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Smart Asia Chemical Bhd (XKLS:0306) Beneish M-Score : 0.00 (As of Apr. 08, 2025)


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What is Smart Asia Chemical 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.

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

During the past 5 years, the highest Beneish M-Score of Smart Asia Chemical Bhd was -1.85. The lowest was -2.19. And the median was -2.02.


Smart Asia Chemical Bhd Beneish M-Score Historical Data

The historical data trend for Smart Asia Chemical 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.

Smart Asia Chemical Bhd Beneish M-Score Chart

Smart Asia Chemical Bhd Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
- - -1.85 -2.19 -

Smart Asia Chemical Bhd Quarterly Data
Dec20 Dec21 Dec22 Dec23 Jun24 Sep24 Dec24
Beneish M-Score Get a 7-Day Free Trial -1.85 -2.19 - - -

Competitive Comparison of Smart Asia Chemical Bhd's Beneish M-Score

For the Specialty Chemicals subindustry, Smart Asia Chemical 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.


Smart Asia Chemical Bhd's Beneish M-Score Distribution in the Chemicals Industry

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

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


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Smart Asia Chemical 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 Smart Asia Chemical 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 * 1.0307+0.528 * 1.1378+0.404 * 22.7526+0.892 * 1.0275+0.115 * 0.7469
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.6441+4.679 * 0.038866-0.327 * 0.9369
=6.50

* 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 RM32.82 Mil.
Revenue was RM93.60 Mil.
Gross Profit was RM27.08 Mil.
Total Current Assets was RM72.31 Mil.
Total Assets was RM158.54 Mil.
Property, Plant and Equipment(Net PPE) was RM78.66 Mil.
Depreciation, Depletion and Amortization(DDA) was RM3.19 Mil.
Selling, General, & Admin. Expense(SGA) was RM22.10 Mil.
Total Current Liabilities was RM28.83 Mil.
Long-Term Debt & Capital Lease Obligation was RM15.16 Mil.
Net Income was RM6.66 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM0.50 Mil.
Total Receivables was RM30.99 Mil.
Revenue was RM91.09 Mil.
Gross Profit was RM29.98 Mil.
Total Current Assets was RM74.39 Mil.
Total Assets was RM147.73 Mil.
Property, Plant and Equipment(Net PPE) was RM73.03 Mil.
Depreciation, Depletion and Amortization(DDA) was RM2.19 Mil.
Selling, General, & Admin. Expense(SGA) was RM13.08 Mil.
Total Current Liabilities was RM29.74 Mil.
Long-Term Debt & Capital Lease Obligation was RM14.01 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)
=(32.817 / 93.598) / (30.986 / 91.091)
=0.350616 / 0.340165
=1.0307

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)
=(29.984 / 91.091) / (27.078 / 93.598)
=0.329165 / 0.289301
=1.1378

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 - (72.313 + 78.662) / 158.543) / (1 - (74.389 + 73.027) / 147.726)
=0.047735 / 0.002098
=22.7526

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
=93.598 / 91.091
=1.0275

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))
=(2.186 / (2.186 + 73.027)) / (3.185 / (3.185 + 78.662))
=0.029064 / 0.038914
=0.7469

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)
=(22.104 / 93.598) / (13.084 / 91.091)
=0.236159 / 0.143637
=1.6441

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)
=((15.157 + 28.83) / 158.543) / ((14.005 + 29.739) / 147.726)
=0.277445 / 0.296116
=0.9369

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
=(6.662 - 0 - 0.5) / 158.543
=0.038866

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.

Smart Asia Chemical Bhd has a M-score of 6.50 signals that the company is likely to be a manipulator.


Smart Asia Chemical Bhd Beneish M-Score Related Terms

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Smart Asia Chemical Bhd Business Description

Traded in Other Exchanges
N/A
Address
No. 11, Jalan Indah Gemilang 5, Taman Perindustrian Gemilang, Ulu Tiram, JHR, MYS, 81800
Smart Asia Chemical Bhd is an investment holding company. Through its subsidiaries, it is involved in the development, manufacturing, distribution and sale of decorative paints and protective coatings for household and industrial applications. Also involved in the development, manufacturing, distribution and sale of related products, namely colourants, and binding and coating chemicals; sale and trading of painting tools and accessories, aerosol spray paints and other related products to complement decorative paints and protective coatings offerings, ODM services of decorative paints, protective coatings as well as binding and coating chemicals for third party brand owners.

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