Evergreen Fibreboard Bhd (XKLS:5101) Beneish M-Score : -2.52 (As of May. 20, 2024)

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What is Evergreen Fibreboard 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 Evergreen Fibreboard Bhd's Beneish M-Score or its related term are showing as below:

XKLS:5101' s Beneish M-Score Range Over the Past 10 Years
Min: -3.25 Med: -2.67 Max: -2.39
Current: -2.52

During the past 13 years, the highest Beneish M-Score of Evergreen Fibreboard Bhd was -2.39. The lowest was -3.25. And the median was -2.67.

Evergreen Fibreboard Bhd Beneish M-Score Historical Data

The historical data trend for Evergreen Fibreboard 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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Evergreen Fibreboard Bhd Beneish M-Score Chart

Evergreen Fibreboard Bhd Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.81

-3.09

-2.39

-3.19

-2.52

Evergreen Fibreboard 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															-3.19	-3.25	-2.51	-2.63	-2.52

Competitive Comparison of Evergreen Fibreboard Bhd's Beneish M-Score

For the Furnishings, Fixtures & Appliances subindustry, Evergreen Fibreboard 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.

Evergreen Fibreboard Bhd's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Evergreen Fibreboard Bhd's Beneish M-Score distribution charts can be found below:

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

Evergreen Fibreboard 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 Evergreen Fibreboard 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 * 1.577

0.528 * 1.3042

0.404 * 0.8972

0.892 * 0.799

0.115 * 1.2006

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9677

4.679 * -0.083935

0.327 * 1.4519

-2.52

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was RM79.5 Mil.
Revenue was 235.224 + 240.084 + 235.146 + 170.63 = RM881.1 Mil.
Gross Profit was 40.269 + 43.586 + 43.616 + 9.129 = RM136.6 Mil.
Total Current Assets was RM522.8 Mil.
Total Assets was RM1,456.3 Mil.
Property, Plant and Equipment(Net PPE) was RM885.7 Mil.
Depreciation, Depletion and Amortization(DDA) was RM62.6 Mil.
Selling, General, & Admin. Expense(SGA) was RM157.3 Mil.
Total Current Liabilities was RM330.2 Mil.
Long-Term Debt & Capital Lease Obligation was RM89.7 Mil.
Net Income was -28.048 + 5.544 + 4.808 + -19.579 = RM-37.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 31.352 + 20.297 + 16.37 + 16.943 = RM85.0 Mil.

Total Receivables was RM63.1 Mil.
Revenue was 199.718 + 253.532 + 330.111 + 319.325 = RM1,102.7 Mil.
Gross Profit was -6.567 + 60.518 + 89.654 + 79.351 = RM223.0 Mil.
Total Current Assets was RM426.4 Mil.
Total Assets was RM1,313.7 Mil.
Property, Plant and Equipment(Net PPE) was RM839.3 Mil.
Depreciation, Depletion and Amortization(DDA) was RM72.2 Mil.
Selling, General, & Admin. Expense(SGA) was RM203.5 Mil.
Total Current Liabilities was RM231.7 Mil.
Long-Term Debt & Capital Lease Obligation was RM29.2 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)
	=	(79.516 / 881.084)	/	(63.104 / 1102.686)
	=	0.090248	/	0.057228
	=	1.577

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)
	=	(222.956 / 1102.686)	/	(136.6 / 881.084)
	=	0.202194	/	0.155036
	=	1.3042

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 - (522.846 + 885.745) / 1456.321)	/	(1 - (426.421 + 839.255) / 1313.665)
	=	0.032774	/	0.036531
	=	0.8972

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
	=	881.084	/	1102.686
	=	0.799

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))
	=	(72.249 / (72.249 + 839.255))	/	(62.608 / (62.608 + 885.745))
	=	0.079264	/	0.066018
	=	1.2006

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)
	=	(157.34 / 881.084)	/	(203.48 / 1102.686)
	=	0.178575	/	0.184531
	=	0.9677

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)
	=	((89.72 + 330.241) / 1456.321)	/	((29.229 + 231.678) / 1313.665)
	=	0.288371	/	0.19861
	=	1.4519

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
	=	(-37.275 - 0	-	84.962)	/	1456.321
	=	-0.083935

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.

Evergreen Fibreboard Bhd has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.

Evergreen Fibreboard Bhd Beneish M-Score Related Terms

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Evergreen Fibreboard Bhd (XKLS:5101) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Furnishings, Fixtures & Appliances » Evergreen Fibreboard Bhd (XKLS:5101) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

PLO 22, Parit Raja Industrial Estate, Batu Pahat, Parit Raja, JHR, MYS, 86400

Website

https://www.evergreengroup.com.my

Evergreen Fibreboard Bhd is a Malaysia based company engaged in the manufacture of medium-density fibreboard and wooden furniture. The group is organised into three geographical segments; Malaysia which involves the manufacture of medium density fibreboard, wooden furniture parts and furniture, particleboard, glue, and resin, as well as trading and managing of plantation; Thailand which involves the production and distribution of medium density fibreboard and wood products; and Indonesia which comprises manufacture of medium density fibreboard, glue and resin; and Others which consists distribution of household products made of rubberwood. It derives prime revenue from Malaysia.

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