EVD Bhd (XKLS:0174) Beneish M-Score : 3.02 (As of Jul. 23, 2025)

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What is EVD 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 3.02 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:0174' s Beneish M-Score Range Over the Past 10 Years
Min: -8.45 Med: -2.19 Max: 12.99
Current: 3.02

During the past 10 years, the highest Beneish M-Score of EVD Bhd was 12.99. The lowest was -8.45. And the median was -2.19.

EVD Bhd Beneish M-Score Historical Data

The historical data trend for EVD 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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EVD Bhd Beneish M-Score Chart

EVD Bhd Annual Data

Trend

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Jun18

Jun19

Jun20

Jun21

Beneish M-Score

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-2.48

-3.25

-8.45

-0.73

-2.67

EVD Bhd Quarterly Data
	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Sep22	Dec22	Mar23	Jun23	Sep23	Mar24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-2.18	-2.48	-2.51	-1.78	3.02

Competitive Comparison of EVD Bhd's Beneish M-Score

For the Software - Application subindustry, EVD 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.

EVD Bhd's Beneish M-Score Distribution in the Software Industry

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

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

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EVD 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 EVD 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 * 2.1036

0.528 * 11.5551

0.404 * 1.2679

0.892 * 0.3612

0.115 * 1.3685

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.2788

4.679 * -0.063886

0.327 * 1.4619

3.02

This Year (Mar25) TTM:

Last Year (Sep23) TTM:

Total Receivables was RM91.48 Mil.
Revenue was 8.775 + 6.202 + 4.381 + 5.969 = RM25.33 Mil.
Gross Profit was 0.587 + 0.181 + 0.145 + -0.367 = RM0.55 Mil.
Total Current Assets was RM109.58 Mil.
Total Assets was RM171.89 Mil.
Property, Plant and Equipment(Net PPE) was RM0.55 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.35 Mil.
Selling, General, & Admin. Expense(SGA) was RM10.47 Mil.
Total Current Liabilities was RM103.72 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.00 Mil.
Net Income was -1.318 + -2.528 + -2.172 + -4.329 = RM-10.35 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 2.304 + -0.462 + -1.208 + 0 = RM0.63 Mil.

Total Receivables was RM120.40 Mil.
Revenue was 11.042 + 9.331 + 17.992 + 31.758 = RM70.12 Mil.
Gross Profit was 3.486 + 1.945 + 4.711 + 7.326 = RM17.47 Mil.
Total Current Assets was RM150.88 Mil.
Total Assets was RM217.93 Mil.
Property, Plant and Equipment(Net PPE) was RM5.29 Mil.
Depreciation, Depletion and Amortization(DDA) was RM6.07 Mil.
Selling, General, & Admin. Expense(SGA) was RM12.72 Mil.
Total Current Liabilities was RM89.59 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.37 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)
	=	(91.479 / 25.327)	/	(120.4 / 70.123)
	=	3.611916	/	1.716983
	=	2.1036

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)
	=	(17.468 / 70.123)	/	(0.546 / 25.327)
	=	0.249105	/	0.021558
	=	11.5551

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 - (109.58 + 0.553) / 171.885)	/	(1 - (150.883 + 5.292) / 217.927)
	=	0.359263	/	0.283361
	=	1.2679

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
	=	25.327	/	70.123
	=	0.3612

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))
	=	(6.067 / (6.067 + 5.292))	/	(0.354 / (0.354 + 0.553))
	=	0.534114	/	0.390298
	=	1.3685

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)
	=	(10.467 / 25.327)	/	(12.717 / 70.123)
	=	0.413274	/	0.181353
	=	2.2788

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)
	=	((0 + 103.723) / 171.885)	/	((0.366 + 89.591) / 217.927)
	=	0.603444	/	0.412785
	=	1.4619

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
	=	(-10.347 - 0	-	0.634)	/	171.885
	=	-0.063886

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.

EVD Bhd has a M-score of 3.02 signals that the company is likely to be a manipulator.

EVD Bhd Beneish M-Score Related Terms

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EVD Bhd Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » EVD Bhd (XKLS:0174) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

No. 39, Jalan Putra Mahkota 7/7B, Putra Heights, Subang Jaya, SGR, MYS, 47650

Website

https://www.evd-berhad.com

EVD Bhd is an investment holding company. It operates through five main reportable segments: Transportation which is involved in the service rendered under railway and highway industries. Healthcare segment is involved in the service rendered in the hospitality industry. All other segment is involved in the investment holding and service and maintenance. Extra Low Voltage Integrated Solution (ELV) segment involved of the service rendered under smart building and security services. Other Engineering services segment involved of the service rendered under M&E works. The majority of the revenue was generated from the Transportation segment. Geographically, it derives maximum revenue from Malaysia and also has its presence in Philippines.

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