Mega First Bhd (XKLS:3069) Beneish M-Score : -2.43 (As of Apr. 08, 2025)

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What is Mega First 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 -2.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:3069' s Beneish M-Score Range Over the Past 10 Years
Min: -2.7 Med: -2.39 Max: -0.44
Current: -2.43

During the past 13 years, the highest Beneish M-Score of Mega First Bhd was -0.44. The lowest was -2.70. And the median was -2.39.

Mega First Bhd Beneish M-Score Historical Data

The historical data trend for Mega First 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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Mega First Bhd Beneish M-Score Chart

Mega First Bhd Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-0.44

-2.26

-2.35

-2.70

-2.43

Mega First Bhd Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.70	-2.46	-2.81	-2.95	-2.43

Competitive Comparison of Mega First Bhd's Beneish M-Score

For the Utilities - Regulated Electric subindustry, Mega First 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.

Mega First Bhd's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Mega First Bhd's Beneish M-Score distribution charts can be found below:

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

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Mega First 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 Mega First 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 * 0.6678

0.528 * 1.146

0.404 * 1.0982

0.892 * 1.322

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9831

4.679 * -0.00279

0.327 * 1.1135

-2.43

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was RM392 Mil.
Revenue was 724.445 + 372.005 + 331.95 + 313.479 = RM1,742 Mil.
Gross Profit was 194.443 + 174.143 + 153.103 + 135.092 = RM657 Mil.
Total Current Assets was RM847 Mil.
Total Assets was RM5,122 Mil.
Property, Plant and Equipment(Net PPE) was RM893 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM81 Mil.
Total Current Liabilities was RM835 Mil.
Long-Term Debt & Capital Lease Obligation was RM539 Mil.
Net Income was 141.715 + 116.644 + 105.355 + 95.464 = RM459 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 14.482 + 159.579 + 193.253 + 106.156 = RM473 Mil.

Total Receivables was RM444 Mil.
Revenue was 324.249 + 320.38 + 325.653 + 347.353 = RM1,318 Mil.
Gross Profit was 156.255 + 154.872 + 137.094 + 121.133 = RM569 Mil.
Total Current Assets was RM1,150 Mil.
Total Assets was RM4,508 Mil.
Property, Plant and Equipment(Net PPE) was RM648 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM62 Mil.
Total Current Liabilities was RM610 Mil.
Long-Term Debt & Capital Lease Obligation was RM476 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)
	=	(391.78 / 1741.879)	/	(443.78 / 1317.635)
	=	0.224918	/	0.3368
	=	0.6678

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)
	=	(569.354 / 1317.635)	/	(656.781 / 1741.879)
	=	0.432103	/	0.377053
	=	1.146

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 - (847.168 + 893.34) / 5122.226)	/	(1 - (1149.922 + 648.257) / 4508.411)
	=	0.660205	/	0.60115
	=	1.0982

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
	=	1741.879	/	1317.635
	=	1.322

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 / (0 + 648.257))	/	(0 / (0 + 893.34))
	=	0	/	0
	=	1

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)
	=	(80.718 / 1741.879)	/	(62.111 / 1317.635)
	=	0.04634	/	0.047138
	=	0.9831

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)
	=	((539.359 + 834.704) / 5122.226)	/	((476.071 + 610.021) / 4508.411)
	=	0.268255	/	0.240904
	=	1.1135

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
	=	(459.178 - 0	-	473.47)	/	5122.226
	=	-0.00279

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.

Mega First Bhd has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.

Mega First Bhd Beneish M-Score Related Terms

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Mega First Bhd Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » Mega First Corp Bhd (XKLS:3069) » Definitions » Beneish M-Score

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Address

23 Jalan Barat, A-12-01, Level 12, Block A, PJ8, Seksyen 8, Petaling Jaya, SGR, MYS, 46050

Website

http://www.mega-first.com

Mega First Corp Bhd is an investment holding company. The group is organized into three main business segments as follows - Renewable Energy, Resources, and Packaging. The Renewable Energy segment builds, owns, and operates power plants. The Resources segment is engaged in the quarrying of limestone manufacturing and trading of lime products, calcium carbonate powder, and bricks. The Packaging segment is engaged in the Manufacturing and distribution of packaging and label products. The majority of its revenue is derived from the Renewable Energy segment. Geographically, the majority is from the Lao PDR and Malaysia.

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