and Amortization(DDA) was RM2.13 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.00 Mil.
Total Current Liabilities was RM6.60 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.90 Mil.
Net Income was RM-50.53 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM10.87 Mil.

Total Receivables was RM45.95 Mil.
Revenue was RM20.83 Mil.
Gross Profit was RM6.95 Mil.
Total Current Assets was RM87.07 Mil.
Total Assets was RM170.94 Mil.
Property, Plant and Equipment(Net PPE) was RM5.47 Mil.
Depreciation, Depletion and Amortization(DDA) was RM2.07 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.00 Mil.
Total Current Liabilities was RM5.65 Mil.
Long-Term Debt & Capital Lease Obligation was RM2.13 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)
	=	(20.45 / 26.675)	/	(45.954 / 20.825)
	=	0.766635	/	2.206675
	=	0.3474

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)
	=	(6.952 / 20.825)	/	(5.982 / 26.675)
	=	0.33383	/	0.224255
	=	1.4886

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 - (54.433 + 7.125) / 185.05)	/	(1 - (87.068 + 5.473) / 170.94)
	=	0.667344	/	0.458635
	=	1.4551

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
	=	26.675	/	20.825
	=	1.2809

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))
	=	(2.072 / (2.072 + 5.473))	/	(2.133 / (2.133 + 7.125))
	=	0.274619	/	0.230395
	=	1.1919

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)
	=	(0 / 26.675)	/	(0 / 20.825)
	=	0	/	0
	=	1

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)
	=	((1.903 + 6.595) / 185.05)	/	((2.13 + 5.648) / 170.94)
	=	0.045923	/	0.045501
	=	1.0093

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
	=	(-50.53 - 0	-	10.865)	/	185.05
	=	-0.331775

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.

EA Holdings Bhd has a M-score of -3.92 suggests that the company is unlikely to be a manipulator.

EA Holdings Bhd Beneish M-Score Related Terms

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EA Holdings Bhd (XKLS:0154) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Conglomerates » EA Holdings Bhd (XKLS:0154) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

685, Jalan Damansara, Unit 25-5, Level 25, Oval Damansara, Kuala Lumpur, SGR, MYS, 60000

Website

https://www.eah.com.my

EA Holdings Bhd provides management and consultancy services. Through its subsidiaries, is engaged in the provision of software solutions mainly in business intelligence and data warehousing solutions and automated invoices processing solution. The ICT consultancy segment comprises E-business software applications. The software Solutions segment engages in the provision of business intelligence software and development, IT service management consultancy, and system integration. The RFID system segment is composed of Hardware system integration, mechanical and engineering services, access control system, and building automation system. The F&B Distribution segment relates to sales and distribution of food and beverage products. The investment holding segment invests in subsidiaries.

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