Fraser & Neave Holdings Bhd Beneish M-Score Historical Data
The historical data trend for Fraser & Neave 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.
Fraser & Neave Holdings Bhd Beneish M-Score Chart
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Fraser & Neave Holdings Bhd Annual Data
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Sep14 |
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Sep22 |
Sep23 |
| Beneish M-Score |
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-2.69 |
-2.43 |
-2.73 |
-2.06 |
-2.83 |
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Fraser & Neave Holdings Bhd Quarterly Data
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| Beneish M-Score |
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-2.83 |
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Competitive Comparison of Fraser & Neave Holdings Bhd's Beneish M-Score
For the Beverages - Non-Alcoholic subindustry, Fraser & Neave 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.
Fraser & Neave Holdings Bhd's Beneish M-Score Distribution in the Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Fraser & Neave Holdings Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fraser & Neave Holdings Bhd's Beneish M-Score falls into.
Fraser & Neave 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 Fraser & Neave Holdings 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 * 0.9666 | + | 0.528 * 0.9156 | + | 0.404 * 1.4022 | + | 0.892 * 1.1188 | + | 0.115 * 1.0601 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0661 | + | 4.679 * -0.100967 | - | 0.327 * 1.201 |
| = | -2.83 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was RM686 Mil.
Revenue was RM5,001 Mil.
Gross Profit was RM1,435 Mil.
Total Current Assets was RM2,509 Mil.
Total Assets was RM5,112 Mil.
Property, Plant and Equipment(Net PPE) was RM1,952 Mil.
Depreciation, Depletion and Amortization(DDA) was RM146 Mil.
Selling, General, & Admin. Expense(SGA) was RM859 Mil.
Total Current Liabilities was RM851 Mil.
Long-Term Debt & Capital Lease Obligation was RM755 Mil.
Net Income was RM537 Mil.
Gross Profit was RM0 Mil.
Cash Flow from Operations was RM1,053 Mil.
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Total Receivables was RM634 Mil.
Revenue was RM4,470 Mil.
Gross Profit was RM1,174 Mil.
Total Current Assets was RM2,230 Mil.
Total Assets was RM4,191 Mil.
Property, Plant and Equipment(Net PPE) was RM1,580 Mil.
Depreciation, Depletion and Amortization(DDA) was RM126 Mil.
Selling, General, & Admin. Expense(SGA) was RM720 Mil.
Total Current Liabilities was RM833 Mil.
Long-Term Debt & Capital Lease Obligation was RM263 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) |
| = | (685.611 / 5001.351) | / | (633.968 / 4470.163) |
| = | 0.137085 | / | 0.141822 |
| | = | 0.9666 |
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) |
| = | (1174.092 / 4470.163) | / | (1434.76 / 5001.351) |
| = | 0.262651 | / | 0.286874 |
| | = | 0.9156 |
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 - (2509.107 + 1951.83) / 5111.617) | / | (1 - (2229.721 + 1580.477) / 4190.63) |
| = | 0.127294 | / | 0.090782 |
| | = | 1.4022 |
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 |
| = | 5001.351 | / | 4470.163 |
| | = | 1.1188 |
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)) |
| = | (126.157 / (126.157 + 1580.477)) | / | (146.301 / (146.301 + 1951.83)) |
| = | 0.073922 | / | 0.069729 |
| | = | 1.0601 |
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) |
| = | (858.715 / 5001.351) | / | (719.902 / 4470.163) |
| = | 0.171697 | / | 0.161046 |
| | = | 1.0661 |
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) |
| = | ((755.498 + 850.567) / 5111.617) | / | ((263.021 + 833.344) / 4190.63) |
| = | 0.314199 | / | 0.261623 |
| | = | 1.201 |
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 |
| = | (536.899 - 0 | - | 1053.005) | / | 5111.617 |
| | = | -0.100967 |
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.
Fraser & Neave Holdings Bhd has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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