DPI Holdings Bhd (XKLS:0205) Beneish M-Score : -2.89 (As of Jun. 23, 2024)

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What is DPI 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 -2.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0205' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89 Med: -2.65 Max: -2.31
Current: -2.89

During the past 8 years, the highest Beneish M-Score of DPI Holdings Bhd was -2.31. The lowest was -2.89. And the median was -2.65.

DPI Holdings Bhd Beneish M-Score Historical Data

The historical data trend for DPI 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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DPI Holdings Bhd Beneish M-Score Chart

DPI Holdings Bhd Annual Data

Trend

May16

May17

May18

May19

May20

May21

May22

May23

Beneish M-Score

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-2.31

DPI Holdings Bhd Quarterly Data
	May19	Aug19	Nov19	Feb20	May20	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24
Beneish M-Score	Get a 7-Day Free Trial															-	-2.31	-2.89	-2.40	-2.89

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

For the Specialty Chemicals subindustry, DPI 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.

DPI Holdings Bhd's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, DPI Holdings Bhd's Beneish M-Score distribution charts can be found below:

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

DPI 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 DPI 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 * 0.6295

0.528 * 0.8054

0.404 * 0.8776

0.892 * 1.0866

0.115 * 0.9086

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.837

4.679 * -0.00569

0.327 * 0.9402

-2.89

This Year (Feb24) TTM:

Last Year (Feb23) TTM:

Total Receivables was RM6.82 Mil.
Revenue was 11.879 + 13.567 + 13.482 + 14.445 = RM53.37 Mil.
Gross Profit was 2.922 + 4.094 + 3.935 + 4.168 = RM15.12 Mil.
Total Current Assets was RM72.73 Mil.
Total Assets was RM94.91 Mil.
Property, Plant and Equipment(Net PPE) was RM21.91 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.20 Mil.
Selling, General, & Admin. Expense(SGA) was RM3.64 Mil.
Total Current Liabilities was RM7.37 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.11 Mil.
Net Income was 0.97 + 1.2 + 1.323 + 1.771 = RM5.26 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 2.437 + -1.768 + 1.822 + 3.313 = RM5.80 Mil.

Total Receivables was RM9.96 Mil.
Revenue was 12.753 + 12.354 + 12.099 + 11.912 = RM49.12 Mil.
Gross Profit was 2.745 + 2.8 + 2.607 + 3.054 = RM11.21 Mil.
Total Current Assets was RM70.39 Mil.
Total Assets was RM90.93 Mil.
Property, Plant and Equipment(Net PPE) was RM20.25 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.01 Mil.
Selling, General, & Admin. Expense(SGA) was RM4.00 Mil.
Total Current Liabilities was RM7.42 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.20 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)
	=	(6.815 / 53.373)	/	(9.963 / 49.118)
	=	0.127686	/	0.202838
	=	0.6295

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)
	=	(11.206 / 49.118)	/	(15.119 / 53.373)
	=	0.228144	/	0.283271
	=	0.8054

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 - (72.728 + 21.909) / 94.91)	/	(1 - (70.385 + 20.245) / 90.928)
	=	0.002876	/	0.003277
	=	0.8776

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
	=	53.373	/	49.118
	=	1.0866

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))
	=	(1.005 / (1.005 + 20.245))	/	(1.203 / (1.203 + 21.909))
	=	0.047294	/	0.052051
	=	0.9086

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)
	=	(3.64 / 53.373)	/	(4.002 / 49.118)
	=	0.068199	/	0.081477
	=	0.837

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)
	=	((0.109 + 7.368) / 94.91)	/	((0.202 + 7.417) / 90.928)
	=	0.07878	/	0.083792
	=	0.9402

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
	=	(5.264 - 0	-	5.804)	/	94.91
	=	-0.00569

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.

DPI Holdings Bhd has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.

DPI Holdings Bhd Beneish M-Score Related Terms

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DPI Holdings Bhd (XKLS:0205) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Chemicals » DPI Holdings Bhd (XKLS:0205) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

K69, Jalan Perindustrian 6, Kawasan Perindustrian Tanjung Agas, Kesang, Tangkak, JHR, MYS, 84000

Website

http://www.dpiaerosol.com

DPI Holdings Bhd is an investment holding company. The company's operating segment includes Aerosol products; Solvents and thinners and others. It generates maximum revenue from the Aerosol products segment. The aerosol products segment is involved in the business of development, manufacturing, and distribution of aerosol products. Solvents and thinners segment is involved in the business of trading solvents and thinners. Geographically, it derives a majority of revenue from Malaysia and also has an international presence.

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