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Oppstar Bhd (XKLS:0275) Beneish M-Score : 0.79 (As of Apr. 08, 2025)


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What is Oppstar 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 0.79 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:0275' s Beneish M-Score Range Over the Past 10 Years
Min: 0.07   Med: 0.56   Max: 0.79
Current: 0.79

During the past 5 years, the highest Beneish M-Score of Oppstar Bhd was 0.79. The lowest was 0.07. And the median was 0.56.


Oppstar Bhd Beneish M-Score Historical Data

The historical data trend for Oppstar 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.

* Premium members only.

Oppstar Bhd Beneish M-Score Chart

Oppstar Bhd Annual Data
Trend Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
- - - - 0.56

Oppstar Bhd Quarterly Data
Mar20 Mar21 Mar22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.18 0.56 0.07 0.69 0.79

Competitive Comparison of Oppstar Bhd's Beneish M-Score

For the Semiconductors subindustry, Oppstar 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.


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

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

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


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Oppstar 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 Oppstar Bhd for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.8073+0.528 * 4.8709+0.404 * 4.1346+0.892 * 1.1753+0.115 * 1.0176
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8971+4.679 * -0.020913-0.327 * 0.8348
=0.79

* 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.

This Year (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was RM25.29 Mil.
Revenue was 22.502 + 21.715 + 13.462 + 12.078 = RM69.76 Mil.
Gross Profit was -1.468 + 0.429 + 4.016 + 4.492 = RM7.47 Mil.
Total Current Assets was RM139.48 Mil.
Total Assets was RM147.18 Mil.
Property, Plant and Equipment(Net PPE) was RM5.26 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.77 Mil.
Selling, General, & Admin. Expense(SGA) was RM11.32 Mil.
Total Current Liabilities was RM2.89 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.68 Mil.
Net Income was -5.386 + -1.733 + 2.104 + 1.56 = RM-3.46 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was -1.413 + 0.807 + -3.028 + 3.257 = RM-0.38 Mil.
Total Receivables was RM26.66 Mil.
Revenue was 15.16 + 14.028 + 15.681 + 14.483 = RM59.35 Mil.
Gross Profit was 6.903 + 6.806 + 8.708 + 8.537 = RM30.95 Mil.
Total Current Assets was RM148.69 Mil.
Total Assets was RM151.99 Mil.
Property, Plant and Equipment(Net PPE) was RM2.69 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.93 Mil.
Selling, General, & Admin. Expense(SGA) was RM10.74 Mil.
Total Current Liabilities was RM4.10 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.32 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)
=(25.293 / 69.757) / (26.656 / 59.352)
=0.362587 / 0.449117
=0.8073

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)
=(30.954 / 59.352) / (7.469 / 69.757)
=0.521533 / 0.107072
=4.8709

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 - (139.483 + 5.255) / 147.18) / (1 - (148.69 + 2.693) / 151.993)
=0.016592 / 0.004013
=4.1346

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
=69.757 / 59.352
=1.1753

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))
=(0.927 / (0.927 + 2.693)) / (1.767 / (1.767 + 5.255))
=0.256077 / 0.251638
=1.0176

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)
=(11.32 / 69.757) / (10.736 / 59.352)
=0.162278 / 0.180887
=0.8971

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)
=((0.677 + 2.891) / 147.18) / ((0.319 + 4.095) / 151.993)
=0.024242 / 0.029041
=0.8348

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
=(-3.455 - 0 - -0.377) / 147.18
=-0.020913

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.

Oppstar Bhd has a M-score of 0.79 signals that the company is likely to be a manipulator.


Oppstar Bhd Beneish M-Score Related Terms

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Oppstar Bhd Business Description

Traded in Other Exchanges
N/A
Address
Sains USM 10, Persiaran Bukit Jambul, Level 6, I2U Building, Bayan Lepas, PNG, MYS, 11900
Oppstar Bhd is an investment holding company. Through its subsidiaries, it is principally involved in the provision of IC design services covering front-end design, back-end design, and complete turnkey solutions. The company also provides other related services such as post-silicon validation services, software and engineering solutions, research and development on engineering and technology, provision of sales and marketing services, technical support, and other related services. It operates in the following business segments; Turnkey Design Services which generates maximum revenue, Specific Design Services, and Other services. Geographically, the company generates a majority of its revenue from Northeast Asia and the rest from Southeast Asia.

Oppstar Bhd Headlines

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