WCE Holdings Bhd (XKLS:3565PA.PFD) Beneish M-Score : -3.61 (As of Dec. 12, 2024)

View and export this data going back to 2019. Start your Free Trial

What is WCE Holdings 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 -3.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:3565PA.PFD' s Beneish M-Score Range Over the Past 10 Years
Min: -15.19 Med: -2.38 Max: 38.49
Current: -3.61

During the past 13 years, the highest Beneish M-Score of WCE Holdings Bhd was 38.49. The lowest was -15.19. And the median was -2.38.

WCE Holdings Bhd Beneish M-Score Historical Data

The historical data trend for WCE Holdings 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.

WCE Holdings Bhd Beneish M-Score Chart

WCE Holdings Bhd Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

Get a 7-Day Free Trial

-3.46

-3.84

-4.48

37.83

-2.42

WCE Holdings Bhd Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-0.88	-2.99	-2.42	-15.19	-3.61

Competitive Comparison of WCE Holdings Bhd's Beneish M-Score

For the Engineering & Construction subindustry, WCE Holdings 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.

WCE Holdings Bhd's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, WCE Holdings Bhd's Beneish M-Score distribution charts can be found below:

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

WCE Holdings 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 WCE Holdings 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 * 0.6041

0.528 * 0.0597

0.404 * 1.0503

0.892 * 0.7888

0.115 * 0.9481

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.5505

4.679 * -0.016502

0.327 * 1.012

-3.69

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was RM65.35 Mil.
Revenue was 151.162 + 75.57 + 90.5 + 177.672 = RM494.90 Mil.
Gross Profit was 33.644 + 13.835 + -28.177 + 7.376 = RM26.68 Mil.
Total Current Assets was RM344.14 Mil.
Total Assets was RM7,536.62 Mil.
Property, Plant and Equipment(Net PPE) was RM5.17 Mil.
Depreciation, Depletion and Amortization(DDA) was RM15.10 Mil.
Selling, General, & Admin. Expense(SGA) was RM9.09 Mil.
Total Current Liabilities was RM401.36 Mil.
Long-Term Debt & Capital Lease Obligation was RM4,368.04 Mil.
Net Income was -10.584 + -25.858 + -60.759 + -22.394 = RM-119.60 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 52.09 + -57.863 + 54.779 + -44.23 = RM4.78 Mil.

Total Receivables was RM137.15 Mil.
Revenue was 230.507 + 116.042 + 131.064 + 149.836 = RM627.45 Mil.
Gross Profit was 7.912 + 4.69 + -25.764 + 15.18 = RM2.02 Mil.
Total Current Assets was RM671.55 Mil.
Total Assets was RM7,336.27 Mil.
Property, Plant and Equipment(Net PPE) was RM3.62 Mil.
Depreciation, Depletion and Amortization(DDA) was RM8.71 Mil.
Selling, General, & Admin. Expense(SGA) was RM7.43 Mil.
Total Current Liabilities was RM346.43 Mil.
Long-Term Debt & Capital Lease Obligation was RM4,240.92 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)
	=	(65.35 / 494.904)	/	(137.152 / 627.449)
	=	0.132046	/	0.218587
	=	0.6041

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)
	=	(2.018 / 627.449)	/	(26.678 / 494.904)
	=	0.003216	/	0.053905
	=	0.0597

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 - (344.137 + 5.17) / 7536.619)	/	(1 - (671.546 + 3.623) / 7336.274)
	=	0.953652	/	0.907968
	=	1.0503

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
	=	494.904	/	627.449
	=	0.7888

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))
	=	(8.71 / (8.71 + 3.623))	/	(15.099 / (15.099 + 5.17))
	=	0.706235	/	0.744931
	=	0.9481

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)
	=	(9.088 / 494.904)	/	(7.431 / 627.449)
	=	0.018363	/	0.011843
	=	1.5505

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)
	=	((4368.044 + 401.363) / 7536.619)	/	((4240.923 + 346.426) / 7336.274)
	=	0.632831	/	0.625297
	=	1.012

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
	=	(-119.595 - 0	-	4.776)	/	7536.619
	=	-0.016502

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.

WCE Holdings Bhd has a M-score of -3.69 suggests that the company is unlikely to be a manipulator.

WCE Holdings Bhd Beneish M-Score Related Terms

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

WCE Holdings Bhd Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » WCE Holdings Bhd (XKLS:3565PA.PFD) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

3565:Malaysia

Address

Jalan Meru/KU5, Pesisiran Pantai Barat, Pejabat Pengurusan Lebuhraya, Bandar Bukit Raja, Klang, SGR, MYS, 41050

Website

https://www.wcehb.com.my

WCE Holdings Bhd is an investment holding company. The company's segments include Toll concession, Construction, and Others. The majority of the company's revenue is generated from the Toll concession segment which is engaged in the business of construction, management, and tolling of highway operation. The construction segment is involved in the business of construction contracting and project management services, and the other segment is engaged in the business of leasing and investment holding. All of its activities are carried out in Malaysia.

WCE Holdings Bhd Headlines

No Headlines