Hibiscus Petroleum Bhd (XKLS:5199) Beneish M-Score : -2.99 (As of Apr. 01, 2025)

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What is Hibiscus Petroleum 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 -2.99 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:5199' s Beneish M-Score Range Over the Past 10 Years
Min: -3.26 Med: -2.26 Max: 31.55
Current: -2.99

During the past 12 years, the highest Beneish M-Score of Hibiscus Petroleum Bhd was 31.55. The lowest was -3.26. And the median was -2.26.

Hibiscus Petroleum Bhd Beneish M-Score Historical Data

The historical data trend for Hibiscus Petroleum 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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Hibiscus Petroleum Bhd Beneish M-Score Chart

Hibiscus Petroleum Bhd Annual Data

Trend

Mar13

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Beneish M-Score

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-2.58

-2.45

-1.94

-2.51

-2.32

Hibiscus Petroleum 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															-2.77	-2.24	-2.32	-3.26	-2.99

Competitive Comparison of Hibiscus Petroleum Bhd's Beneish M-Score

For the Oil & Gas E&P subindustry, Hibiscus Petroleum 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.

Hibiscus Petroleum Bhd's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Hibiscus Petroleum Bhd's Beneish M-Score distribution charts can be found below:

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

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Hibiscus Petroleum 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 Hibiscus Petroleum 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 * 1.2733

0.528 * 1.0656

0.404 * 0.9514

0.892 * 1.0296

0.115 * 1.4503

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0485

4.679 * -0.165044

0.327 * 1.212

-2.99

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was RM1,291 Mil.
Revenue was 653.176 + 477.395 + 738.049 + 603.511 = RM2,472 Mil.
Gross Profit was 386.432 + 247.304 + 448.717 + 440.805 = RM1,523 Mil.
Total Current Assets was RM2,000 Mil.
Total Assets was RM7,667 Mil.
Property, Plant and Equipment(Net PPE) was RM3,510 Mil.
Depreciation, Depletion and Amortization(DDA) was RM475 Mil.
Selling, General, & Admin. Expense(SGA) was RM268 Mil.
Total Current Liabilities was RM2,511 Mil.
Long-Term Debt & Capital Lease Obligation was RM463 Mil.
Net Income was 83.26 + 75.603 + 108.684 + 101.807 = RM369 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 694.764 + 520.647 + 358.974 + 60.324 = RM1,635 Mil.

Total Receivables was RM985 Mil.
Revenue was 627.55 + 746.624 + 503.6 + 523.336 = RM2,401 Mil.
Gross Profit was 404.607 + 472.642 + 326.666 + 372.68 = RM1,577 Mil.
Total Current Assets was RM2,132 Mil.
Total Assets was RM6,362 Mil.
Property, Plant and Equipment(Net PPE) was RM2,349 Mil.
Depreciation, Depletion and Amortization(DDA) was RM491 Mil.
Selling, General, & Admin. Expense(SGA) was RM248 Mil.
Total Current Liabilities was RM1,494 Mil.
Long-Term Debt & Capital Lease Obligation was RM543 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)
	=	(1290.84 / 2472.131)	/	(984.623 / 2401.11)
	=	0.522157	/	0.41007
	=	1.2733

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)
	=	(1576.595 / 2401.11)	/	(1523.258 / 2472.131)
	=	0.656611	/	0.616172
	=	1.0656

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 - (2000.394 + 3509.834) / 7666.793)	/	(1 - (2132.213 + 2349.164) / 6362.434)
	=	0.281286	/	0.295651
	=	0.9514

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
	=	2472.131	/	2401.11
	=	1.0296

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))
	=	(490.523 / (490.523 + 2349.164))	/	(474.555 / (474.555 + 3509.834))
	=	0.172738	/	0.119104
	=	1.4503

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)
	=	(268.144 / 2472.131)	/	(248.399 / 2401.11)
	=	0.108467	/	0.103452
	=	1.0485

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)
	=	((462.615 + 2511.004) / 7666.793)	/	((542.537 + 1493.504) / 6362.434)
	=	0.387857	/	0.32001
	=	1.212

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
	=	(369.354 - 0	-	1634.709)	/	7666.793
	=	-0.165044

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.

Hibiscus Petroleum Bhd has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.

Hibiscus Petroleum Bhd Beneish M-Score Related Terms

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Hibiscus Petroleum Bhd Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Hibiscus Petroleum Bhd (XKLS:5199) » Definitions » Beneish M-Score

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Address

Jalan Kapas, 2nd Floor, Syed Kechik Foundation Building, Bangsar, Kuala Lumpur, SGR, MYS, 59100

Website

https://www.hibiscuspetroleum.com

Hibiscus Petroleum Bhd along with its subsidiaries is focused on monetizing producing oil and gas fields and growing the portfolio of exploration, development and producing assets. Its operating segments are: Malaysia-North Sabah, Malaysia-Kinabalu and Others, Commercial Arrangement Area, United Kingdom, Vietnam, Australia, and Investment holding and group activities. The company also develops oil and gas fields, hold investments, and provide project management, technical and other services relating to the oil and gas exploration and production industry.

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