Pekat Group Bhd (XKLS:0233) Beneish M-Score : -2.32 (As of Jun. 25, 2024)

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What is Pekat 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.

Good Sign:

Beneish M-Score -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0233' s Beneish M-Score Range Over the Past 10 Years
Min: -2.76 Med: -2.39 Max: -0.47
Current: -2.32

During the past 7 years, the highest Beneish M-Score of Pekat Group Bhd was -0.47. The lowest was -2.76. And the median was -2.39.

Pekat Group Bhd Beneish M-Score Historical Data

The historical data trend for Pekat 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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Pekat Group Bhd Beneish M-Score Chart

Pekat Group Bhd Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.34

-2.66

Pekat Group Bhd Quarterly Data
	Dec17	Dec18	Dec19	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial												-2.58	-2.76	-2.46	-2.66	-2.32

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

For the Solar subindustry, Pekat 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.

Pekat Group Bhd's Beneish M-Score Distribution in the Semiconductors Industry

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

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

Pekat 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 Pekat 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 * 0.8377

0.528 * 1.0254

0.404 * 1.0299

0.892 * 1.3197

0.115 * 0.9587

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9238

4.679 * -0.006122

0.327 * 0.9367

-2.32

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was RM87.0 Mil.
Revenue was 57.633 + 58.292 + 62.898 + 59.453 = RM238.3 Mil.
Gross Profit was 14.803 + 14.4 + 14.15 + 12.924 = RM56.3 Mil.
Total Current Assets was RM148.5 Mil.
Total Assets was RM184.6 Mil.
Property, Plant and Equipment(Net PPE) was RM23.4 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.9 Mil.
Selling, General, & Admin. Expense(SGA) was RM36.8 Mil.
Total Current Liabilities was RM41.2 Mil.
Long-Term Debt & Capital Lease Obligation was RM2.6 Mil.
Net Income was 3.784 + 3.524 + 3.561 + 3.477 = RM14.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 2.581 + 5.532 + 4.586 + 2.777 = RM15.5 Mil.

Total Receivables was RM78.7 Mil.
Revenue was 46.817 + 45.03 + 46.489 + 42.216 = RM180.6 Mil.
Gross Profit was 12.043 + 11.492 + 11.303 + 8.889 = RM43.7 Mil.
Total Current Assets was RM142.7 Mil.
Total Assets was RM178.0 Mil.
Property, Plant and Equipment(Net PPE) was RM23.3 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.8 Mil.
Selling, General, & Admin. Expense(SGA) was RM30.2 Mil.
Total Current Liabilities was RM41.4 Mil.
Long-Term Debt & Capital Lease Obligation was RM3.6 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)
	=	(87.008 / 238.276)	/	(78.702 / 180.552)
	=	0.365156	/	0.435897
	=	0.8377

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)
	=	(43.727 / 180.552)	/	(56.277 / 238.276)
	=	0.242185	/	0.236184
	=	1.0254

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 - (148.455 + 23.394) / 184.572)	/	(1 - (142.7 + 23.349) / 177.96)
	=	0.068932	/	0.066931
	=	1.0299

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
	=	238.276	/	180.552
	=	1.3197

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))
	=	(1.812 / (1.812 + 23.349))	/	(1.9 / (1.9 + 23.394))
	=	0.072016	/	0.075117
	=	0.9587

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)
	=	(36.802 / 238.276)	/	(30.188 / 180.552)
	=	0.154451	/	0.167198
	=	0.9238

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)
	=	((2.551 + 41.163) / 184.572)	/	((3.617 + 41.379) / 177.96)
	=	0.23684	/	0.252843
	=	0.9367

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
	=	(14.346 - 0	-	15.476)	/	184.572
	=	-0.006122

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.

Pekat Group Bhd has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.

Pekat Group Bhd Beneish M-Score Related Terms

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Pekat Group Bhd (XKLS:0233) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Semiconductors » Pekat Group Bhd (XKLS:0233) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No.6, Jalan Teknologi 3/4, No.3A, 5&6, Teknologi Kubik, Taman Sains Selangor 1, kota Damansara, Selangor Darul Ehsan, Petaling Jaya, SGR, MYS, 47810

Website

https://www.pekat.com.my

Pekat Group Bhd is engaged in investment holding activities. The Group's operating segments are as follows: Segment I : Design, supply and installation of on-grid and off-grid solar photovoltaic systems and power plants which also includes the entire scope of work up to delivering of system or plant to customers and operations. Segment II : Supply and installation of earthing and lightning protection systems for buildings, facilities and structures to protect people, property and equipment. Segment III : Distribution of electrical products and accessories which includes sales and marketing of Pekat own brand and other third party brands electrical products and accessories for earthing and lightning related products.

Pekat Group Bhd (XKLS:0233) Headlines

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