Critical Holdings Bhd (XKLS:0291) Beneish M-Score : -1.39 (As of Apr. 10, 2025)

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What is Critical 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.

Warning Sign:

Beneish M-Score -1.39 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:0291' s Beneish M-Score Range Over the Past 10 Years
Min: -1.39 Med: -1.39 Max: -1.39
Current: -1.39

During the past 5 years, the highest Beneish M-Score of Critical Holdings Bhd was -1.39. The lowest was -1.39. And the median was -1.39.

Critical Holdings Bhd Beneish M-Score Historical Data

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

Critical Holdings Bhd Annual Data

Trend

Jun20

Jun21

Jun22

Jun23

Jun24

Beneish M-Score

Critical Holdings Bhd Quarterly Data
	Jun20	Jun21	Jun22	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial					-	-	-	-	-1.39

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

For the Engineering & Construction subindustry, Critical 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.

Critical Holdings Bhd's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Critical Holdings Bhd's Beneish M-Score distribution charts can be found below:

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

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Critical 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 Critical 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 * 0.4859

0.528 * 1.0237

0.404 * 0.8679

0.892 * 2.4885

0.115 * 0.5767

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7754

4.679 * 0.055815

0.327 * 0.9248

-1.39

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was RM82.8 Mil.
Revenue was 65.608 + 55.481 + 91.289 + 65.378 = RM277.8 Mil.
Gross Profit was 11.254 + 7.675 + 21.973 + 7.399 = RM48.3 Mil.
Total Current Assets was RM141.1 Mil.
Total Assets was RM147.1 Mil.
Property, Plant and Equipment(Net PPE) was RM2.6 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.9 Mil.
Selling, General, & Admin. Expense(SGA) was RM12.7 Mil.
Total Current Liabilities was RM72.8 Mil.
Long-Term Debt & Capital Lease Obligation was RM3.6 Mil.
Net Income was 5.993 + 3.546 + 7.047 + 2.779 = RM19.4 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was -3.412 + 10.359 + 0.658 + 3.552 = RM11.2 Mil.

Total Receivables was RM68.4 Mil.
Revenue was 61.942 + 49.676 + 0 + 0 = RM111.6 Mil.
Gross Profit was 10.451 + 9.419 + 0 + 0 = RM19.9 Mil.
Total Current Assets was RM122.9 Mil.
Total Assets was RM128.1 Mil.
Property, Plant and Equipment(Net PPE) was RM1.8 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.3 Mil.
Selling, General, & Admin. Expense(SGA) was RM6.6 Mil.
Total Current Liabilities was RM69.0 Mil.
Long-Term Debt & Capital Lease Obligation was RM2.9 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)
	=	(82.755 / 277.756)	/	(68.438 / 111.618)
	=	0.297941	/	0.613145
	=	0.4859

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)
	=	(19.87 / 111.618)	/	(48.301 / 277.756)
	=	0.178018	/	0.173897
	=	1.0237

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 - (141.106 + 2.599) / 147.057)	/	(1 - (122.913 + 1.817) / 128.094)
	=	0.022794	/	0.026262
	=	0.8679

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
	=	277.756	/	111.618
	=	2.4885

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))
	=	(0.31 / (0.31 + 1.817))	/	(0.879 / (0.879 + 2.599))
	=	0.145745	/	0.252731
	=	0.5767

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)
	=	(12.659 / 277.756)	/	(6.561 / 111.618)
	=	0.045576	/	0.058781
	=	0.7754

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)
	=	((3.563 + 72.76) / 147.057)	/	((2.888 + 68.997) / 128.094)
	=	0.519003	/	0.561189
	=	0.9248

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
	=	(19.365 - 0	-	11.157)	/	147.057
	=	0.055815

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.

Critical Holdings Bhd has a M-score of -1.39 signals that the company is likely to be a manipulator.

Critical Holdings Bhd Beneish M-Score Related Terms

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Critical Holdings Bhd Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Critical Holdings Bhd (XKLS:0291) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

1-2-2 and 1-2-3 Jalan Sungai Tiram 8, No. 1-2-1, Summerskye Square, Bayan Lepas, George Town, PNG, MYS, 11900

Website

https://www.critical-eng.com

Critical Holdings Bhd is a mechanical, electrical, and process utilities (MEP) design and engineering solutions provider for data centers, plantroom, and cleanroom & process utilities that support critical facilities like laboratories, hospitals, healthcare facilities, data centers, and selected government buildings. The company's reportable segments are; MEP engineering solutions; and MEP maintenance and services. The majority of its revenue is derived from the MEP Engineering Solutions segment which is involved in the design, build, and project management, of MEP systems for newly constructed critical facilities. Geographically, the company derives its key revenue from Malaysia and the rest from Singapore and Thailand.

Critical Holdings Bhd Headlines

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