Revenue Group Bhd (XKLS:0200) Beneish M-Score : -1.42 (As of Jun. 23, 2024)

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What is Revenue Group 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 -1.42 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:0200' s Beneish M-Score Range Over the Past 10 Years
Min: -3.39 Med: -1.63 Max: 12.51
Current: -1.42

During the past 7 years, the highest Beneish M-Score of Revenue Group Bhd was 12.51. The lowest was -3.39. And the median was -1.63.

Revenue Group Bhd Beneish M-Score Historical Data

The historical data trend for Revenue 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.

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Revenue Group Bhd Beneish M-Score Chart

Revenue Group Bhd Annual Data

Trend

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Beneish M-Score

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0.43

-2.72

-2.61

Revenue Group Bhd Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															3.82	5.48	12.51	0.86	-1.42

Competitive Comparison of Revenue Group Bhd's Beneish M-Score

For the Software - Infrastructure subindustry, Revenue 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.

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

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

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

Revenue 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 Revenue Group 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 * 2.8974

0.528 * 0.8021

0.404 * 1.3555

0.892 * 0.4468

0.115 * 0.8454

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.7465

4.679 * 0.021225

0.327 * 1.0523

-1.42

This Year (Mar24) TTM:

Last Year (Sep22) TTM:

Total Receivables was RM44.1 Mil.
Revenue was 92.219 + 112.669 + 10.101 + 4.898 = RM219.9 Mil.
Gross Profit was 9.295 + 10.344 + 4.037 + -1.283 = RM22.4 Mil.
Total Current Assets was RM89.2 Mil.
Total Assets was RM206.1 Mil.
Property, Plant and Equipment(Net PPE) was RM44.0 Mil.
Depreciation, Depletion and Amortization(DDA) was RM9.5 Mil.
Selling, General, & Admin. Expense(SGA) was RM47.8 Mil.
Total Current Liabilities was RM45.8 Mil.
Long-Term Debt & Capital Lease Obligation was RM40.5 Mil.
Net Income was -4.229 + -0.405 + -9.362 + -14.273 = RM-28.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was -2.452 + -1.742 + -6.136 + -22.314 = RM-32.6 Mil.

Total Receivables was RM34.1 Mil.
Revenue was 20.818 + 421.041 + 22.844 + 27.443 = RM492.1 Mil.
Gross Profit was 8.151 + 1.349 + 15.622 + 15.081 = RM40.2 Mil.
Total Current Assets was RM133.6 Mil.
Total Assets was RM260.8 Mil.
Property, Plant and Equipment(Net PPE) was RM59.1 Mil.
Depreciation, Depletion and Amortization(DDA) was RM10.4 Mil.
Selling, General, & Admin. Expense(SGA) was RM39.0 Mil.
Total Current Liabilities was RM61.5 Mil.
Long-Term Debt & Capital Lease Obligation was RM42.3 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)
	=	(44.13 / 219.887)	/	(34.089 / 492.146)
	=	0.200694	/	0.069266
	=	2.8974

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)
	=	(40.203 / 492.146)	/	(22.393 / 219.887)
	=	0.081689	/	0.101839
	=	0.8021

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 - (89.209 + 43.994) / 206.128)	/	(1 - (133.609 + 59.138) / 260.821)
	=	0.353785	/	0.260999
	=	1.3555

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
	=	219.887	/	492.146
	=	0.4468

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))
	=	(10.437 / (10.437 + 59.138))	/	(9.49 / (9.49 + 43.994))
	=	0.150011	/	0.177436
	=	0.8454

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)
	=	(47.838 / 219.887)	/	(38.984 / 492.146)
	=	0.217557	/	0.079212
	=	2.7465

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)
	=	((40.477 + 45.781) / 206.128)	/	((42.25 + 61.47) / 260.821)
	=	0.418468	/	0.397667
	=	1.0523

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
	=	(-28.269 - 0	-	-32.644)	/	206.128
	=	0.021225

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.

Revenue Group Bhd has a M-score of -1.42 signals that the company is likely to be a manipulator.

Revenue Group Bhd Beneish M-Score Related Terms

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Revenue Group Bhd (XKLS:0200) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » Revenue Group Bhd (XKLS:0200) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Wisma Revenue, No. 12, Jalan Udang Harimau 2, Kepong Business Park, Kuala Lumpur, SGR, MYS, 51200

Website

https://www.revenue.com.my

Revenue Group Bhd along with its subsidiaries is engaged in delivering a complete and customizable payment solution. The company provides various solutions such as Loyalty System, Web-based Payment System, Consumer Behavioural Management System, Terminal Management System, Payment Transaction Management System, and others. Its business profile includes Hybrid Payment, Revpay, Software Development, Virtual payment, Physical Terminal Payment and others. It operates in three segments: EDC terminals, Electronic transaction processing, and Solutions and services. The EDC terminals segment that derives majority revenue engages in the distribution, deployment, and maintenance of EDC terminals.

Revenue Group Bhd (XKLS:0200) Headlines

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