Lim Seong Hai Capital Bhd (XKLS:0351) Beneish M-Score : -2.12 (As of Mar. 26, 2025)

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What is Lim Seong Hai Capital 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 -2.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0351' s Beneish M-Score Range Over the Past 10 Years
Min: -2.12 Med: 6.34 Max: 14.8
Current: -2.12

During the past 6 years, the highest Beneish M-Score of Lim Seong Hai Capital Bhd was 14.80. The lowest was -2.12. And the median was 6.34.

Lim Seong Hai Capital Bhd Beneish M-Score Historical Data

The historical data trend for Lim Seong Hai Capital 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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Lim Seong Hai Capital Bhd Beneish M-Score Chart

Lim Seong Hai Capital Bhd Annual Data

Trend

Sep19

Sep20

Sep21

Sep22

Sep23

Sep24

Beneish M-Score

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14.80

-2.12

Lim Seong Hai Capital Bhd Semi-Annual Data
	Sep19	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24
Beneish M-Score	Get a 7-Day Free Trial					-	-	14.80	-	-2.12

Competitive Comparison of Lim Seong Hai Capital Bhd's Beneish M-Score

For the Specialty Retail subindustry, Lim Seong Hai Capital 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.

Lim Seong Hai Capital Bhd's Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Lim Seong Hai Capital Bhd's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Lim Seong Hai Capital Bhd's Beneish M-Score falls into.

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Lim Seong Hai Capital 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 Lim Seong Hai Capital 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 * 1.975

0.528 * 0.6131

0.404 * 0.9185

0.892 * 0.619

0.115 * 0.9342

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.7346

4.679 * 0.031193

0.327 * 0.9055

-2.12

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was RM231.5 Mil.
Revenue was RM146.3 Mil.
Gross Profit was RM66.2 Mil.
Total Current Assets was RM452.0 Mil.
Total Assets was RM641.9 Mil.
Property, Plant and Equipment(Net PPE) was RM33.5 Mil.
Depreciation, Depletion and Amortization(DDA) was RM6.1 Mil.
Selling, General, & Admin. Expense(SGA) was RM12.2 Mil.
Total Current Liabilities was RM154.3 Mil.
Long-Term Debt & Capital Lease Obligation was RM10.3 Mil.
Net Income was RM43.2 Mil.
Gross Profit was RM0.0 Mil.
Cash Flow from Operations was RM23.2 Mil.

Total Receivables was RM189.4 Mil.
Revenue was RM236.3 Mil.
Gross Profit was RM65.6 Mil.
Total Current Assets was RM399.6 Mil.
Total Assets was RM589.7 Mil.
Property, Plant and Equipment(Net PPE) was RM33.7 Mil.
Depreciation, Depletion and Amortization(DDA) was RM5.7 Mil.
Selling, General, & Admin. Expense(SGA) was RM11.3 Mil.
Total Current Liabilities was RM157.0 Mil.
Long-Term Debt & Capital Lease Obligation was RM10.0 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)
	=	(231.497 / 146.309)	/	(189.351 / 236.349)
	=	1.582247	/	0.80115
	=	1.975

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)
	=	(65.597 / 236.349)	/	(66.229 / 146.309)
	=	0.277543	/	0.452665
	=	0.6131

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 - (451.969 + 33.527) / 641.883)	/	(1 - (399.595 + 33.66) / 589.674)
	=	0.243638	/	0.265264
	=	0.9185

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
	=	146.309	/	236.349
	=	0.619

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))
	=	(5.691 / (5.691 + 33.66))	/	(6.141 / (6.141 + 33.527))
	=	0.144621	/	0.15481
	=	0.9342

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)
	=	(12.185 / 146.309)	/	(11.348 / 236.349)
	=	0.083283	/	0.048014
	=	1.7346

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)
	=	((10.346 + 154.311) / 641.883)	/	((10.023 + 157.035) / 589.674)
	=	0.256522	/	0.283306
	=	0.9055

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
	=	(43.238 - 0	-	23.216)	/	641.883
	=	0.031193

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.

Lim Seong Hai Capital Bhd has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.

Lim Seong Hai Capital Bhd Beneish M-Score Related Terms

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Lim Seong Hai Capital Bhd Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » Lim Seong Hai Capital Bhd (XKLS:0351) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

33 Jalan Gombak, Wisma Lim Seong Hai, Kuala Lumpur, MYS, 53000

Website

https://www.limseonghai.com

Lim Seong Hai Capital Bhd is an investment holding company. Along with its subsidiaries, the company is engaged in the following reportable segments; distribution and retail of building materials, lighting products, and related mechanical and electrical products and services; wholesale and retail of hardware and tools, and rental of machinery; investment holding; business of construction; provision of construction and business-related services and solutions; and property development. Maximum revenue for the company is generated from its construction business segment, engaging in construction and engineering works, providing construction-related services and solutions, as well as supplying construction products.

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