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Insas Bhd (XKLS:3379PA.PFD) Beneish M-Score : -2.53 (As of May. 14, 2024)


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What is Insas 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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:3379PA.PFD' s Beneish M-Score Range Over the Past 10 Years
Min: -2.7   Med: -2.09   Max: -1.03
Current: -2.53

During the past 13 years, the highest Beneish M-Score of Insas Bhd was -1.03. The lowest was -2.70. And the median was -2.09.


Insas Bhd Beneish M-Score Historical Data

The historical data trend for Insas 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.

Insas Bhd Beneish M-Score Chart

Insas Bhd Annual Data
Trend Jun14 Jun15 Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.99 -2.58 -2.09 -2.08 -2.26

Insas 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.08 -1.92 -2.26 -2.46 -2.53

Competitive Comparison of Insas Bhd's Beneish M-Score

For the Capital Markets subindustry, Insas 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.


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

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

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



Insas 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 Insas 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 * 1.2347+0.528 * 0.9343+0.404 * 1.0078+0.892 * 0.9366+0.115 * 0.998
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3289+4.679 * -0.014459-0.327 * 1.0339
=-2.49

* 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 RM584.29 Mil.
Revenue was 60.469 + 57.219 + 24.764 + 60.52 = RM202.97 Mil.
Gross Profit was 32.134 + 31.517 + 4.331 + 27.493 = RM95.48 Mil.
Total Current Assets was RM2,069.82 Mil.
Total Assets was RM3,115.08 Mil.
Property, Plant and Equipment(Net PPE) was RM103.55 Mil.
Depreciation, Depletion and Amortization(DDA) was RM2.33 Mil.
Selling, General, & Admin. Expense(SGA) was RM22.81 Mil.
Total Current Liabilities was RM395.89 Mil.
Long-Term Debt & Capital Lease Obligation was RM48.64 Mil.
Net Income was 23.924 + 19.773 + 33.34 + 25.051 = RM102.09 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was -5.244 + 45.849 + 79.154 + 27.37 = RM147.13 Mil.
Total Receivables was RM505.28 Mil.
Revenue was 64.206 + 67.345 + 40.542 + 44.628 = RM216.72 Mil.
Gross Profit was 25.33 + 28.221 + 15.095 + 26.594 = RM95.24 Mil.
Total Current Assets was RM1,842.47 Mil.
Total Assets was RM2,761.40 Mil.
Property, Plant and Equipment(Net PPE) was RM90.59 Mil.
Depreciation, Depletion and Amortization(DDA) was RM2.04 Mil.
Selling, General, & Admin. Expense(SGA) was RM18.33 Mil.
Total Current Liabilities was RM345.78 Mil.
Long-Term Debt & Capital Lease Obligation was RM35.36 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)
=(584.292 / 202.972) / (505.281 / 216.721)
=2.878683 / 2.331481
=1.2347

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)
=(95.24 / 216.721) / (95.475 / 202.972)
=0.439459 / 0.470385
=0.9343

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 - (2069.816 + 103.546) / 3115.075) / (1 - (1842.474 + 90.59) / 2761.404)
=0.302308 / 0.299971
=1.0078

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
=202.972 / 216.721
=0.9366

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))
=(2.037 / (2.037 + 90.59)) / (2.333 / (2.333 + 103.546))
=0.021991 / 0.022035
=0.998

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)
=(22.808 / 202.972) / (18.325 / 216.721)
=0.11237 / 0.084556
=1.3289

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)
=((48.641 + 395.894) / 3115.075) / ((35.357 + 345.778) / 2761.404)
=0.142704 / 0.138022
=1.0339

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
=(102.088 - 0 - 147.129) / 3115.075
=-0.014459

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.

Insas Bhd has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.


Insas Bhd Beneish M-Score Related Terms

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Insas Bhd (XKLS:3379PA.PFD) Business Description

Traded in Other Exchanges
Address
The Gardens South Tower, Suite 23.02, Level 23, Mid Valley City, Lingkaran Syed Putra, Kuala Lumpur, MYS, 59200
Insas Bhd is engaged in several business divisions, which include stockbroking, provisioning of corporate finance and advisory services and structured finance, investment holding and trading, Technology and IT-related services, manufacturing and distribution of consumer products and services, retail trading and car rental. It is also engaged in property investment and development. Geographically the company operates in Malaysia, Singapore and other countries, while it's Investment holding and trading segment earns the majority of revenue for the company.

Insas Bhd (XKLS:3379PA.PFD) Headlines

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