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Jaya Tiasa Holdings Bhd (XKLS:4383) Beneish M-Score : -2.43 (As of May. 12, 2024)


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What is Jaya Tiasa 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 -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 Jaya Tiasa Holdings Bhd's Beneish M-Score or its related term are showing as below:

XKLS:4383' s Beneish M-Score Range Over the Past 10 Years
Min: -6.79   Med: -2.92   Max: -0.98
Current: -2.43

During the past 13 years, the highest Beneish M-Score of Jaya Tiasa Holdings Bhd was -0.98. The lowest was -6.79. And the median was -2.92.


Jaya Tiasa Holdings Bhd Beneish M-Score Historical Data

The historical data trend for Jaya Tiasa 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.

Jaya Tiasa Holdings Bhd Beneish M-Score Chart

Jaya Tiasa Holdings 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 -4.41 -3.94 -2.84 -2.60 -2.91

Jaya Tiasa Holdings 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 -2.75 -2.76 -2.91 -2.67 -2.43

Competitive Comparison of Jaya Tiasa Holdings Bhd's Beneish M-Score

For the Farm Products subindustry, Jaya Tiasa 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.


Jaya Tiasa Holdings Bhd's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Jaya Tiasa Holdings Bhd's Beneish M-Score distribution charts can be found below:

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



Jaya Tiasa 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 Jaya Tiasa 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 * 1.2373+0.528 * 0.9642+0.404 * 1.1268+0.892 * 1.0796+0.115 * 1.0374
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0919+4.679 * -0.074598-0.327 * 0.7377
=-2.43

* 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 RM60.5 Mil.
Revenue was 333.455 + 248.003 + 208.805 + 176.358 = RM966.6 Mil.
Gross Profit was 115.063 + 109.116 + 60.916 + 31.836 = RM316.9 Mil.
Total Current Assets was RM445.1 Mil.
Total Assets was RM2,086.3 Mil.
Property, Plant and Equipment(Net PPE) was RM1,491.8 Mil.
Depreciation, Depletion and Amortization(DDA) was RM136.1 Mil.
Selling, General, & Admin. Expense(SGA) was RM67.3 Mil.
Total Current Liabilities was RM154.6 Mil.
Long-Term Debt & Capital Lease Obligation was RM230.0 Mil.
Net Income was 48.223 + 66.833 + 58.219 + 10.182 = RM183.5 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 148.899 + 79.471 + 93.521 + 17.199 = RM339.1 Mil.
Total Receivables was RM45.3 Mil.
Revenue was 261.982 + 207.807 + 245.464 + 180.071 = RM895.3 Mil.
Gross Profit was 88.719 + 68.115 + 78.071 + 48.133 = RM283.0 Mil.
Total Current Assets was RM329.3 Mil.
Total Assets was RM1,958.2 Mil.
Property, Plant and Equipment(Net PPE) was RM1,504.5 Mil.
Depreciation, Depletion and Amortization(DDA) was RM142.9 Mil.
Selling, General, & Admin. Expense(SGA) was RM57.1 Mil.
Total Current Liabilities was RM156.1 Mil.
Long-Term Debt & Capital Lease Obligation was RM333.2 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)
=(60.533 / 966.621) / (45.316 / 895.324)
=0.062623 / 0.050614
=1.2373

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)
=(283.038 / 895.324) / (316.931 / 966.621)
=0.316129 / 0.327875
=0.9642

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 - (445.118 + 1491.821) / 2086.281) / (1 - (329.291 + 1504.544) / 1958.233)
=0.071583 / 0.063526
=1.1268

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
=966.621 / 895.324
=1.0796

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))
=(142.861 / (142.861 + 1504.544)) / (136.08 / (136.08 + 1491.821))
=0.086719 / 0.083592
=1.0374

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)
=(67.293 / 966.621) / (57.086 / 895.324)
=0.069617 / 0.06376
=1.0919

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)
=((229.954 + 154.619) / 2086.281) / ((333.174 + 156.119) / 1958.233)
=0.184334 / 0.249865
=0.7377

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
=(183.457 - 0 - 339.09) / 2086.281
=-0.074598

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.

Jaya Tiasa Holdings Bhd has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.


Jaya Tiasa Holdings Bhd Beneish M-Score Related Terms

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Jaya Tiasa Holdings Bhd (XKLS:4383) Business Description

Traded in Other Exchanges
N/A
Address
No.1-9, Pusat Suria Permata, Lorong Upper Lanang 10A, Sibu, SWK, MYS, 96000
Jaya Tiasa Holdings Bhd is an investment holding company, engaged in the development of oil palm plantations. The business activity of the group is breakdown into various segments which include logs trading, manufacturing, oil palm, oil mill, and others. Through its subsidiaries, the company manufactures a product such as sawn timber, blockboard, plywood, veneer, and related products. In addition, the firm also provides air transportation services and it is further engaged in the development of oil palm plantations. The majority of the firm's revenue gets derived from the oil palm operations.

Jaya Tiasa Holdings Bhd (XKLS:4383) Headlines

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