IJM Bhd Beneish M-Score Historical Data
The historical data trend for IJM 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.
IJM Bhd Beneish M-Score Chart
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IJM Bhd Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.28 |
-2.64 |
-2.81 |
-2.51 |
-2.87 |
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IJM Bhd Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.75 |
-2.87 |
-2.75 |
-2.58 |
-2.62 |
Competitive Comparison of IJM Bhd's Beneish M-Score
For the Conglomerates subindustry, IJM 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.
IJM Bhd's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, IJM Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IJM Bhd's Beneish M-Score falls into.
IJM 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 IJM 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 * 1.0421 | + | 0.528 * 0.8611 | + | 0.404 * 0.9277 | + | 0.892 * 1.2251 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1055 | + | 4.679 * -0.04969 | - | 0.327 * 1.0856 |
| = | -2.62 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was RM2,298 Mil.
Revenue was 1475.382 + 1458.357 + 1225.826 + 1326.785 = RM5,486 Mil.
Gross Profit was 374.653 + 416.137 + 279.085 + 405.641 = RM1,476 Mil.
Total Current Assets was RM12,853 Mil.
Total Assets was RM21,300 Mil.
Property, Plant and Equipment(Net PPE) was RM1,307 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM461 Mil.
Total Current Liabilities was RM5,749 Mil.
Long-Term Debt & Capital Lease Obligation was RM3,489 Mil.
Net Income was 112.166 + 105.476 + 112.199 + 34.531 = RM364 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 641.992 + 325.177 + 46.884 + 408.717 = RM1,423 Mil.
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Total Receivables was RM1,800 Mil.
Revenue was 1101.066 + 1071.904 + 1072.73 + 1232.53 = RM4,478 Mil.
Gross Profit was 282.531 + 256.941 + 234.832 + 262.833 = RM1,037 Mil.
Total Current Assets was RM11,908 Mil.
Total Assets was RM20,567 Mil.
Property, Plant and Equipment(Net PPE) was RM1,228 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM341 Mil.
Total Current Liabilities was RM4,466 Mil.
Long-Term Debt & Capital Lease Obligation was RM3,751 Mil.
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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) |
| = | (2297.946 / 5486.35) | / | (1799.996 / 4478.23) |
| = | 0.418848 | / | 0.401944 |
| | = | 1.0421 |
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) |
| = | (1037.137 / 4478.23) | / | (1475.516 / 5486.35) |
| = | 0.231595 | / | 0.268943 |
| | = | 0.8611 |
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 - (12852.652 + 1307.166) / 21299.857) | / | (1 - (11907.785 + 1227.95) / 20567.082) |
| = | 0.335215 | / | 0.361322 |
| | = | 0.9277 |
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 |
| = | 5486.35 | / | 4478.23 |
| | = | 1.2251 |
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 + 1227.95)) | / | (0 / (0 + 1307.166)) |
| = | 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) |
| = | (461.208 / 5486.35) | / | (340.541 / 4478.23) |
| = | 0.084065 | / | 0.076044 |
| | = | 1.1055 |
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) |
| = | ((3489.285 + 5748.918) / 21299.857) | / | ((3750.588 + 4466.083) / 20567.082) |
| = | 0.433721 | / | 0.399506 |
| | = | 1.0856 |
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 |
| = | (364.372 - 0 | - | 1422.77) | / | 21299.857 |
| | = | -0.04969 |
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.
IJM Bhd has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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