TASCO Bhd Beneish M-Score Historical Data
The historical data trend for TASCO 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.
TASCO Bhd Beneish M-Score Chart
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TASCO Bhd Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.96 |
-2.18 |
-1.31 |
-2.92 |
-2.45 |
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TASCO Bhd Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.54 |
-2.45 |
-2.29 |
-2.27 |
-2.12 |
Competitive Comparison of TASCO Bhd's Beneish M-Score
For the Integrated Freight & Logistics subindustry, TASCO 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.
TASCO Bhd's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, TASCO Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TASCO Bhd's Beneish M-Score falls into.
TASCO 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 TASCO 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 * 1.1995 | + | 0.528 * 1.0589 | + | 0.404 * 0.9151 | + | 0.892 * 0.9875 | + | 0.115 * 1.0952 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1128 | + | 4.679 * 0.044123 | - | 0.327 * 1.0347 |
| = | -2.12 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was RM904 Mil.
Revenue was 243.454 + 295.688 + 249.931 + 268.456 = RM1,058 Mil.
Gross Profit was 35.845 + 39.318 + 35.478 + 37.499 = RM148 Mil.
Total Current Assets was RM1,055 Mil.
Total Assets was RM1,944 Mil.
Property, Plant and Equipment(Net PPE) was RM787 Mil.
Depreciation, Depletion and Amortization(DDA) was RM46 Mil.
Selling, General, & Admin. Expense(SGA) was RM78 Mil.
Total Current Liabilities was RM977 Mil.
Long-Term Debt & Capital Lease Obligation was RM232 Mil.
Net Income was 14.249 + 8.134 + 7.001 + 17.858 = RM47 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 35.75 + 10.213 + -15.093 + -69.407 = RM-39 Mil.
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Total Receivables was RM763 Mil.
Revenue was 277.449 + 273.633 + 253.192 + 266.639 = RM1,071 Mil.
Gross Profit was 41.251 + 38.993 + 35.956 + 42.655 = RM159 Mil.
Total Current Assets was RM923 Mil.
Total Assets was RM1,772 Mil.
Property, Plant and Equipment(Net PPE) was RM748 Mil.
Depreciation, Depletion and Amortization(DDA) was RM48 Mil.
Selling, General, & Admin. Expense(SGA) was RM71 Mil.
Total Current Liabilities was RM861 Mil.
Long-Term Debt & Capital Lease Obligation was RM204 Mil.
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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) |
| = | (903.72 / 1057.529) | / | (762.978 / 1070.913) |
| = | 0.854558 | / | 0.712456 |
| | = | 1.1995 |
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) |
| = | (158.855 / 1070.913) | / | (148.14 / 1057.529) |
| = | 0.148336 | / | 0.140081 |
| | = | 1.0589 |
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 - (1055.194 + 787.165) / 1944.106) | / | (1 - (922.731 + 747.971) / 1772.05) |
| = | 0.052336 | / | 0.057193 |
| | = | 0.9151 |
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 |
| = | 1057.529 | / | 1070.913 |
| | = | 0.9875 |
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)) |
| = | (48.388 / (48.388 + 747.971)) | / | (46.236 / (46.236 + 787.165)) |
| = | 0.060762 | / | 0.055479 |
| | = | 1.0952 |
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) |
| = | (77.592 / 1057.529) | / | (70.606 / 1070.913) |
| = | 0.073371 | / | 0.065931 |
| | = | 1.1128 |
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) |
| = | ((231.848 + 976.984) / 1944.106) | / | ((203.737 + 861.205) / 1772.05) |
| = | 0.621793 | / | 0.600966 |
| | = | 1.0347 |
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 |
| = | (47.242 - 0 | - | -38.537) | / | 1944.106 |
| | = | 0.044123 |
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.
TASCO Bhd has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.
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