Country View Bhd (XKLS:5049) Beneish M-Score : -1.98 (As of Jun. 18, 2024)

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What is Country View 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 -1.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:5049' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08 Med: -2.22 Max: -0.12
Current: -1.98

During the past 13 years, the highest Beneish M-Score of Country View Bhd was -0.12. The lowest was -3.08. And the median was -2.22.

Country View Bhd Beneish M-Score Historical Data

The historical data trend for Country View 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.

Country View Bhd Beneish M-Score Chart

Country View Bhd Annual Data

Trend

Nov14

Nov15

Nov16

Nov17

Nov18

Nov19

Nov20

Nov21

Nov22

Nov23

Beneish M-Score

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-2.26

-3.01

-2.98

-1.33

-1.98

Country View Bhd Quarterly Data
	May19	Aug19	Nov19	Feb20	May20	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24
Beneish M-Score	Get a 7-Day Free Trial															-1.19	-1.47	-2.33	-1.98	-1.98

Competitive Comparison of Country View Bhd's Beneish M-Score

For the Real Estate - Development subindustry, Country View 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.

Country View Bhd's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Country View Bhd's Beneish M-Score distribution charts can be found below:

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

Country View 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 Country View 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 * 1.1021

0.528 * 0.9394

0.404 * 0.782

0.892 * 1.376

0.115 * 1.2918

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7264

4.679 * 0.023803

0.327 * 1.0059

-1.98

This Year (Feb24) TTM:

Last Year (Feb23) TTM:

Total Receivables was RM84.0 Mil.
Revenue was 43.747 + 33.654 + 28.139 + 23.259 = RM128.8 Mil.
Gross Profit was 13.067 + 11.056 + 11.205 + 10.36 = RM45.7 Mil.
Total Current Assets was RM608.5 Mil.
Total Assets was RM679.2 Mil.
Property, Plant and Equipment(Net PPE) was RM4.3 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.3 Mil.
Selling, General, & Admin. Expense(SGA) was RM25.3 Mil.
Total Current Liabilities was RM150.8 Mil.
Long-Term Debt & Capital Lease Obligation was RM113.6 Mil.
Net Income was 3.244 + 3.196 + 1.603 + 2.026 = RM10.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 5.541 + 3.009 + -0.528 + -14.121 = RM-6.1 Mil.

Total Receivables was RM55.4 Mil.
Revenue was 24.653 + 24.668 + 29.716 + 14.57 = RM93.6 Mil.
Gross Profit was 9.932 + 7.201 + 9.58 + 4.48 = RM31.2 Mil.
Total Current Assets was RM581.4 Mil.
Total Assets was RM667.6 Mil.
Property, Plant and Equipment(Net PPE) was RM2.7 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.2 Mil.
Selling, General, & Admin. Expense(SGA) was RM25.3 Mil.
Total Current Liabilities was RM84.9 Mil.
Long-Term Debt & Capital Lease Obligation was RM173.5 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)
	=	(83.958 / 128.799)	/	(55.363 / 93.607)
	=	0.651853	/	0.591441
	=	1.1021

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)
	=	(31.193 / 93.607)	/	(45.688 / 128.799)
	=	0.333234	/	0.354723
	=	0.9394

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 - (608.474 + 4.324) / 679.239)	/	(1 - (581.37 + 2.726) / 667.606)
	=	0.097817	/	0.125089
	=	0.782

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
	=	128.799	/	93.607
	=	1.376

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))
	=	(1.184 / (1.184 + 2.726))	/	(1.324 / (1.324 + 4.324))
	=	0.302813	/	0.234419
	=	1.2918

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)
	=	(25.333 / 128.799)	/	(25.347 / 93.607)
	=	0.196686	/	0.270781
	=	0.7264

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)
	=	((113.613 + 150.837) / 679.239)	/	((173.498 + 84.888) / 667.606)
	=	0.389333	/	0.387034
	=	1.0059

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
	=	(10.069 - 0	-	-6.099)	/	679.239
	=	0.023803

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.

Country View Bhd has a M-score of -1.98 suggests that the company is unlikely to be a manipulator.

Country View Bhd Beneish M-Score Related Terms

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Country View Bhd (XKLS:5049) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Country View Bhd (XKLS:5049) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

No. 12, Jalan Ngee Heng, Mail Box 261, Menara Landmark, Unit 26-01, Level 26, Johor Bahru, JHR, MYS, 80000

Website

https://www.countryview.com.my

Country View Bhd is a company that operates in the real estate sector. The business activity of the group is operated in two segments: through property development and investment holding segments. The Property development segment develops residential and commercial properties, whereas the investment holding segment invests in subsidiaries and associates which are long-term in nature. The project portfolio of the group includes projects such as Taman Universiti, Taman Nusa Indah, Taman Nusa Bestari Jaya, and Resident at Peak. Geographically all the activities are performed through the region of Malaysia.

Country View Bhd (XKLS:5049) Headlines

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