Naim Holdings Bhd (XKLS:5073) Beneish M-Score : -2.63 (As of Mar. 31, 2025)

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What is Naim 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 -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:5073' s Beneish M-Score Range Over the Past 10 Years
Min: -3.51 Med: -2.67 Max: -0.6
Current: -2.63

During the past 13 years, the highest Beneish M-Score of Naim Holdings Bhd was -0.60. The lowest was -3.51. And the median was -2.67.

Naim Holdings Bhd Beneish M-Score Historical Data

The historical data trend for Naim 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.

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Naim Holdings Bhd Beneish M-Score Chart

Naim Holdings Bhd Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.40

-1.88

-2.60

-2.28

-2.63

Naim Holdings 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															-2.28	-2.39	-3.03	-2.98	-2.63

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

For the Engineering & Construction subindustry, Naim 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.

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

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

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

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Naim 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 Naim 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 * 0.4856

0.528 * 0.2432

0.404 * 0.9307

0.892 * 1.5727

0.115 * 1.0572

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7598

4.679 * 0.020492

0.327 * 0.6965

-2.63

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was RM110.5 Mil.
Revenue was 300.886 + 80.429 + 36.24 + 80.905 = RM498.5 Mil.
Gross Profit was 189.726 + 13.654 + 23.014 + 3.94 = RM230.3 Mil.
Total Current Assets was RM1,055.1 Mil.
Total Assets was RM1,904.4 Mil.
Property, Plant and Equipment(Net PPE) was RM122.1 Mil.
Depreciation, Depletion and Amortization(DDA) was RM12.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM31.5 Mil.
Total Current Liabilities was RM317.1 Mil.
Long-Term Debt & Capital Lease Obligation was RM21.7 Mil.
Net Income was 135.714 + 43.247 + 46.289 + 2.992 = RM228.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 173.893 + 25.156 + 4.199 + -14.031 = RM189.2 Mil.

Total Receivables was RM144.6 Mil.
Revenue was 19.087 + 142.46 + 86.884 + 68.521 = RM317.0 Mil.
Gross Profit was 16.049 + 5.74 + 6.956 + 6.879 = RM35.6 Mil.
Total Current Assets was RM936.9 Mil.
Total Assets was RM1,806.3 Mil.
Property, Plant and Equipment(Net PPE) was RM128.3 Mil.
Depreciation, Depletion and Amortization(DDA) was RM13.4 Mil.
Selling, General, & Admin. Expense(SGA) was RM26.4 Mil.
Total Current Liabilities was RM394.7 Mil.
Long-Term Debt & Capital Lease Obligation was RM66.7 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)
	=	(110.46 / 498.46)	/	(144.641 / 316.952)
	=	0.221603	/	0.45635
	=	0.4856

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)
	=	(35.624 / 316.952)	/	(230.334 / 498.46)
	=	0.112396	/	0.462091
	=	0.2432

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 - (1055.099 + 122.058) / 1904.427)	/	(1 - (936.856 + 128.263) / 1806.303)
	=	0.381884	/	0.410332
	=	0.9307

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
	=	498.46	/	316.952
	=	1.5727

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))
	=	(13.373 / (13.373 + 128.263))	/	(11.97 / (11.97 + 122.058))
	=	0.094418	/	0.08931
	=	1.0572

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)
	=	(31.494 / 498.46)	/	(26.356 / 316.952)
	=	0.063183	/	0.083155
	=	0.7598

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)
	=	((21.721 + 317.108) / 1904.427)	/	((66.682 + 394.724) / 1806.303)
	=	0.177917	/	0.255442
	=	0.6965

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
	=	(228.242 - 0	-	189.217)	/	1904.427
	=	0.020492

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.

Naim Holdings Bhd has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.

Naim Holdings Bhd Beneish M-Score Related Terms

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Naim Holdings Bhd Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Naim Holdings Bhd (XKLS:5073) » Definitions » Beneish M-Score

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Address

2 1/2 Mile, Rock Road, 9th Floor, Wisma Naim, Kuching, SWK, MYS, 93200

Website

https://www.naim.com.my

Naim Holdings Bhd is an investment holding company engaged in property developments, construction, civil engineering, infrastructure projects, and oil and gas services. It operates in three reportable segments. The property development segment includes the development and construction of residential and commercial properties and the sale of vacant land. The Construction segment includes the construction of buildings, roads, bridges, and other infrastructures and engineering works including oil and gas-related construction projects, and Other segments include the manufacture and sale of buildings and construction materials, property investment, and quarry operation.

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