Harrisons Holdings (Malaysia) Bhd (XKLS:5008) Beneish M-Score : -2.52 (As of Mar. 28, 2025)

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What is Harrisons Holdings (Malaysia) 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 -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:5008' s Beneish M-Score Range Over the Past 10 Years
Min: -3 Med: -2.54 Max: -1.81
Current: -2.52

During the past 13 years, the highest Beneish M-Score of Harrisons Holdings (Malaysia) Bhd was -1.81. The lowest was -3.00. And the median was -2.54.

Harrisons Holdings (Malaysia) Bhd Beneish M-Score Historical Data

The historical data trend for Harrisons Holdings (Malaysia) 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.

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Harrisons Holdings (Malaysia) Bhd Beneish M-Score Chart

Harrisons Holdings (Malaysia) Bhd Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.99

-2.85

-2.09

-2.26

-2.52

Harrisons Holdings (Malaysia) Bhd Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.26	-2.10	-1.95	-1.97	-2.52

Competitive Comparison of Harrisons Holdings (Malaysia) Bhd's Beneish M-Score

For the Industrial Distribution subindustry, Harrisons Holdings (Malaysia) 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.

Harrisons Holdings (Malaysia) Bhd's Beneish M-Score Distribution in the Industrial Distribution Industry

For the Industrial Distribution industry and Industrials sector, Harrisons Holdings (Malaysia) Bhd's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Harrisons Holdings (Malaysia) Bhd's Beneish M-Score falls into.

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Harrisons Holdings (Malaysia) 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 Harrisons Holdings (Malaysia) 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 * 1.0283

0.528 * 1.0384

0.404 * 0.9609

0.892 * 0.9631

0.115 * 1.0571

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0906

4.679 * -0.006183

0.327 * 1.007

-2.52

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was RM349 Mil.
Revenue was 476.962 + 540.633 + 535.051 + 621.151 = RM2,174 Mil.
Gross Profit was 55.494 + 60.929 + 62.844 + 65.5 = RM245 Mil.
Total Current Assets was RM798 Mil.
Total Assets was RM969 Mil.
Property, Plant and Equipment(Net PPE) was RM146 Mil.
Depreciation, Depletion and Amortization(DDA) was RM22 Mil.
Selling, General, & Admin. Expense(SGA) was RM180 Mil.
Total Current Liabilities was RM439 Mil.
Long-Term Debt & Capital Lease Obligation was RM65 Mil.
Net Income was 7.422 + 8.775 + 11.888 + 14.973 = RM43 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 61.996 + -0.142 + -21.04 + 8.234 = RM49 Mil.

Total Receivables was RM352 Mil.
Revenue was 503.984 + 559.259 + 571.817 + 622.017 = RM2,257 Mil.
Gross Profit was 63.689 + 64.911 + 68.889 + 66.421 = RM264 Mil.
Total Current Assets was RM787 Mil.
Total Assets was RM945 Mil.
Property, Plant and Equipment(Net PPE) was RM132 Mil.
Depreciation, Depletion and Amortization(DDA) was RM21 Mil.
Selling, General, & Admin. Expense(SGA) was RM172 Mil.
Total Current Liabilities was RM433 Mil.
Long-Term Debt & Capital Lease Obligation was RM54 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)
	=	(348.703 / 2173.797)	/	(352.096 / 2257.077)
	=	0.160412	/	0.155996
	=	1.0283

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)
	=	(263.91 / 2257.077)	/	(244.767 / 2173.797)
	=	0.116926	/	0.112599
	=	1.0384

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 - (797.664 + 145.967) / 968.795)	/	(1 - (787.415 + 131.596) / 944.544)
	=	0.025975	/	0.027032
	=	0.9609

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
	=	2173.797	/	2257.077
	=	0.9631

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))
	=	(21.347 / (21.347 + 131.596))	/	(22.204 / (22.204 + 145.967))
	=	0.139575	/	0.132032
	=	1.0571

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)
	=	(180.437 / 2173.797)	/	(171.776 / 2257.077)
	=	0.083005	/	0.076106
	=	1.0906

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)
	=	((64.582 + 438.719) / 968.795)	/	((54.046 + 433.225) / 944.544)
	=	0.519512	/	0.51588
	=	1.007

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
	=	(43.058 - 0	-	49.048)	/	968.795
	=	-0.006183

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.

Harrisons Holdings (Malaysia) Bhd has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.

Harrisons Holdings (Malaysia) Bhd Beneish M-Score Related Terms

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Harrisons Holdings (Malaysia) Bhd Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Distribution » Harrisons Holdings (Malaysia) Bhd (XKLS:5008) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

10, Jalan Raja Laut, Unit 9A, 9th Floor, Wisma Bumi Raya, Wisma Bumi Raya, Kuala Lumpur, MYS, 50350

Website

https://www.harrisons.com.my

Harrisons Holdings (Malaysia) Bhd is a sale, marketing, warehousing, distribution, and services organization in Malaysia. It has three reporting business segments: Trading and distribution; Retail; and Shipping and others. The Trading and distribution segment operations generate majority revenue for the company which comprises trading and distribution of consumer products, building materials, industrial and agricultural chemical products, and liquor products. It has a business presence in Sabah, Sarawak, Peninsular Malaysia and Singapore.

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