Bursa Malaysia Bhd (XKLS:1818) Beneish M-Score : -2.08 (As of Apr. 28, 2024)

View and export this data going back to 2005. Start your Free Trial

What is Bursa Malaysia 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 -2.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:1818' s Beneish M-Score Range Over the Past 10 Years
Min: -3.17 Med: -2.43 Max: -2.06
Current: -2.08

During the past 13 years, the highest Beneish M-Score of Bursa Malaysia Bhd was -2.06. The lowest was -3.17. And the median was -2.43.

Bursa Malaysia Bhd Beneish M-Score Historical Data

The historical data trend for Bursa Malaysia 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.

Bursa Malaysia Bhd Beneish M-Score Chart

Bursa Malaysia Bhd Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.44

-2.06

-3.17

-2.45

-2.08

Bursa Malaysia Bhd Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.45	-2.47	-2.27	-2.26	-2.08

Competitive Comparison of Bursa Malaysia Bhd's Beneish M-Score

For the Financial Data & Stock Exchanges subindustry, Bursa Malaysia 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.

Bursa Malaysia Bhd's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Bursa Malaysia Bhd's Beneish M-Score distribution charts can be found below:

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

Bursa Malaysia 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 Bursa Malaysia 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 * 1.1173

0.528 * 1.0366

0.404 * 1.4943

0.892 * 1.0128

0.115 * 0.8198

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0403

4.679 * 0.012461

0.327 * 0.9173

-2.08

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was RM65.2 Mil.
Revenue was 151.155 + 152.09 + 138.827 + 150.735 = RM592.8 Mil.
Gross Profit was 155.403 + 101.386 + 86.061 + 101.551 = RM444.4 Mil.
Total Current Assets was RM2,899.8 Mil.
Total Assets was RM3,282.0 Mil.
Property, Plant and Equipment(Net PPE) was RM197.5 Mil.
Depreciation, Depletion and Amortization(DDA) was RM33.3 Mil.
Selling, General, & Admin. Expense(SGA) was RM36.9 Mil.
Total Current Liabilities was RM2,434.5 Mil.
Long-Term Debt & Capital Lease Obligation was RM7.4 Mil.
Net Income was 59.554 + 60.405 + 76.247 + 56.173 = RM252.4 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 50.885 + 57.038 + 51.036 + 52.524 = RM211.5 Mil.

Total Receivables was RM57.6 Mil.
Revenue was 140.128 + 135.736 + 148.383 + 161.042 = RM585.3 Mil.
Gross Profit was 150.329 + 87.374 + 102.584 + 114.53 = RM454.8 Mil.
Total Current Assets was RM3,883.9 Mil.
Total Assets was RM4,244.5 Mil.
Property, Plant and Equipment(Net PPE) was RM200.7 Mil.
Depreciation, Depletion and Amortization(DDA) was RM26.9 Mil.
Selling, General, & Admin. Expense(SGA) was RM35.0 Mil.
Total Current Liabilities was RM3,435.5 Mil.
Long-Term Debt & Capital Lease Obligation was RM7.4 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)
	=	(65.174 / 592.807)	/	(57.594 / 585.289)
	=	0.109941	/	0.098403
	=	1.1173

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)
	=	(454.817 / 585.289)	/	(444.401 / 592.807)
	=	0.777081	/	0.749655
	=	1.0366

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 - (2899.776 + 197.505) / 3281.986)	/	(1 - (3883.907 + 200.719) / 4244.483)
	=	0.056278	/	0.037662
	=	1.4943

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
	=	592.807	/	585.289
	=	1.0128

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))
	=	(26.917 / (26.917 + 200.719))	/	(33.288 / (33.288 + 197.505))
	=	0.118246	/	0.144233
	=	0.8198

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)
	=	(36.879 / 592.807)	/	(35 / 585.289)
	=	0.062211	/	0.0598
	=	1.0403

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)
	=	((7.44 + 2434.51) / 3281.986)	/	((7.446 + 3435.538) / 4244.483)
	=	0.744046	/	0.811167
	=	0.9173

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
	=	(252.379 - 0	-	211.483)	/	3281.986
	=	0.012461

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.

Bursa Malaysia Bhd has a M-score of -2.08 suggests that the company is unlikely to be a manipulator.

Bursa Malaysia Bhd Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Bursa Malaysia Bhd's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Bursa Malaysia Bhd (XKLS:1818) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Capital Markets » Bursa Malaysia Bhd (XKLS:1818) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

15th Floor, Exchange Square, Bukit Kewangan, Kuala Lumpur, MYS, 50200

Website

https://www.bursamalaysia.com

Bursa Malaysia Bhd operates a fully integrated exchange that offers a comprehensive range of products, mostly to the Association of Southeast Asian Nations. These include equities, derivatives, offshore, and Islamic products. The company also provides exchange-related services, including trading, clearing, and settling, as well as depository services. It is home to hundreds of companies listed either on the main market or the ACE market, depending on size. The company's strategy emphasizes facilitating a more conducive trading environment, the availability of tradeable alternatives, and developing a regional marketplace with global access through collaborations and alliances, among other initiatives. Its primary source of revenue is securities trading, followed by derivatives trading.

Bursa Malaysia Bhd (XKLS:1818) Headlines

No Headlines