Steel Hawk Bhd (XKLS:0320) Beneish M-Score : 0.00 (As of Mar. 02, 2025)

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What is Steel Hawk 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 Steel Hawk Bhd's Beneish M-Score or its related term are showing as below:

During the past 6 years, the highest Beneish M-Score of Steel Hawk Bhd was 0.00. The lowest was 0.00. And the median was 0.00.

Steel Hawk Bhd Beneish M-Score Historical Data

The historical data trend for Steel Hawk 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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Steel Hawk Bhd Beneish M-Score Chart

Steel Hawk Bhd Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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Steel Hawk Bhd Quarterly Data
	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Sep23	Dec23	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial								-	-	-	-	-

Competitive Comparison of Steel Hawk Bhd's Beneish M-Score

For the Oil & Gas Midstream subindustry, Steel Hawk 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.

Steel Hawk Bhd's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Steel Hawk Bhd's Beneish M-Score distribution charts can be found below:

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

Steel Hawk 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 Steel Hawk 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec24) TTM:

Last Year (Sep23) TTM:

Total Receivables was RM58.64 Mil.
Revenue was 18.402 + 20.992 + 19.294 + 21.939 = RM80.63 Mil.
Gross Profit was 6.781 + 8.913 + 8.313 + 7.003 = RM31.01 Mil.
Total Current Assets was RM69.94 Mil.
Total Assets was RM83.59 Mil.
Property, Plant and Equipment(Net PPE) was RM13.65 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.17 Mil.
Selling, General, & Admin. Expense(SGA) was RM12.97 Mil.
Total Current Liabilities was RM33.86 Mil.
Long-Term Debt & Capital Lease Obligation was RM2.80 Mil.
Net Income was 3.572 + 2.845 + 3 + 1.545 = RM10.96 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was -0.819 + -15.004 + 0.298 + 16.582 = RM1.06 Mil.

Total Receivables was RM0.00 Mil.
Revenue was 18.423 + 18.732 + 40.945 + 25.381 = RM103.48 Mil.
Gross Profit was 5.086 + 5.333 + 8.767 + 7.263 = RM26.45 Mil.
Total Current Assets was RM0.00 Mil.
Total Assets was RM0.00 Mil.
Property, Plant and Equipment(Net PPE) was RM0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.35 Mil.
Selling, General, & Admin. Expense(SGA) was RM10.93 Mil.
Total Current Liabilities was RM0.00 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.00 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)
	=	(58.635 / 80.627)	/	(0 / 103.481)
	=	0.727238	/	0
	=

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)
	=	(26.449 / 103.481)	/	(31.01 / 80.627)
	=	0.255593	/	0.384611
	=

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 - (69.94 + 13.648) / 83.588)	/	(1 - (0 + 0) / 0)
	=	0	/
	=

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
	=	80.627	/	103.481
	=

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))
	=	(1.35 / (1.35 + 0))	/	(1.166 / (1.166 + 13.648))
	=	1	/	0.078709
	=

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)
	=	(12.967 / 80.627)	/	(10.926 / 103.481)
	=	0.160827	/	0.105585
	=

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)
	=	((2.8 + 33.86) / 83.588)	/	((0 + 0) / 0)
	=	0.43858	/
	=

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
	=	(10.962 - 0	-	1.057)	/	83.588
	=	0.118498

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.

Steel Hawk Bhd Beneish M-Score Related Terms

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Steel Hawk Bhd Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Steel Hawk Bhd (XKLS:0320) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan PJU 1/37, Block H, 23-2 & 25-2, Dataran Prima, Petaling Jaya, SGR, MYS, 47301

Website

https://www.steelhawk.com.my

Steel Hawk Bhd is engaged in providing technical and engineering support services in the Oil and Gas Industry in Malaysia. It specializes in the installation, repair, refurbishment and replacement, and supply of oilfield equipment such as pig trap systems, fire-rated doors, or oil spill recovery equipment in topside oil and gas facilities. The company is also involved in providing engineering, procurement, construction, and commissioning (EPCC) services for chemical injection skids and maintenance of topside oil and gas facilities. Its reportable segments are; the I&M of oilfield equipment; Supply of oilfield equipment; and EPCC services and facilities improvement and maintenance, which generates maximum revenue. Geographically, it derives key revenue from its customers within Malaysia.

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